What is Chattel Mortgage?
It is the legal term to describe a loan contract used by companies to borrow money from financial companies for their vehicle needs. The lender would require a type of mortgage as a form of security. A legal ownership would be required to be transferred to the lender at the time of purchase and the mortgage would then be removed only when full payment of the loan has been made at the end of the agreement term. The borrower can then be allowed to drive away the vehicle as long as the loan is still in service and a clear vehicle title will be posted once all payments have been made.
The Finance Smarter company offers fixed interest rates and low monthly installments to our customers to encourage a hassle-free finance standing without having to enforce any financial burden on the borrower as well as the lender. There is also an added benefit of tax deductibility and claimable GST which make our Chattel mortgage option the most affordable plan for businesses to easily obtain a vehicle for their business needs.
These are just some of the features that we have got to offer which make our company stand out among our competitors.
Our contracts are flexible depending on your respective needs and budget constraints too. Clients will also be informed of the full the costs involved from the beginning so no abrupt changes will become part of their finance package which could be a burden to some borrowers along the way during the loan agreement period. Clients are also given the option to pay a deposit in the form of a trade-in or even cash to help lessen their monthly installments to reduce burden in repayment.
The Finance Smarter Company’s financial plans are based on flexible terms of up to 12 to to 60 months depending on your financial budget and also on the monthly installments that you feel you are comfortable with. We will sit down to stem out the perfect plan for you according to your financial standing to determine which plan suits you best. You can choose to streamline your monthly installments with cash, trade-in, or even balloon payments to make a deposit in order to manage your installment payment each month really well. Every little amount makes a difference especially if you are opting for a longer loan repayment term.
The Finance Smarter Company’s interest rates are among the lowest in today’s market and we offer them to you in the form of fixed rates so as to allow you to maintain steady repayments monthly so they will not be more than what you are already paying currently every month. This will allow you to prepare a fixed amount monthly so you can ensure to make regular payments without fail. To better facilitate your loan, you will also find out that a chattel mortgage will further reduce your interest rates as we will be using the vehicle as an asset to secure the loan. Eventually, you will be the only one benefiting with the low monthly installments.
As for the extra deductions, tax deductions are also offered regardless of whether the car is used or it is a new one for your business needs which would only mean more reductions for you. This portion includes GST deductions too which can be claimed if you are registered and this whole process can also be used on your next input credit for Business Activity Statement which is for your own advantage for your business finances.
Businesses can now transfer to a chattel mortgage for a company vehicle to enjoy lower and fixed interest rates with various deduction options made available for the borrowers to enjoy. Deposit options are also available to help borrowers reduce their loan amount even further.