Finty

BMW Chattel Mortgage - Select New BMW Electric Models

Chattel mortgageSecuredGreen loan

BMW Chattel Mortgage is designed for customers using their BMW predominantly for business purposes who want to retain ownership from the outset. With a fixed interest rate and no account-keeping fees, it delivers cost certainty and a streamlined finance solution for your business. BMW Financial Services Australian Credit Licence 392387.

Written byDavid Boyd
Interest rate a year, from
9.04%
Establishment fee
$590
Monthly fee
None
Borrow
From $25,000

Monthly repayment

$100,000 over 5 years

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What it would cost

At the lowest published rate of 9.04%. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,078
Total repayments
$124,667
Interest
$24,667

Loan details

Rates

Interest rate (a year)
9.04%–9.34%
Rate type
Fixed
Security
Secured
Type of finance
Chattel mortgage

Limits and fees

Loan amount
From $25,000
Loan term
2 years to 5 years
Establishment fee
$590
Monthly fee
None

How it compares

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

Comparison rate

11.09%

From 11.09%. A typical loan starts at 7.99%.

Setup fee

$590

A typical setup fee is $590.

Monthly fee

None

A typical monthly fee is $10.

Longest term

5 years

5 years is the usual longest term.

Pros and cons

Pros

  • No monthly fee. The cost doesn't creep up the longer you take to repay.
  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.

Cons

  • A higher starting rate. Its comparison rate starts at 11.09%, above the typical 7.99%, so it's likely to cost more than most similar loans unless you're offered less.
  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 9.04% to 9.34%, and only some people get the starting rate.
  • 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.

Similar loans

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