Finty
Transport Mutual Credit Union

Transport Mutual Credit Union Fastroad New Car Loan

SecuredVariable rate

A secured personal loan from Transport Mutual Credit Union, with rates from 7.39% a year.

Written byDavid Boyd
Interest rate a year, from
7.39%
Comparison rate, from
7.70%
Establishment fee
Not published
Monthly fee
Not published
Borrow
From $5,000

Monthly repayment

$20,000 over 3 years

Apply now

What it would cost

At the lowest published rate of 7.39%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$621
Total repayments
$22,360
Interest
$2,360

Loan details

Rates

Interest rate (a year)
7.39%
Comparison rate (a year)
7.70%
Rate type
Variable
Security
Secured

Limits and fees

Loan amount
From $5,000
Loan term
Not published
Establishment fee
Not published
Monthly fee
Not published

How it compares

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

Comparison rate

7.70%

From 7.70%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$3,983

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

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 7.39%, 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 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 $10 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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