Chattel Mortgages
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Need a Chattel Mortgage?
A chattel mortgage is a business loan used by a cross section of businesses from sole traders to large listed companies. It allows the business to own the car from day one, and make regular monthly repayments back to the financier.
After all repayments are made, the finance contract is closed and the business owns the vehicle outright.
Features of a Chattel Mortgage
- Tax benefits (talk to your accountant first)
- Your business owns the vehicle from day one
- Interest rates are fixed as are repayments
- Finance is secured against the vehicle itself
A chattel mortgage is one of the most common finance structures used for businesses when purchasing vehicles, and can be utilised as long as the vehicle is to be used for at least 50% business use.