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Save thousands on your chattel mortgage
What is chattel mortgage?
Chattel Mortgage is a sensible approach for any business or individual that needs to either upgrade or acquire a new or used vehicle. This is a fixed loan that provides for the purchase of a vehicle in exchange for a series of payments. The vehicle is then used for security.
Flexibility is an attractive feature of a chattel mortgage. You can choose to finance the total purchase price, use a deposit or trade-in or add a final lump sum balloon payment to reduce the loan repayments. You can even use the GST refund to contribute towards paying off the loan, thereby reducing the amount financed, monthly repayments and the interest paid over the term of the loan.
By choosing a chattel mortgage, you become owner of the vehicle while the financier secures a charge over the vehicle. As you are the owner you may claim a tax deduction for the depreciation on the vehicle as well as the interest component of the loan repayments.
Benefits of a chattel mortgage
- Minimum capital outlay
- Title is always with client
- Repayments are flexible
- Balloon payments available
- The repayments are exempt from GST
- Flexible terms from 12 months to 60 months to match your individual requirements
What can you finance with a chattel mortgage?
You can finance any new or used vehicle, plant or equipment of reasonable age and condition. The amount financed can also include your on-road charges and insurance.