Chattel Mortgage Repayments Calculator
See how Savvy can help you with your chattel mortgage by using our calculator to determine the cost of your financing. Find low rates and fees with us today.
Fact checked
Above all else, it’s essential that you enter the chattel mortgage comparison process with an idea of the total amount your agreement might add up to. One of the best ways you can go about working this out is by using Savvy’s chattel mortgage repayment calculator.
It’s a simple-to-use tool that allows you to calculate and compare the costs of the best offers on the market. The inputs below enable you to calculate different offers based on loan amount, interest rate, term length and whether you’re looking to use a deposit or residual.
Try before you buy with our calculator now to give you more confidence before getting a quick quote.
See how we can help you with your chattel mortgage
Low interest rates
You can compare and choose from the lowest rates on the market for chattel mortgages, coupled with products offering very affordable fees.
Select any loan term you wish
You’re afforded the flexibility to choose the period over which you’ll repay your financing agreement, from as few as one year to as many as seven.
Borrow up to 100% of your car’s value
Chattel mortgage customers are only limited by their borrowing capacity when it comes to the amount they can be approved for under finance.
Optional deposits and residuals
Adding a deposit and/or a residual (or balloon) payment is an effective way to cut down the monthly cost of your loan and save on interest.
Pay weekly, fortnightly or monthly
By selecting the schedule on which you make your loan payments, you’re given the option to tailor these payments to fit around your income needs.
Numerous tax benefits
Chattel mortgages enable you to claim the GST on your vehicle, saving a significant amount on tax, as well as interest on your loan and your car’s depreciation.
Available to self-employed workers
These products aren’t limited solely to established small or larger business owners. Even if you don’t have your financials up to date, there are options for you.
Ownership from the beginning
Unlike other commercial products like car leases and hire purchases, you own your car from the moment your loan begins, giving you more power over how to use and modify it.
Why so many Australians choose Savvy for their chattel mortgage
Tailored finance solutions
With a vast array of lenders and expert consultants in your corner, we’ll help you find a chattel mortgage tailored to your needs.
Experienced and accredited
We’re FBAA-accredited thanks to our more than ten years in the car finance industry helping customers like you secure great deals.
100% online process
You’ll hardly need to get up off the couch to complete your application, as we make it easy to fill out forms and submit documents online.
How to save money across my chattel mortgage
Compare your options
First and foremost, it pays to thoroughly compare your options before committing to a particular product. By contrasting a greater number of financiers in the research phase, you’ll give yourself the best chance of seeing the most affordable offers on the market and being able to choose from them.
Fortunately, your Savvy consultant does plenty of this heavy lifting for you. They’ll look over your initial application and refer to our extensive panel of over 25 lending partners to match you with the best offers for your situation. Simply get a quick quote and compare your options in no time.
Buy near-new or demo models
While plenty of drivers prefer to buy brand-new cars to hit the road in, it might be worth your while considering buying a used or demo model instead. Even if your used car is only four years old without extensive kilometrage, you can save a considerable amount on the purchase price compared to brand-new, as a significant portion of its depreciation has already occurred.
Demo cars fall into the same category, as they generally don’t have too many kilometres clocked on the odometer but are available for cheaper prices than new models.
Improve your credit score
Having a good credit score is the key to unlocking the lowest interest rates and the highest available amounts for borrowing. This is because it serves as an indication of your trustworthiness as a borrower by representing your history of taking on and repaying debt, as well as the timeliness in which you’re able to do so.
All loans are viewed through the framing of perceived risk being taken on by the lender. For example, a customer with a history of defaults is a higher risk of defaulting again compared to someone who has never defaulted. In this instance, the risk would be mitigated by a lower cap on borrowing and a higher interest rate and set of fees.
Make additional repayments
One way you can actively save money across your chattel mortgage is by making payments above the minimum amount required for each instalment and ultimately completing your loan payments earlier than your original end date. By doing this, you’ll reduce the amount of time spent paying fees and interest, which cuts down on its overall cost by hundreds or thousands.
Your Savvy consultant can help you out when it comes to finding lenders who enable free extra repayments and early settlements at no extra cost. We’re partnered with lenders who offer these, so your consultant can prioritise them for you in the comparison process.
Contribute a deposit or residual
Finally, putting forward a deposit at the start of your loan, or a balloon payment at its conclusion, will cut down the interest payable on your principal. This is because neither of these lump sums accrue interest, thus essentially reducing the overall loan amount and saving you money in the process.
In terms of which is cheaper, a deposit will save you more overall compared to a residual. This is because putting a residual at the conclusion of your loan changes the interest amortisation calculation to reduce to your residual amount rather than $0, which means it’ll reduce at a slower rate.
What our customers say about their finance experience
Savvy is rated 4.8 for customer satisfaction by 3362 customers.
