Understanding a chattel mortgage for your business.
When it comes to running a successful business, getting the right loan for a vehicle or equipment can make life a lot easier.
A chattel mortgage can be a great option. And at Aussie, we’ll help you understand what it is, and how it might benefit your business.
What is a chattel mortgage?
It’s a type of business loan that is generally used to purchase most types of business assets, equipment and vehicles. Basically, when it comes to a chattel mortgage, your loan is secured against the ‘goods’ purchased – which can include movable property like furniture, machinery, equipment and vehicles.
How does it work?
Just like other loans, you’ll make repayments according to an agreed schedule for a fixed term – usually one to five years. When you make the purchase, you’ll take ownership of the vehicle or equipment. The lender then takes a mortgage over the asset – removing it once you’ve repaid your entire loan.
The amount you borrow depends on the asset being financed. But the good thing is, chattel mortgages usually have a fixed interest rate, which makes budgeting a lot easier.
We’ll make the process simple.
We’ve been helping businesses for over 20 years, so we know how to keep things straightforward. Arranging a chattel mortgage with Aussie is a personalised and easy experience. And for added peace of mind, we have a panel of lenders for the right solution tailored to your business.
Want to know more?
The good news is that talking to Aussie won’t cost you a cent. So if you’re ready to apply, or you’d like more information on a chattel mortgage or other forms of business finance, contact us on 1300 44 55 66 or enquire online today.