A chattel mortgage is a finance product for businesses where the customer owns the vehicle at the time of purchase. The finance company takes a mortgage over the vehicle as security for the loan. Once the payments are finalised, the mortgage is removed and the title to the car belongs to the customer.

This type of finance agreement is available for between 1 and 5 years and the monthly repayments are fixed for the term of the loan. This product is mainly used by a company, sole trader, trust, ABN holders or partnerships. This type of agreement is available for between 1 and 5 years and the monthly repayments are fixed for the term of the loan and repayments are fixed for the term of the agreement You can claim interest and depreciation as tax benefits. You may also choose to have a balloon payment at the end of the agreement, reducing your monthly repayments, freeing up your cash flow.