Great Southern Bank Business+ Vehicle Loan
- Upfront Fee
- $595
- Max. Loan Amount
- $250,000
- Loan Term
- 1 to 7 years
Summary
Borrow up to $250,000 for a new or used vehicle for your business.
Instead of tying up crucial cash, a Great Southern Bank Business+ Vehicle loan allows you to finance a car up to 5 years old from the dealership. Your business could borrow up to $250,000 for both new and second-hand vehicles. With the option of making a balloon payment at the end of your loan term and lower rates than many other lenders, this loan gives you the chance to keep overall costs down.
Pros
-
Competitive maximum interest rate
-
Easy online application
-
Available for both new and second-hand cars
-
Balloon payment optional
Cons
-
$595 establishment fee outside of offer periods
-
$8 per month service fee
Details
Product details
| Product Name | Great Southern Bank Business+ Vehicle Loan |
| Min. Loan Amount | $10,000 |
| Max. Loan Amount | $250,000 |
| Loan Security | Secured |
| Upfront Fee | $595 |
| Loan Term | 1 to 7 years |
Key Features
- Loan values: You could borrow between $250,000 to $10,000 for a vehicle
Loan terms: Choose from a loan term of between 1 to 7 years. Or, if you'd like to opt for a balloon payment at the end of the term, you can choose a term between 1 to 6 years. - Security: The loan will be secured against the vehicle you buy.
- Types of vehicles: This loan is available for vehicles such as cars and 4WDs, light commercial trucks and cab chassis, as well as utes and vans.
- Dealership: The vehicle must be bought from a dealership, but can be new or second-hand up to 5 years old.
- Balloon payment option: If you want to keep monthly and overall costs down, and don't mind a large upfront payment at the end, you can choose to include a balloon payment.
How much does a Great Southern Bank Business+ Vehicle Loan cost?
- Interest rate: Between 6.29% p.a. and 16.99% p.a.
- Establishment fee: Outside of any offer period, $595
- Securities administration fee: $100
- Service fee: $8 per month
Is my business eligible for a Great Southern Bank Business+ Vehicle Loan?
There are several requirements for your business to be eligible for a Great Southern Bank Business+ Vehicle Loan.
You must:
- Be over 18
- Be an Australian resident for tax purposes
- Have an ABN for your business
- Have at least one year trading history
- Have an annual turnover of at least $75,000
- Be a sole trader or a company director
- Provide a personal guarantee from all directors, if your business is a company
- Know the VIN or make and model of the vehicle you want to buy
Be buying a car from a licensed car dealer
What documents do I need?
When you apply you will need to provide:
- Financial statements
- Proof of individual income
- Bank statements
- Identification
Your reviews
Rebecca Finder
Senior writer
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