Finty
Qudos Bank

Qudos Bank Car Loan

SecuredVariable rate

Shopping for a used car or motorcycle less than 5 years old? Enjoy a great rate. If you’re buying a new or used fully electric vehicle (EV), we’ll also waive the establishment fee.

Written byDavid Boyd
Interest rate a year, from
7.29%
Comparison rate, from
7.50%
Establishment fee
$150
Monthly fee
None
Borrow
$10,000 to $150,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 7.29%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$620
Total repayments
$22,327
Interest
$2,327

Loan details

Rates

Interest rate (a year)
7.29%
Comparison rate (a year)
7.50%
Rate type
Variable
Security
Secured

Limits and fees

Loan amount
$10,000 to $150,000
Loan term
1 year to 7 years
Establishment fee
$150
Monthly fee
None

How it compares

Against the other secured car loans we compare. Typical means the middle half of them.

Comparison rate

7.50%

From 7.50%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$4,076

Interest and fees at its starting rate. Typical is $4,663.

Setup fee

$150

A typical setup fee is $258.

Monthly fee

None

A typical monthly fee is $8.

Most you can borrow

$150,000

Typically you can borrow up to $130,000.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 7.29%, so the rate you see is the rate you get.
  • No monthly fee. The cost doesn't creep up the longer you take to repay.

Cons

  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.
  • An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.

Similar loans

Secured loans from other lenders that start at a similar comparison rate.