BankSA Hire Purchase
Equipment finance
A Commercial Hire Purchase is an agreement for the Bank to purchase an asset at the customer's request. The Bank gives the customer possession and use of the asset in return for regular repayments. Once fully repaid ownership in the asset is transferred to the customer.
- Establishment fee
- $500
- Monthly fee
- Not published
- Borrow
- From $15,000
Interest rate a year, from
Not published
Loan details
Rates
- Interest rate (a year)
- On application
- Rate type
- Not published
- Security
- Not published
- Type of finance
- Equipment finance
Limits and fees
- Loan amount
- From $15,000
- Loan term
- From 1 year
- Establishment fee
- $500
- Monthly fee
- Not published
How it compares
Against the other business loans we compare. Typical means the middle half of them.
Setup fee
$500
A typical setup fee is $395.
Pros and cons
Pros
Nothing stands out.
Cons
- A higher setup fee. $500, above the typical $395. It's usually added to the loan, so you pay interest on it too.
- An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.