Transport Mutual Credit Union Fastroad Used Car Loan

SecuredVariable rate

A secured personal loan from Transport Mutual Credit Union, with rates from 9.39% a year.

Monthly repayment

$20,000 over 3 years

What it would cost

At the lowest published rate of 9.39%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

BorrowOver

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

Comparison rate

9.70%

From 9.70%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$5,383

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

Setup fee

$245

A typical setup fee is $258.

One rate for everyone. Everyone approved gets 9.39%, 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.

A higher starting rate. Its comparison rate starts at 9.70%, above the typical 7.99%, so it's likely to cost more than most similar loans unless you're offered less.
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.

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