Chattel mortgages are most commonly used by businesses (including companies, partnerships and sole traders) in Australia to fund the purchase of cars, commercial vehicles and other business equipment.
Features of a Chattel Mortgage:
- Available over terms of 1 – 5 years
- Fixed interest rate
- No deposit is required (but you can make one if you want to)
- You can finance the whole purchase price
- Payments are made fortnightly or monthly