A Chattel Mortgage is one of the commercial finance products available to companies, partnerships and sole traders that need to upgrade or buy trucks, cars, and equipment. With a chattel mortgage, you take ownership of a vehicle or asset from the start.
Chattel mortgage is a form of secured loan where the finance provider lends you funds to purchase a vehicle, for instance. The ‘chattel’ is the vehicle, and the ‘mortgage’ is a fixed floating charge the lender registers with ASIC to provide security against your borrowing. While your agreement is running, that security helps to keep interest charges lower, and when you’ve paid off the loan, the mortgage gets lifted – giving you clear title to the vehicle. Chattel Mortgage interest rates get fixed for the lifetime of the loan. Repayment terms run between one and five years, although Savvy also has access to lenders that offer seven-year agreements.
Savvy has been in the business of helping commercial borrowers for years. Our consultants leverage established relationships with some of the country’s best lenders to provide excellent interest rates to our customers. Not only that, but Savvy is a mine of information and resources for business owners pushed for time. Our people take your bottom line seriously, and we’ll always go the extra mile to find you the best deal for your needs.
If you’re just starting out on your business journey, or if you’re looking to grow, We’ve got lenders from your main stream banks & financiers right through to niche lenders. No matter where you’re at, we’ll look to provide you with the right guidance as to which solution fits your circumstances. Chattel mortgages work so well for business because they’re highly flexible, but you’ll also enjoy some significant tax benefits when you choose to finance your next vehicle this way.
Savvy has all the best lenders and a range of top financial products all in one handy place. Meaning you get to calculate repayments, apply and have access to the information you need to make a good finance decision.