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Bad Credit Car loan

Chattel Mortgage

What is a chattel mortgage?

It is a popular form of car financing that allows the borrower to take ownership of the car at the commencement of the mortgage. A chattel mortgage is sometimes referred to as a goods mortgage.

What does chattel mean?

Any article of movable property When it comes to chattel mortgages it is most often a car or other vechicle. Business equipment is also commonly financed this way.

What are the benefits of a chattel mortgage?

Offers tax benefits for businesses that use the cash accounting method.
The interest rate is fixed so you never need to worry about rate rises.
It is flexible - you set your deposit, repayment and balloon payments to suit your cashflow.
It can be repaid before the end of the term.
Subject to the lenders' approval, 100% of the purchase price of a car can be financed using a chattel mortgage.

How does a it affect my tax?

If you use the cash accounting method, it enables you to claim back the GST component. If the car is used for business purposes, interest paid and depreciation can be a tax deduction.

Is this type of mortgage right for me?

Yes if:

you want to purchase a car primarily for business use.
your business uses the cash accounting method.
you are looking for flexible car finance to suit your cashflow.

Do I pay interest?

Yes, the interest rate on a chattel mortgage is fixed, so you know exactly what your repayments will be for the life of the loan.

Can it have a small or no balloon payment?

The flexibility means you choose whether you want low monthly repayments and a high balloon payment, or higher regular repayments and a low or no balloon payment.

Can I use it for something other than a new car?

Yes, it can be used for financing a boat, truck or equipment used primarily for business purposes.

What happens if I miss a repayment?

Because it is a secured loan, the lender can sell the car to recover the debt. If you are having difficulties making repayments, please contact your lender or 360 Financial as soon as possible to avoid this happening.

How do I apply?

Contact 360 Financial Services or apply online for a chattel mortgage.

360 Financial Services provides a complete range of finance products from Australia's major lenders and specialist financiers and at rates that beat the banks. 360 Financial Services can also source a car according to customer requirements using their free car-finder service. They also offer a free credit check service. For more information visit http://www.360financial.com.au

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