Finty
SCCU

SCCU Motor Scout Used Vehicle Loan

SecuredFixed rate

Personal Loan to finance the purchase of a used vehicle through Motor Scout Car buying service

Written byDavid Boyd
Interest rate a year, from
8.24%
Comparison rate, from
10.61%
Establishment fee
$250
Monthly fee
$8
Borrow
$20,000 to $150,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 8.24%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$637
Total repayments
$22,930
Interest and monthly fees
$2,930

Loan details

Rates

Interest rate (a year)
8.24%
Comparison rate (a year)
10.61%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
$20,000 to $150,000
Loan term
3 years to 7 years
Establishment fee
$250
Monthly fee
$8

How it compares

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

Comparison rate

10.61%

From 10.61%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$5,200

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

Setup fee

$250

A typical setup fee is $258.

Monthly fee

$8

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 8.24%, so the rate you see is the rate you get.
  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • 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

  • A higher starting rate. Its comparison rate starts at 10.61%, above the typical 7.99%, so it's likely to cost more than most similar loans unless you're offered less.
  • A $8 monthly fee. That adds $480 over 5 years, as well as the interest.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.

Similar loans

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