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 car in exchange for a series of payments. The car is also used for security against the finance.

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 and the interest paid over the term of the loan.

By choosing a Chattel Mortgage, you become owner of the car 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 car loan repayments.

• Low interest rates
• No establishment or application fees
• No monthly fees
• No payout penalties
• In most cases, a deposit is not required
• Fixed interest rates for the term
• Where the Vehicle is used for business purposes, the lease rental will be tax deductible, the extent of the tax deduction will depend on the percentage of business use

Want to know more?

Either complete the friendly enquiry form and one of our experienced finance consultants will call you shortly or give us a call on 1300 554 553 right now!