Benefits of a chattel mortgage
- Access to Turn Finance’s best interest rates
- No doc facility available
- No deposit required
- Flexible terms of 1 to 7 years
- Balloon payment options available
- Effective cash flow management option
- Tax benefits such as GST claiming
Why choose a chattel mortgage
If you’re a business owner looking to purchase a commercial vehicle, a chattel mortgage is definitely worth considering. This loan product is specifically designed for vehicles that are predominately used for business purposes, and as such provide a number of benefits that can work in favour of your business.
Competitive interest rates: chattel mortgages include account keeping fees and other charges, plus they’re secured to the vehicle. Generally this means you can enjoy lower interest rates (pending individual circumstances), particularly when compared to regular consumer loans.
Possibility to claim back GST, depreciation, and interest: if you’re registered for GST, it’s highly likely that you are able to claim back GST on your Business Activity Statement, as well as depreciation on the vehicle and even interest charges. We recommend consulting with your accountant on your individual circumstances*. You can read more about GST and tax implications here.
More flexibility: chattel mortgages are highly flexible. Repayments, loan terms, residual value (also known as balloon payments) amounts, deposit amounts, and optional extras such as insurance all offer additional flexibility to ensure your loan works best for you.
* Consult with your accountant to see how you can benefit from financing your next business purchase.