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Chattel Mortgage is essentially a Mortgage over goods to be financed. Chattel Mortgage is classed as a cash sale in that the goods automatically become yours on purchase and the finance company takes a mortgage over the chattels. However for tax purposes you can claim depreciation, running costs and interest paid, against your business income.
 
 

 
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A customer wanted $20,000 for a car loan. He earned income per annum of $39,000 and had two unpaid defaults.

We were successful in obtaining him a car loan for $20,000.

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Have you been refused credit and don't know why?

Lenders regularly use credit reporting agencies to assess whether they should give you a loan. For this reason, it is important that the information on your credit report is accurate.
 

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Immediate ownership of the equipment for your business needs.

 

 

 

It gives:
 

  1. Full ownership of goods - The lender will take a charge over the goods financed

  2. Competitive fixed interest rate

  3. Structure the instalments to suit your cash flow

  4. The repayments remain constant over the term of the loan.

  5. Loan repayments can be direct debited from your nominated bank account.

  6. The loan is secured by the vehicle.
     

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Do any of the following circumstances apply to you:
 

declined by the banks

have credit card defaults

have some defaults

self employed

forgot to pay off your telephone bill

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have defaults registered with Baycorp

want to buy a used car

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The Chattel Mortgage allows businesses to claim the full input tax credit from GST incurred expenses immediately (next BAS statement). Always seek advice from your accountant in regard to this.