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Chattel Mortgage
When purchasing vehicles or equipment for your business, you’re looking to buy a vehicle or equipment for your business, a chattel mortgage is one of the best options you can look to. With customisable loan terms and repayment options, low rates and fees and multiple tax benefits, chattel mortgages are one of the most popular commercial finance products for sole traders, partnerships and companies, large or small.
Chattel Mortgage Available For
Trucks & Trailers
Motor Vehicles
Equipment & Machinery
Trucks & Trailers
Caravans & Camper Trailers
Boats & Marine
Motorbikes & ATV's
Chattel Mortgage Features
The asset is in your name
Unlike leasing, you own the asset from the start of the loan, meaning you are not subject to any loan restrictions such as modifications or klm limits.
Optional Balloon / Residual Payment
A chattel mortgage is flexible. It allows you to choose whether to have a residual value or balloon payment on the loan or not.
Borrow 100%
You don’t need a deposit with Chattel Mortgage contracts and can borrow 100% of the purchase price plus loan set up costs.
Early Repayment
Our panel of lenders allow you to repay the loan early if choosing a Chattel Mortgage
Loan Terms
The loan term you choose is up to you. These can range from 1 through to 7 years and can be tailored to suit your budget
No Financial Option
As long as you tick a few boxes set by lenders, you may not need to provide detailed financial information such as up to date tax returns.
Tax Benifits
You can claim GST on the purchase of the asset as well as depreciation and the interest component as a business taxation deduction.
Common Questions
Yes, unlike personal loans, a chattel mortgage uses the asset your purchasing for your business as security for the loan.
Yes! A chattel mortgage is similar to other asset loans which allows you to purchase private sale assets.
A Chattel Mortgage is for ABN holders using the asset predominately for work purposes. If you’re purchasing the car, truck, equipment etc to be used for personal use, then a chattel mortgage may not be the best option for you and you may need to look at a consumer loan.
To apply for a chattel mortgage, follow our easy online application.
The more information you can provide the better result and more options are available to you.
Your business loan consultant will be able to assess and deliver a suitable answer for you.
Yes, we offer a wide range of lenders for you to choose from and work hard to find and present your application correctly to ensure we receive the right answer. Our second chance loan options can help you keep your business moving with little downtime.
A chattel mortgage is structured in a similar way to most loans, meaning you can have straight repayments from 1 to 7 years or opt for a residual / balloon payment to be paid as a last payment.
Once you have repaid the loan, the asset is yours.
Pro’s and Con’s Of Chattel Mortgage Loans
Pro's
You own the asset, meaning you are not restricted to klms, modifications of the asset.
Taxation benefits such as claiming the GST component from the purchase, interest payable on the loan through to depreciation.
Con's
Not designed if you want a short term loan as most lenders will charge an early repayment fee if paying out the loan early.
No benefit if your not going to be using the asset predominately for business use.
Why Choose iCREDIT?
We understand chattel mortgage and business loans and our process streamlines your loan to deliver quick answers. Whatever your business requirements are and whatever your financial situation is, we’re on your side.
We’re backed by national buying power, meaning we’re in the best position possible to negotiate better, more affordable finance rates for you.
We compare lenders and banks from our panel to find the best available outcome. Our system checks your loan throughout our panel of lenders without negatively affecting your credit rating to provide you transparent results helping you make a confident, informed decision.
At iCREDIT , we process thousands of loans each year, have in-depth knowledge of lender guidelines so we can present your loan correctly, giving you the best opportunity to get the right answer.
We’ve helped thousands of Australians find their loan
Easy to contact and made everything seem so easy
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Chattel Mortgage
