Finty
SWSbank

SWSbank Fixed Rate Commercial Car

Equipment finance

Vehicle up to 36 monthls old

Written byDavid Boyd

5.99%

interest rate a year, from

Establishment fee
Not published
Monthly fee
Not published
Borrow
$1,000 to $200,000

Loan details

Rates

Interest rate (a year)
5.99%
Rate type
Fixed or Variable
Security
Not published
Type of finance
Equipment finance

Limits and fees

Loan amount
$1,000 to $200,000
Loan term
Up to 7 years
Establishment fee
Not published
Monthly fee
Not published

How it compares

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

Comparison rate

5.99%

From 5.99%. A typical loan starts at 8.05%.

Cost of $20,000 over 5 years

$3,194

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

Most you can borrow

$200,000

Typically you can borrow up to $150,000.

Longest term

7 years

7 years is the usual longest term.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 5.99%, below the typical 8.05%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
  • One rate for everyone. Everyone approved gets 5.99%, so the rate you see is the rate you get.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.

Cons

Nothing stands out.

Similar loans

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