Finty
Audi Financial Services

Audi Financial Services Chattel Mortgage

Chattel mortgageSecured

Chattel Mortgage is only available if your vehicle is for predominantly business use. It allows you to borrow the money to purchase your car and make payments back to Audi Financial Services for the money you borrow. There may be potential tax savings depending on your situation. Consult your accountant or tax advisor on tax implications.

Written byDavid Boyd
Interest rate a year, from
8.50%
Establishment fee
$590
Monthly fee
Not published
Borrow
Not published

Monthly repayment

$100,000 over 5 years

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What it would cost

At the lowest published rate of 8.50%. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,052
Total repayments
$123,099
Interest
$23,099

Loan details

Rates

Interest rate (a year)
8.50%
Rate type
Fixed
Security
Secured
Type of finance
Chattel mortgage

Limits and fees

Loan amount
Not published
Loan term
Up to 5 years
Establishment fee
$590
Monthly fee
Not published

How it compares

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

Cost of $20,000 over 5 years

$5,210

Interest and fees at its starting rate. Typical is $5,512.

Setup fee

$590

A typical setup fee is $590.

Longest term

5 years

5 years is the usual longest term.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 8.50%, 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.

Cons

  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.
  • An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.
  • A $35 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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