Finty

First Option Bank Business Used Vehicle Loan

Equipment finance

Equipment finance from First Option Bank, with rates from 11.99% a year.

Written byDavid Boyd
Interest rate a year, from
11.99%
Establishment fee
$175
Monthly fee
Not published
Borrow
Not published

Monthly repayment

$100,000 over 5 years

Apply now

What it would cost

At the lowest published rate of 11.99%. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,224
Total repayments
$133,436
Interest
$33,436

Loan details

Rates

Interest rate (a year)
11.99%
Rate type
Fixed
Security
Not published
Type of finance
Equipment finance

Limits and fees

Loan amount
Not published
Loan term
Up to 7 years
Establishment fee
$175
Monthly fee
Not published

How it compares

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

Comparison rate

12.25%

From 12.25%. A typical loan starts at 8.05%.

Cost of $20,000 over 5 years

$6,862

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

Setup fee

$175

A typical setup fee is $395.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 11.99%, 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.
  • 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 higher starting rate. Its comparison rate starts at 12.25%, above the typical 8.05%, so it's likely to cost more than most similar loans unless you're offered less.

Similar loans

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