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Hume Bank Secured Personal Loan (secured by vehicle up to 5 years old)

Advertiser disclosure
Interest rate from
6.95% p.a.
Comparison rate from
7.16% p.a.based on $30,000
over 5 years
Upfront fee
$150

Mozo editorial review Hume Bank Secured Personal Loan (secured by vehicle up to 5 years old) - last updated: 26 April 2021

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What's hot
  • 2021 Mozo Experts Choice Award winner
  • 6.95% fixed rate (7.16% comparison rate*)
  • No monthly fees
What's not
  • $150 application fee
Mozo snapshot

Finding the right loan to fund your new set of wheels can be tricky, but if flexibility and a competitive rate are what you’re after then Hume Bank’s Secured Personal Loan may be what you need. It comes with a 6.95% fixed rate (7.16% comparison rate*), no monthly fees and a range of borrowing options from 1 to 5 years. Need a little more convincing? This loan also comes with complimentary extra repayments and a handy redraw facility if you need it and it received a 2021 Mozo Experts Choice Award for best Secured Personal Loan!

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Key features

Got your eye on a brand new ride? Or even a second-hand car that’s less than 5 years old? The Hume Bank Secured Personal Loan could help you get your hands on the keys sooner. 

This secured personal loan has a fixed 6.95% interest rate (7.16% comparison rate*) and has a range of borrowing options from 1 to 5 years. Hume Bank lets you borrow as little as $2,000 with no maximum amount, as long as it is to fund a car that is up to 5 years old.   

And if you’re all about a loan with shiney features, the Hume Bank Secured Personal Loan has complimentary extra repayments and a redraw facility so you can pay down your debt faster if you choose to. And speaking of repayments, with this loan you have the flexibility to make weekly, fortnightly or monthly repayments - whatever suits you!

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Who is it good for

This personal loan may be a good option for someone looking to fund a new vehicle that’s under 5 years old, but needs the flexibility to choose their own repayment schedule and make extra contributions if they want to.

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Any catches

While there are no ongoing service or pesky exit fees attached to this loan, just bear in mind that you will face a $150 application fee upfront. And, if you miss a regular repayment, you will be hit with a $20 late payment fee every time you do. 

Details

Rates and fees information correct as at 24 September 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Fixed

6.95% p.a. fixed

7.16% p.a.based on $30,000
over 5 years

Fees

$150.00

$0.00

$20.00

$0.00

$0.00

Other financial bits

$2,000.00

none

1 Year

5 Years

Vehicle

Features

Weekly, Fortnightly, Monthly

yes

yes

none

none

WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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About Hume Bank