A chattel mortgage is defined as an agreement between the customer (you) and the financier in which case you take ownership of the goods while the financier will secure a loan by adding a charge over the goods.
There are a number of benefits of these mortgages which include:
- You can get 100% of the finance you need.
- The goods are titled in your name
- The repayment schedules tend to be flexible and structured to suit your specifications.
- At the end of a term a large lump sum payment can be arranged to quickly pay off the debt.
- There are also tax benefits to a Chattel Mortgage if the goods produce a taxable income.
- The term of a chattel mortgage is very flexible with max terms of 60 months.