ŠKODA Financial Services Chattel Mortgage
SecuredFixed rate
Chattel Mortgage is Only available if your vehicle is for predominantly business use. It allows you to borrow the money to purchase your car and make payments back to ŠKODA Financial Services for the money you borrow. There may be tax benefits depending on your situation.
- Interest rate a year, from
- 9.85%
- Comparison rate, from
- Not published
- Establishment fee
- $590
- Monthly fee
- Not published
- Borrow
- Not published
Monthly repayment
$20,000 over 3 years
What it would cost
At the lowest published rate of 9.85%. The rate you are offered depends on your circumstances, and the establishment fee is not included.
- Monthly repayment
- $644
- Total repayments
- $23,182
- Interest
- $3,182
Loan details
Rates
- Interest rate (a year)
- 9.85%
- Comparison rate (a year)
- Not published
- Rate type
- Fixed
- Security
- Secured
Limits and fees
- Loan amount
- Not published
- Loan term
- Up to 5 years
- Establishment fee
- $590
- Monthly fee
- Not published
How it compares
Against the other secured personal loans we compare. Typical means the middle half of them.
Cost of $20,000 over 5 years
$5,998
Interest and fees at its starting rate. Typical is $4,624.
Setup fee
$590
A typical setup fee is $250.
Longest term
5 years
7 years is the usual longest term.
Pros and cons
Pros
- One rate for everyone. Everyone approved gets 9.85%, 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
- A higher setup fee. $590, above the typical $250. It's usually added to the loan, so you pay interest on it too.
- 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 $35 late payment fee. Setting up automatic repayments avoids it.