Finty
Bank of Queensland

Bank of Queensland Specific Security Agreement

Equipment financeSecured

This product is offered by BOQ Finance, a leader in mid-market finance, that understands the diverse needs of asset-intensive sectors. The Specific Security Agreement supports customers who want to acquire a motor vehicle or equipment for business use and have the financial capacity or position to do so. These customers want to own the asset on their balance sheet enabling them to claim depreciation.

Written byDavid Boyd

5.99%

interest rate a year, from

Establishment fee
Not published
Monthly fee
Not published
Borrow
Not published

Loan details

Rates

Interest rate (a year)
5.99%
Rate type
Fixed
Security
Secured
Type of finance
Equipment finance

Limits and fees

Loan amount
Not published
Loan term
3 years to 5 years
Establishment fee
Not published
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

$3,194

Interest and fees at its starting rate. Typical is $5,453.

Longest term

5 years

6 years is the usual longest term.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 5.99%, 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

  • 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.