A chattel mortgage is a popular way for businesses to purchase large assets such as machinery and vehicles.
It allows businesses to take full ownership of the equipment they need to purchase for their business while also taking advantage of some of the tax benefits. However, before deciding to use a chattel mortgage, it is important to understand the advantages and disadvantages of this type of finance.
One of the main advantages of a chattel mortgage is that it can be incredibly flexible. Businesses have the ability to finance the purchase price in full or include a deposit or trade-in to reduce monthly instalments.
There are also several disadvantages of a chattel mortgage to consider. One of the main drawbacks is that the equipment is used as security for the loan.
Our in-house Mortgage Broker can help you work out the best loan to finance your needs.
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