Finty
SCCU

SCCU Motor Scout Business Vehicle Loan

Equipment finance

Loan to finance the purchase of a new or demo model business vehicle through Motor Scout Car buying service

Written byDavid Boyd
Interest rate a year, from
7.60%
Establishment fee
$990
Monthly fee
$8
Borrow
$20,000 to $150,000

Monthly repayment

$100,000 over 5 years

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What it would cost

At the lowest published rate of 7.60%, including the monthly fee. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,017
Total repayments
$120,993
Interest and monthly fees
$20,993

Loan details

Rates

Interest rate (a year)
7.60%
Rate type
Fixed
Security
Not published
Type of finance
Equipment finance

Limits and fees

Loan amount
$20,000 to $150,000
Loan term
3 years to 5 years
Establishment fee
$990
Monthly fee
$8

How it compares

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

Comparison rate

9.97%

From 9.97%. A typical loan starts at 8.05%.

Cost of $20,000 over 5 years

$5,573

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

Setup fee

$990

A typical setup fee is $395.

Monthly fee

$8

A typical monthly fee is $8.

Most you can borrow

$150,000

Typically you can borrow up to $150,000.

Longest term

5 years

7 years is the usual longest term.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 7.60%, 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 higher setup fee. $990, 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.

Similar loans

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