Chattel Mortgages At Highly Competitive Interest Rates
Chattel mortgages could be right from you if you’re looking for the most competitive interest rate on financing a commercial vehicle.This way you can take ownership of the car from the outset (unlike a lease) and claim the GST on the purchase upfront.
Details on Chattel Mortgages
Chattel Mortgages use your vehicle or some other (non-real estate) property as the security on the loan. This means you can access a low interest rate.
This type of loan is ideal for businesses that use the cash method of accounting as they are able to claim the GST associated with the vehicle’s purchase upfront.
Secured – basically your car or some other non-real estate property (i.e., chattel) is used as mortgage security. The car’s ownership is in your name completely. These loans are often used to purchase business equipment.
Term / Length of the loan – the life of the loan or the time you have to pay it off. Varying the term of the loan will vary the repayments. Of course choosing a longer term will make your repayments more affordable.
Here’s what we can offer:
- Flexible car loan terms from 24-60 months
- Residual/balloon payment to help decrease payments
- Lower interest rate due to the secured nature of the loan
- Fixed interest rates
- Fixed payment schedules to suit your budget
- Associated costs are all known in advance
- Deposit can be used to decrease repayments
- Tax deductible on interest and depreciation
- GST charged only on the residual value and GST may be claimed on the vehicle purchase price
- Ability to buy a new car
- The flexibility to use some of your own cash towards the purchase
