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Simply enter the purchase price, interest rate, loan term (and any residual payment) in the calculator below to work out your repayments:
If you need more help using the calculator, please click here.
A chattel mortgage is effectively another term for a secured business car loan. This means that your business borrows money from a lender to fund the purchase of a vehicle and you then make regular repayments until the loan is paid off.
Unlike other forms of business vehicle finance, your business takes ownership of the vehicle immediately, and the vehicle is used as collateral against the loan.
These are the details you'll need to provide to calculate your repayments:
Clint has decided to purchase a vehicle through a financier. He understands that the vehicle will be used as security for the loan so he wants to make sure he chooses a loan that he can repay easily. In order to make sure he can make the repayments, he turns to the chattel mortgage calculator to get an idea of what his repayments will be.
He is looking to borrow $10,000 and hopes to get a 6% interest rate, a three-year loan term and he wants to make monthly repayments. He doesn’t plan to opt for a residual payment so he leaves those fields empty when using the calculator. Based on this information, Clint will be paying $302.71 each month towards the loan. He can now take that information and decide if he’d like to look for another loan or choose to apply for this one.
A chattel mortgage calculator comes up with a repayment amount based on the information you provide using basic arithmetic. If you use exact amounts based on a current loan or a proposed loan agreement your result will be accurate, but if you use estimates in the calculator your result will only be an approximation.
A chattel mortgage calculator is only supposed to be used as an estimate of what you expect your repayment to be. It doesn’t mean that you’ll be offered that exact loan and repayment amount from a lender. Individual lenders will make up their own terms, including the interest rate, based on their findings during the application process and will offer a loan agreement from there.
Use the chattel mortgage calculator below to help in your comparisons.
Unless the vehicle is intended to be used for business purposes, and you want to take advantage of the tax offsets offered by a chattel mortgage, you may be better suited applying for a normal car loan.
Picture: Shutterstock
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When you're shopping around for a new car, you surely want the cheapest car loan possible.
I want to purchase a mobile home and I would like to borrow $20,000. What is the maximum time and rate for repayment?
Hi Tammy!
Thanks for the comment.
You may get in touch with a mortgage broker for a thorough advice on your repayments based on your specific circumstances. A mortgage broker is a professional who compares and helps you apply for home loans on your behalf. A good mortgage broker will give you personalised service all the way through to settlement.
Hope this clarifies.
Cheers,
Jonathan
Is there a cooling off period for channel mortgage finance?
Hi Stichedup,
Thanks for your question.
This is possible but there would need to be a cooling off period specified in the contract for it to apply.
I hope this has helped.
Thanks,
Elizabeth
Chattel mortgage interest rates, current rate for new ford ranger 4×4
Hi Mike,
Thanks for your comment. As finder.com.au is a comparison service, we can’t provide you with the chattel mortgage rates. You’ll need to contact a lender to find out more.
Cheers
Matt