Finty

Great Southern Bank Business+ Business+ Vehicle Loan

Equipment finance

Keep your business moving with a Business+ Vehicle Loan. A Business+ Vehicle Loan can be used to buy a new and second-hand vehicles up to five years old.

Written byDavid Boyd

6.79%

interest rate a year, from

Establishment fee
$595
Monthly fee
$8
Borrow
$10,000 to $250,000

Loan details

Rates

Interest rate (a year)
6.79%–6.99%
Rate type
Fixed
Security
Not published
Type of finance
Equipment finance

Limits and fees

Loan amount
$10,000 to $250,000
Loan term
1 year to 7 years
Establishment fee
$595
Monthly fee
$8

How it compares

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

Cost of $20,000 over 5 years

$4,718

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

Setup fee

$595

A typical setup fee is $395.

Monthly fee

$8

A typical monthly fee is $8.

Most you can borrow

$250,000

Typically you can borrow up to $150,000.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • Room to borrow more. Up to $250,000, more than the typical $150,000, which can cover bigger costs in one loan.
  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 6.79% to 6.99%, and only some people get the starting rate.
  • A higher setup fee. $595, above the typical $395. It's usually added to the loan, so you pay interest on it too.
  • A $8 monthly fee. That adds $480 over 5 years, as well as the interest.
  • A $22 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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