A chattel mortgage comprises two parts – the chattel and the mortgage. Chattel is also termed a “security". The mortgage is the loan itself. The sum of money plus interest owed to your lender. As a business owner you can claim depreciation and interest charges on your Business Activity Statements.
Chattel mortgages have the interests of business people as they can claim any GST paid on the car on their next Business Activity Statement (BAS). As a business owner you can also claim interest charges and depreciation on your BAS and in some cases, the full input tax credit. Chattel mortgage interest rates are usually lower compared to unsecured consumer loans.
A business can tailor the chattel mortgages for its purpose. For example, if you need to secure cash flow, you can borrow up to 150% finance to cover extras such as insurance, on road costs and cosmetic upgrades for the vehicle so your initial outlay is nil. You can also trade-in your old vehicle or put a deposit down. Loan terms start from 12 months up to 60 months.
Ready to apply? Click the link below to complete the form and one of our finance consultants will contact you to discuss your chattel mortgage enquiry.
Our application is fast & easy. We have the systems, technology and consultants for a fast approval.
Don't have a deposit? We can help you finance up to 100% of the purchase price.
0% interest rates offered by dealerships may seem attractive, but beware. Always read through the fine print. When shopping around, compare the monthly repayments, not just the interest rates.
Borrowers can choose to pay a lump sum of the total loan amount borrowed at the end of the loan term. This will reduce your monthly repayments.
All applications with Hello Car Loans are obligation free.
Under a Chattel Mortgage, you can claim the GST from your purchase on your next Business Activity Statement.