How A Chattel Mortgage Work
With Fleetcare's Chattel Mortgage arrangement you take immediate ownership of the vehicle and the flexibility of knowing exactly what the monthly payment will be. Under a Chattel Mortgage arrangement, the end user takes immediate title to the goods as it is considered a cash sale.
The financier takes security (mortgage) over the goods until repayment has been made in full. This finance option best suits you if your business accounts on a cash basis (turnover less than $1m) as it allows funding of GST upfront and permits a full GST claim in the first BAS cycle.
Features and benefits of a Chattel Mortgage:
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No deposit vehicle finance
Interest and depreciation may be tax deductible
Simple monthly invoice makes budget forecasting more accurate
Finance repayments spread over time for better use of cash flow
Build up equity in your new vehicle using the trade in value of your old car