Chattle Mortgage
A Chattel Mortgage is commercial finance product. The customer takes ownership of the vehicle at the time of purchase. The vehicle is the "Chattel" part and your loan contract is the Mortgage.
How does a Chattel Mortgage Work?
The financier purchases the customers vehicle of choice. The financier then Leases the vehicle back to the customer. The customer then pays a monthly Lease installment for the use of the vehicle.
Upon expirey of the Lease, the customer has a the choice to pay the residual payment and take ownership of the motor vehicle. Trade the motor vehicle in or re-finance the outstanding balance.
Benefits of a Chattel Mortgage.
- Advanced knowledge of loan commitment.
- A Chattel Mortgage is tax effective.
- Variable terms 3 years to 5 years.
- GST is on the vehicle is claimed straight away.
- You can use the GST as a structured payment to reduce your monthly commitment.
- Lower interest rates apply as all Chattel Mortgages are secured on the vehicle.
- You can choose how small or large your residual payment will be.
- Fixed Interst!
Will a Chattel Mortgage suit you?
A Chattel Mortgage will suit Companies, Individuals or Sole Traders who use their vehicles for producing their income. A Chattel Mortgage is normally secured by applicants who do mid to high km's and use the vehicle primarily as a business tool.
Want to know what our customer say about Chattel Mortgaging with McCarroll's Financial Services?
Click here Testimonials to see what our customers say.
Need to Know more?
If you have any questions or concerns, please go to our "make an inquiry" tab just below and send us your details. Don't forget, when it comes to a Chattel Mortgage and your money, there is no such thing as a silly question.
Something to download!
The following is an information pack on the different loan options that you have available to you. They will point out a few different points along with giving you the option of what term and residual (Balloon) you can have. It has an application form attached, so if you like what you read, please complete and return via fax.
 | Business Loan Packages | [download, 234Kb] |
| Download and know your options. | ||