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A chattel mortgage is a business loan product that’s typically used for financing an asset, such as a vehicle or equipment. With a chattel mortgage, a lender provides your business with cash in the form of a loan to purchase the asset, which is then used as collateral for the life of the loan. For example, if you take out a chattel mortgage to purchase a forklift, then your lender will use the forklift as collateral for the loan.
One of benefits of a chattel mortgage is that the loan gives you ownership of the asset, allowing you to potentially pay off the loan with income that the asset helps you generate in your business. However, if you’re unable to make repayments, or you default on your loan, the lender may be able to recoup their loss by repossessing the asset used as collateral.
At iSelect we’ve partnered with Valiant to make it easy for our customers to easily compare chattel mortgage. Click here to begin your chattel mortgage application with the friendly team at Valiant.
Chattel mortgages are usually taken out to purchase assets and equipment that are used for business purposes. This includes business vehicles like cars, vans, trucks, and tractors, as well as machinery and other equipment or technology.
Some of the benefits include:
One of the best things you can do is negotiate a competitive price on the asset or equipment you’re purchasing. Securing a good deal with the seller will lower the size of the loan value you need to take out, which could in turn reduce the overall repayments you need to make.
Additionally, here are a range of other factors to consider when comparing chattel mortgages:
At iSelect we’ve partnered with Valiant to help iSelect customers compare business loans on offer from their range of lenders. Valiant compare a range of products from over 80 lenders across Australia, and can manage the process of finding and applying for your finance solution, as well as settling funds. Get started comparing online today!
The information in this content is general in nature and should not be considered tax advice. You should always seek professional tax advice or assistance before acting or relying on any content.
Last updated: 28/01/2021