Finty
Unity Bank

Unity Bank Fixed Rate Car Loan P&I >5Y

SecuredFixed rate

Drive away your dream car without breaking the budget with our Fixed Rate Car Loan. Borrow up to $150,000 for a used car over 5 years old, and lock in a fixed interest rate for up to 7 years.

Written byDavid Boyd
Interest rate a year, from
9.99%
Comparison rate, from
10.01%
Establishment fee
$200
Monthly fee
$2
Borrow
$1,000 to $150,000

Monthly repayment

$20,000 over 2 years

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What it would cost

At the lowest published rate of 9.99%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$925
Total repayments
$22,195
Interest and monthly fees
$2,195

Loan details

Rates

Interest rate (a year)
9.99%
Comparison rate (a year)
10.01%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
$1,000 to $150,000
Loan term
Up to 2 years
Establishment fee
$200
Monthly fee
$2

How it compares

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

Comparison rate

10.01%

From 10.01%. A typical loan starts at 7.99%.

Setup fee

$200

A typical setup fee is $258.

Monthly fee

$2

A typical monthly fee is $8.

Most you can borrow

$150,000

Typically you can borrow up to $130,000.

Longest term

2 years

7 years is the usual longest term.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 9.99%, 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 10.01%, above the typical 7.99%, so it's likely to cost more than most similar loans unless you're offered less.
  • A $2 monthly fee. That adds $120 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.
  • A $15 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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