Finty
MINI

MINI 7.99% Chattel Mortgage - New MINI All Models

Chattel mortgageSecured

MINI Chattel Mortgage is designed for customers using their MINI 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. MINI Financial Services Australian Credit Licence 392387.

Written byDavid Boyd
Interest rate a year, from
7.99%
Establishment fee
None
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 7.99%. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,027
Total repayments
$121,630
Interest
$21,630

Loan details

Rates

Interest rate (a year)
7.99%
Rate type
Fixed
Security
Secured
Type of finance
Chattel mortgage

Limits and fees

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

How it compares

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

Comparison rate

7.99%

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

Setup fee

None

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

  • One rate for everyone. Everyone approved gets 7.99%, so the rate you see is the rate you get.
  • No setup fee. Nothing is added to the loan on day one, so you only pay interest on what you borrow.
  • 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

  • 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.