Finty
Resimac Asset Finance

Resimac Asset Finance Commercial Motor Vehicle Finance

Equipment financeSecured

Secured finance for passenger vehicles, classic cars and motorbikes. Fixed rate finance with terms from 12 to 84 months.

Written byDavid Boyd
Interest rate a year, from
7.54%
Establishment fee
Not published
Monthly fee
$5
Borrow
$5,000 to $75,000

Monthly repayment

$50,000 over 5 years

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What it would cost

At the lowest published rate of 7.54%, including the monthly fee. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$1,008
Total repayments
$60,468
Interest and monthly fees
$10,468

Loan details

Rates

Interest rate (a year)
7.54%
Rate type
Fixed
Security
Secured
Type of finance
Equipment finance

Limits and fees

Loan amount
$5,000 to $75,000
Loan term
1 year to 7 years
Establishment fee
Not published
Monthly fee
$5

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

$4,365

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

Monthly fee

$5

A typical monthly fee is $20.

Most you can borrow

$75,000

Typically you can borrow up to $1,000,000.

Longest term

7 years

6 years is the usual longest term.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 7.54%, 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.
  • 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 $5 monthly fee. That adds $297 over 5 years, as well as the interest.
  • A lower limit. Up to $75,000, less than the typical $1,000,000, so it may not cover a larger purchase.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.

Similar loans

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