Finty
Allcredit Automotive Finance

Allcredit Automotive Finance Select Chattel Mortgage

Chattel mortgageSecured

A commercial loan designed to help customers purchase a new or used asset for business use. The loan features a fixed interest rate and no deposit requirement.

Written byDavid Boyd
Interest rate a year, from
9.95%
Establishment fee
$595
Monthly fee
$15
Borrow
$5,001 to $10,000

Monthly repayment

$10,000 over 5 years

What it would cost

At the lowest published rate of 9.95%, including the monthly fee. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$227
Total repayments
$13,615
Interest and monthly fees
$3,615

Loan details

Rates

Interest rate (a year)
9.95%
Rate type
Fixed
Security
Secured
Type of finance
Chattel mortgage

Limits and fees

Loan amount
$5,001 to $10,000
Loan term
Up to 7 years
Establishment fee
$595
Monthly fee
$15

How it compares

Against the other secured business loans we compare. Typical means the middle half of them.

Setup fee

$595

A typical setup fee is $590.

Monthly fee

$15

A typical monthly fee is $10.

Most you can borrow

$10,000

Typically you can borrow up to $200,000.

Longest term

7 years

5 years is the usual longest term.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 9.95%, so the rate you see is the rate you get.
  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • A $15 monthly fee. That adds $882 over 5 years, as well as the interest.
  • A lower limit. Up to $10,000, less than the typical $200,000, so it may not cover a larger purchase.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.

Similar loans

Business loans of the same kind from other lenders that start at a similar interest rate.