A chattel mortgage is a fancy term for a business or commercial vehicle or equipment loan. Similar to a traditional home loan - but rather than using real estate as security, the loan is secured by the vehicle or equipment (the chattel).
Unlike a lease or a higher purchase arrangement, a chattel mortgage means you take ownership of the asset from the get go without limitations on it's use. If you
Businesses and individuals may be eligible for a chattel mortgage. To qualify for a chattel mortgage, as an individual, you need to use your vehicle predominantly for business (51% or more). So, for example, if you are a tradesman who uses their vehicle to transfer tools from one site to another as part of your everyday job, you may qualify for a chattel mortgage.
To read more about how a chattel mortgage may work for you, read our blog available here and then give us a call!
