Total cost for a $40,000 car
| Type of loan | Total cost |
|---|---|
|
Home loan redraw – repaid over five years at 5.8% |
$46,200 |
| Secured five-year personal loan at 9.3% | $50,200 |
| Unsecured five-year personal loan at 13.8% | $55,600 |
| Home loan redraw – repaid over 25 years at 5.8% | $76,000 |
Back to the main article: Car finance options – which loan is best for you?