Finty
Queensland Country Bank

Queensland Country Bank Personal Loan-Secured New Car

SecuredVariable rate

Our Canstar award winning new car loan allows you to purchase any new, demonstration or used car up to 5 years old. Our new car loan offers flexible loan terms and the ability to make additional repayments with no early repayment fees.

Written byDavid Boyd
Interest rate a year, from
6.24%
Comparison rate, from
6.88%
Establishment fee
$150
Monthly fee
$5
Borrow
Not published

Monthly repayment

$20,000 over 3 years

Apply now

What it would cost

At the lowest published rate of 6.24%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$616
Total repayments
$22,162
Interest and monthly fees
$2,162

Loan details

Rates

Interest rate (a year)
6.24%–7.74%
Comparison rate (a year)
6.88%–8.38%
Rate type
Variable
Security
Secured

Limits and fees

Loan amount
Not published
Loan term
Not published
Establishment fee
$150
Monthly fee
$5

How it compares

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

Comparison rate

6.88%

From 6.88%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$3,784

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

Setup fee

$150

A typical setup fee is $258.

Monthly fee

$5

A typical monthly fee is $8.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 6.88%, below the typical 7.99%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 6.24% to 7.74%, and only some people get the starting rate.
  • A $5 monthly fee. That adds $300 over 5 years, as well as the interest.
  • 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.
  • A $40 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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