Finty
Renault Financial Services

Renault Financial Services EV Home Buyer Commercial Loan

Equipment financeSecuredGreen loan

A secured fixed rate commercial vehicle loan, available exclusively for electric vehicles, available to homeowners..

Written byDavid Boyd
Interest rate a year, from
7.85%
Establishment fee
$549
Monthly fee
Not published
Borrow
From $5,000

Monthly repayment

$100,000 over 5 years

What it would cost

At the lowest published rate of 7.85%. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,020
Total repayments
$121,228
Interest
$21,228

Loan details

Rates

Interest rate (a year)
7.85%
Rate type
Fixed
Security
Secured
Type of finance
Equipment finance

Limits and fees

Loan amount
From $5,000
Loan term
Up to 5 years
Establishment fee
$549
Monthly fee
Not published

How it compares

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

Cost of $20,000 over 5 years

$4,795

Interest and fees at its starting rate. Typical is $5,453.

Setup fee

$549

A typical setup fee is $549.

Longest term

5 years

6 years is the usual longest term.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 7.85%, 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.

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.
  • A $25 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.