Chattel Mortgage
A Chattel Mortgage loan is a particular type of finance used by businesses or sole traders for the purpose of purchasing a new or used car.
Chattel Mortgage is essentially a Mortgage over the car to be financed. Chattel Mortgage is classed as a cash sale in that the vehicle automatically becomes yours on purchase and the finance company takes a mortgage over the car. However for tax purposes you can claim depreciation, running costs and interest paid, against your business income. The Chattel Mortgage allows businesses to claim the full input tax credit from GST upfront on the BAS (Business Activity Statement).
The Chattel mortgage provides a flexible finance option as you have the ability to either finance the full purchase price or alternatively, you can include an upfront deposit or trade-in to reduce your rental commitment. A Balloon Payment (Residual) may also be placed at the end of the term to effectively lower your monthly repayment. Alternatively, you can choose to structure your rentals to clear the debt in full over the term of your agreement (fully amortised).
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