Finty

Wisr Secured Car Loan

SecuredFixed rate

Take the smart route with low rate secured vehicle loans from 8.54%% p.a.1 (comparison rate 10.07%% p.a.5*) for excellent credit.

Written byDavid Boyd
Interest rate a year, from
8.54%
Comparison rate, from
10.07%
Establishment fee
$655
Monthly fee
$10
Borrow
$10,000 to $147,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 8.54%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$642
Total repayments
$23,102
Interest and monthly fees
$3,102

Loan details

Rates

Interest rate (a year)
8.54%–20.94%
Comparison rate (a year)
10.07%–22.49%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
$10,000 to $147,000
Loan term
3 years to 7 years
Establishment fee
$655
Monthly fee
$10

How it compares

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

Comparison rate

10.07%

From 10.07%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$5,898

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

Setup fee

$655

A typical setup fee is $258.

Monthly fee

$10

A typical monthly fee is $8.

Most you can borrow

$147,000

Typically you can borrow up to $130,000.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • A soft check on your rate. You can see the rate you'd get without it showing on your credit report.

Cons

  • A higher starting rate. Its comparison rate starts at 10.07%, above the typical 7.99%, so it's likely to cost more than most similar loans unless you're offered less.
  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 8.54% to 20.94%, and only some people get the starting rate.
  • A higher setup fee. $655, above the typical $258. It's usually added to the loan, so you pay interest on it too.
  • A $10 monthly fee. That adds $600 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.