MyState Bank Secured Personal Loan

Mozo snapshot

If you’ve got a car to put up as security, then the MyState Bank Secured Personal Loan might be right up your alley. The loan offers a variable rate as low as 7.99% (8.96% comparison rate*), and flexible loan terms from 1-10 years. Plus you’ve got the option to pay your loan off early with no extra cost and use the redraw facility. However, there is a $200 application fee and $10 monthly service fee to budget for.

Key features

When looking at personal loans, your first question is probably, “what’s the interest rate?” Well, MyState Bank Secured Personal Loan gives you 2 different variable rates depending on how old the car is that you’re using for collateral. If your car is up to 2 years old, you can get an interest rate as low as 7.99% (8.96% comparison rate*). Or, if your car is 2-7 years old, the interest rate is 9.49% (10.46% comparison rate*).

As far as fees are concerned the MyState Bank Secured Personal Loan comes with a $200 application fee and a monthly $10 service fee.

If you’re interested in paying off your loan early, then you can with no worries. The MyState Bank Secured Personal Loan allows you to to cut down your interest by making unlimited free early repayments and there’s no penalty for repaying the entire loan early. Also if you decide you need the funds back from your early repayments you’ll be able to redraw that money as long as it’s a minimum of $500.

Being able to properly budget repaying your car loan can be super important. So the fact that MyState Bank allows you to choose from 1-10 year loan terms, that can be paid either weekly, fortnightly or monthly lets you make sure you’re able to get the repayment schedule best for your finances. Also, the loan allows you to borrow between $10,000 and $75,000 dollars.

Who is it good for

Since you can snag a better rate if you use a car that’s less than 2 years old for security, the MyState Bank Secured Personal Loan is particularly suited to owners of a new car.

Any catches

If your car is over 2 years old, be aware that you’ll be getting a slightly higher interest rate. Also, make sure you budget for the $10 monthly service fee and $200 application fee.