Finty
Summerland

Summerland Car Loan

SecuredVariable rate

Own the car, motorbike, caravan or motorhome you want sooner.

Written byDavid Boyd
Interest rate a year, from
7.49%
Comparison rate, from
8.15%
Establishment fee
$175
Monthly fee
$5
Borrow
$5,000 to $100,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 7.49%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$627
Total repayments
$22,573
Interest and monthly fees
$2,573

Loan details

Rates

Interest rate (a year)
7.49%
Comparison rate (a year)
8.15%
Rate type
Variable
Security
Secured

Limits and fees

Loan amount
$5,000 to $100,000
Loan term
Not published
Establishment fee
$175
Monthly fee
$5

How it compares

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

Comparison rate

8.15%

From 8.15%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$4,515

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

Setup fee

$175

A typical setup fee is $258.

Monthly fee

$5

A typical monthly fee is $8.

Most you can borrow

$100,000

Typically you can borrow up to $130,000.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 7.49%, so the rate you see is the rate you get.
  • 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

  • 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.

Similar loans

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