A Chattel mortgage is a commercial finance arrangement for a moveable item (vehicle) for those who have business usage greater than 50%.
Under a Chattel Mortgage the financier releases funding to the customer to purchase the vehicle, meaning the customer takes ownership of the vehicle. The financier then takes out a mortgage over the vehicle as security for the loan they have made to you.
Once the repayments and balloon payment (if any) is met then clear title is given and security over the vehicle is removed.
If you are registered for GST then you may be entitled to tax deductions and GST credits.
To find out more please contact one of our friendly consultants on 1300 36 36 30 for a quotation.
Visit: Tradie Chattel ™