Chattel Car Mortgage
Get That Car Loan can help you with your Chattel Car Mortgage. Chattel Car Mortgage is a business finance product where the client owns the vehicle at the time of purchase. The finance provider takes a mortgage over the vehicle as security for the loan. Once the payments are completed, the mortgage is removed and the title to the car belongs to the client. A Chattel Car Mortgage will suit a client that will use the purchased vehicle over 50% of the time for business purposes. This product is mainly used by a, sole trader, trust, company, ABN holders or partnerships.
Benefits of a Chattel Car Mortgage
- Flexible contract terms ranging from one to five years
- Fixed interest rates
- A residual value (balloon) can be applied to the contract enabling the monthly repayments to be tailored to a budget
- Fixed Monthly repayments
- Advanced knowledge of costs
- Deposit (either cash or trade-in) may be used
- If the car is being used for business purposes, A tax deduction is available
- A customer who is registered for GST can claim the GST contained in the vehicle price as an input credit on their next Business Activity Statement (BAS)
- No GST is charged on the monthly repayment or the contract balloon amount
- The finance is secured against the vehicle, allowing the customer lower interest rates
Speak to your friendly Get That Car Loan specialist and let us help you find the right car loan for you.