Finty

BMW Standard Rate - Chattel Mortgage Vehicles

Chattel mortgageSecured

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
10.14%
Establishment fee
$590
Monthly fee
None
Borrow
From $6,500

Monthly repayment

$100,000 over 5 years

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What it would cost

At the lowest published rate of 10.14%. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,132
Total repayments
$127,896
Interest
$27,896

Loan details

Rates

Interest rate (a year)
10.14%–12.99%
Rate type
Fixed
Security
Secured
Type of finance
Chattel mortgage

Limits and fees

Loan amount
From $6,500
Loan term
13 months to 14 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

12.21%

From 12.21%. A typical loan starts at 7.99%.

Cost of $20,000 over 5 years

$6,169

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

Setup fee

$590

A typical setup fee is $590.

Monthly fee

None

A typical monthly fee is $10.

Longest term

14 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 12.21%, 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 10.14% to 12.99%, 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.