Important disclosure
Calculate your repayments for this loan
Your estimated repayment
$782
based on $40,000 loan amount for 5 years at 6.49%
Pros and cons
For Discounted Personal Loan (Car Loan)
Benefits
- Lower than average rate
- No ongoing fees
- No early exit penalty
- Unlimited extra repayments
- Flexible repayment options
- Can apply online
- Can apply in branch
- Suitable for both new or used car
Drawbacks
- Higher than average application fee
People's Choice Rate Car loan overview
For Discounted Personal Loan (Car Loan)
Details
Total repayments $46,948 | Interest rate type Fixed |
Borrowing range $20k - $120k | Security type Secured |
Loan term 1 to 10 years | Secured by Vehicle/Car, caravan, or motorcycle can be used as security. Same eligibility conditions. |
Loan type Is Fully Drawn Advance | Repayment frequency Weekly, Fortnightly, Monthly |
Age of car up to 7 years | Target Market Determination Visit People's Choice to view Target Market Determination. |
Features
Extra repayments Yes | Redraw facility redraw activation fee of $0 |
Instant approval | Time to funding N/A |
Fees
Upfront Fee $250 | Ongoing Fee $0 |
Missed Payment Penalty $25 | Early Exit Penalty Fee $0 |
Permitted Loan Purposes
New Car | Used Car |
Motorcycle | Boat |
Other Restrictions
Available for cars up to 7 years old from year of manufacture (2017). Fixed for 5 years then reverts to a variable rate for remaining term up to a maximum of ten years. Minimum redraw amount is $250. Redraws are only available if sufficient extra repayments have been made against the loan account.