Finty
Central West Credit Union

Central West Credit Union Business Car Loan - New Vehicle

Equipment finance

Equipment finance from Central West Credit Union, with rates from 7.40% a year.

Written byDavid Boyd
Interest rate a year, from
7.40%
Establishment fee
$150
Monthly fee
Not published
Borrow
From $1

Monthly repayment

$100,000 over 5 years

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What it would cost

At the lowest published rate of 7.40%. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$1,999
Total repayments
$119,943
Interest
$19,943

Loan details

Rates

Interest rate (a year)
7.40%
Rate type
Variable
Security
Not published
Type of finance
Equipment finance

Limits and fees

Loan amount
From $1
Loan term
Up to 7 years
Establishment fee
$150
Monthly fee
Not published

How it compares

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

Comparison rate

7.82%

From 7.82%. A typical loan starts at 8.05%.

Cost of $20,000 over 5 years

$4,139

Interest and fees at its starting rate. Typical is $4,272.

Setup fee

$150

A typical setup fee is $395.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 7.82%, below the typical 8.05%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
  • One rate for everyone. Everyone approved gets 7.40%, so the rate you see is the rate you get.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.

Similar loans

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