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# Chattel mortgage calculator

## Work out your estimated repayments with our chattel mortgage calculator.

From

6.57 % p.a.

fixed rate

From

7.19 % p.a.

comparison rate

Rate dependent on risk profile

Promoted

Simply enter the purchase price, interest rate, loan term (and any residual payment) in the calculator below to work out your repayments:

### What is a chattel mortgage?

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.

How a chattel mortgage works

### How to use a chattel mortgage calculator

These are the details you'll need to provide to calculate your repayments:

• The purchase price refers to the total amount you need to borrow to cover the cost of the vehicle.
• The leasing term refers to how long you have to repay the loan (the loan term).
• The interest rate is the rate of interest you'll make on the amount you borrowed.
• The residual amount and percentage are optional fields and should only be filled in if you chose to make a residual payment. A residual payment is a lump sum that is paid at the end of the loan term.

### Clint gets a chattel mortgage

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 doesnâ€™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 heâ€™d like to look for another loan or choose to apply for this one.

### Questions you might have about the chattel mortgage calculator

#### How accurate is the calculator?

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.

#### Can I use the calculations to get that exact loan from a lender?

A chattel mortgage calculator is only supposed to be used as an estimate of what you expect your repayment to be. It doesnâ€™t mean that youâ€™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.

### Compare car loans

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.

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1 - 11 of 11
Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
OurMoneyMarket New Car Loan
Fixed1 - 7 Years \$2,001 - \$75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
\$250
min.
Monthly Fee
\$0
Monthly Repayment
\$622.82
loans.com.au - New - Variable Rate Special
Variable3 - 7 Years \$5,000 - \$150,000
Interest Rate (p.a.)
6.24%
to 7.74%
Comp. Rate (p.a.)
7.36%
to 8.85%
Application Fee
\$400
Monthly Fee
\$8
Monthly Repayment
\$630.83
Stratton Finance New Car Loan
Fixed1 - 7 Years \$10,000 - \$300,000
Interest Rate (p.a.)
6.52%
to 18%
Comp. Rate (p.a.)
6.95%
to 23%
Application Fee
\$395
Monthly Fee
\$0
Monthly Repayment
\$625.27
You'll receive a fixed rate from 6.52% p.a. depending on the lender you are approved with.
Apply for up to \$300,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
Verified Lending Used Car Loan
Fixed1 - 7 Years \$10,000 - \$200,000
Interest Rate (p.a.)
7.1%
to 18.99%
Comp. Rate (p.a.)
8.06%
to 22.99%
Application Fee
\$395
Monthly Fee
\$0
Monthly Repayment
\$630.67
NRMA New Car Loan
Fixed1 - 7 Years \$5,000 - \$130,000
Interest Rate (p.a.)
7.29%
to 16.99%
Comp. Rate (p.a.)
8%
to 17.77%
Application Fee
\$499
Monthly Fee
\$0
Monthly Repayment
\$635.67
Note: Take out a loan for an eligible electric vehicle and receive a 1.5% discount on your personalised interest rate (interest rates start from 5.79% p.a. and comparison rates from 6.49% p.a.)
RACV New Car Loans
Fixed1 - 7 Years \$5,000 - \$150,000
Interest Rate (p.a.)
7.29%
to 16.99%
Comp. Rate (p.a.)
8%
to 17.77%
Application Fee
\$499
Monthly Fee
\$0
Monthly Repayment
\$635.67
You'll receive a fixed rate from 7.29% p.a.
A larger loan of \$5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.
OurMoneyMarket Used Car Loan - No Vehicle Age Limit
Fixed1 - 7 Years \$2,001 - \$75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
\$250
min.
Monthly Fee
\$0
Monthly Repayment
\$622.82
NRMA Used Car Loan
Fixed1 - 7 Years \$5,000 - \$130,000
Interest Rate (p.a.)
8.49%
to 16.99%
Comp. Rate (p.a.)
9.21%
to 17.77%
Application Fee
\$499
Monthly Fee
\$0
Monthly Repayment
\$647.01
You'll receive a fixed rate from 8.49% p.a.
Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
Stratton Finance Used Car Loan
Fixed1 - 7 Years \$10,000 - \$300,000
Interest Rate (p.a.)
6.52%
to 18%
Comp. Rate (p.a.)
6.95%
to 23%
Application Fee
\$395
Monthly Fee
\$0
Monthly Repayment
\$625.27
You'll receive a fixed rate loan from 6.52% p.a. with a comparison rate of 6.95% p.a.
A used car loan of up to \$300,000 with quick approval times and balloon payment options.
loans.com.au - Variable Rate Used Car < 5 years
Variable3 - 7 Years \$5,000 - \$150,000
Interest Rate (p.a.)
7.74%
to 7.74%
Comp. Rate (p.a.)
8.85%
to 8.99%
Application Fee
\$400
Monthly Fee
\$8
Monthly Repayment
\$644.82
RACV Used Car Loans
Fixed1 - 7 Years \$5,000 - \$150,000
Interest Rate (p.a.)
8.49%
to 16.99%
Comp. Rate (p.a.)
9.21%
to 17.77%
Application Fee
\$499
Monthly Fee
\$0
Monthly Repayment
\$647.01
You'll receive a fixed rate from 8.49% p.a.
Benefit from no ongoing fees, 5-hour approval and a 21-day satisfaction guarantee. Interest rate discounts for members.