What is Chattel Mortgage?
In Chattel Mortgage, you guarantee the loan you’re applying for with the car (the chattel). Car financing through this arrangement means you borrow money from a lender & they take the car you purchased as collateral or security for the loan. You take ownership of the vehicle immediately with a Chattel Mortgage. The lender just takes an interest in it for the life of the loan. This type is designed for businesses looking for a car loan for commercial purpose or use.
Why choose Chattel Mortgage?
LOWER INTEREST RATES
Since lenders take your car as security for the loan, we could negotiate a lower interest rate for you. To get an idea of what your repayments could be, you can use our Loan Calculator.
GST & TAX BENEFITS
Depending on the level of business use, you can claim GST on the car in your first Business Activity Statement (BAS). You can also claim the interest rate on commercial vehicle finance along with the car depreciation as tax deductions.
Then speaking of the interest rate on commercial vehicle finance, you will not be charged GST on your repayments & final balloon payment.
Flexibility on loan terms & balloon payment options
You can decide how long the term of the mortgage on your chattel (car financed) will run. This can be between 1-5 years generally. You also have different balloon payment options for your chattel mortgage. An example is a higher balloon payment at the end of your loan term to lower your repayments.
NOTE: Loan terms may differ based on the assessment of a person’s financial profile.
Why Finley Finance?
When you choose our team to help you find a car loan for commercial purpose or use, we’ll be with you each step of the way.
Right after your enquiry, we’ll assign one of our Finance Specialists to you. We’ll strive to help you find the best company to finance a car for business use. We’ll review the rates & terms of our partner lenders within our network. Afterwards, we’ll also help you with the application. We’ll guide & assist you with the documentation needed. Then once we’re all set, we’ll apply on your behalf. We’ll keep you updated throughout the whole process.
Still on the hunt for the right car? We can help you with that!
Other than striving to help you find the best company to finance a car, we can also assist in finding the perfect car that can meet your needs based on your finance approval.
Worried about bad credit? Don’t be!
If you have bad credit, our team could still help you find the best finance options. Assisting with Bad Credit Loans is something we specialise in. So, if you’ve been rejected elsewhere due to what your credit history says, Finley Finance could help you get a car loan for commercial purpose or use.
How to get a quote? It’s easy!
To get a quick quote, just call us at 1300 945 332 . Alternatively, you can also hit the button below.