Call us on: 0413 122 594
Your Personal Broker Australia Wide
Call us on: 0413 122 594
Your Personal Broker Australia Wide
A chattel mortgage allows different types of businesses ranging from sole traders to large corporations to secure a loan against a motor vehicle. To qualify for a chattel mortgage to finance a car, the vehicle must be used for a minimum of 50% business use to qualify for such a car loan. Repayment are usually monthly. Get approved finance can offer chattel mortgage for cars with no exit fees and no early termination fees.
The word chattel comes from an old English word for an object that’s capable of being moved, as distinct from other items of property that cant be moved, such as land or fixed items. The word mortgage refers to the fact that the chattel is taken as security for the loan, much in a similar way to a mortgage over property.
A chattel mortgage enables the payment of your business vehicle to be spread over some of its useful life. Rather than you or your business outlaying the full value of the car on the purchase date, payments are structured deferring the cash outflow of your purchase into the future. Payment smoothing and a source of credit are the two main benefits of this product. The term of the loan can be tailored to your requirements.
– Businesses’s looking to renew or replace their existing vehicle or fleet of vehicles.
– Sole traders with an ABN looking to purchase a car or other vehicle.
– For applicants with a good credit history, such a loan is able to be obtained with minimal documentation (i.e. a low doc loan)
– Own the vehicle from the start of the agreement
– Defer payment to the future, and start generating income with your vehicle from application date
– Access to possible tax benefits benefits where the car is used to generate income
– Possible to have a no deposit loan for approved customers and get 100% finance
– New, Used and Privately sold vehicles can be financed
– Loans from $5000-$1,500,000+