FAQ: What Are The Features & Benefits of a Chattel Mortgage?
What are a Chattel Mortgage's features & benefits?
A Chattel Mortgage for financing a car or other vehicles has a number of main benefits:
- Choice of terms (loan lengths) ranging from 24 to 60 months (two to five years)
- Wide variety of residual value (balloon value) options, generally ranging from 0% to 60% depending on the type and age of the vehicle
- A deposit may optionally be used to reduce the size of the loan
- Tax deductions may be available when the car is used for business purposes
- Input Tax Credits may be available when the purchaser is registered for GST
- A Chattel Mortgage is secured against the vehicle, which allows lower interest rates
A Chattel Mortgage through stratton has the following extra benefits (subject to lender selection):
- No ongoing fees
- Fixed interest rate, so monthly repayments are fixed for the life of the loan
- Repayments can be structured, matching payment to your or your business' cash flow
- Online quotes and online approvals available