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

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 5.95% fixed rate (6.16% 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.

Key features

Got your eye on a brand new ride? Or even a second-hand car that’s younger 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 5.95% interest rate (6.16% 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!

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.

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.