A chattel mortgage is a car financing option that gives you immediate ownership of the vehicle. It is generally used by businesses, as it allows you to claim depreciation and other tax offsets.
Use our calculator to determine how much you will pay and compare your car loan options.
What is a chattel mortgage?
A chattel mortgage is when a financier loans money to you for the purchase of a vehicle. You take ownership of the vehicle upon purchase but the lender will use the vehicle as security for the loan until the money is paid back. If you’re looking to enter into this kind of mortgage but want to get an idea of what your repayments will be before you apply, you can use the chattel mortgage calculator to figure out your potential repayments.
A chattel mortgage calculator is easy to use and gives you fast results. All you have to do is enter in the loan amount, the term of the loan, the interest rate, the repayment frequency and the residual payment and percentage (if you chose to pay one). If you already have a chattel mortgage you should enter in the exact numbers as they are stated in the loan agreement, but if you are still shopping for a chattel mortgage you can use estimates to get an approximate repayment amount. Once you fill all of the required fields the chattel mortgage calculator will give you instant results.
The loan amount refers to the total amount of money you’re looking to borrow or that you’ve already borrowed.
The term of the loan refers to how long you have to repay the loan.
The interest rate is the agreed-upon percentage you are paying or will pay to the lender in return for using their money.
The repayment frequency is how often you make your repayments. This can be monthly, fortnightly or weekly.
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 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.
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 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.
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.
IMB New Car Loan
IMB New Car Loan
5.49 %p.a.
fixed rate
5.84 %p.a.
comparison rate
No monthly fees
No early repayment fees
Borrow up to $75,000
100% confidential application
IMB New Car Loan
A low rate loan to finance new vehicles or cars up to two years old. Borrow up to $75,000.
Matt Corke is the head of publishing in Australia for Finder. He previously worked as the publisher for credit cards, home loans, personal loans and credit scores. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time he has survived the dot-com crash and countless Google algorithm updates.
Key Factors is the largest independently owned factoring company in Australia, and it has been providing invoice finance to Aussie businesses for over 30 years.
You'll receive a fixed rate of 6.99% p.a. Apply for a loan from $5,000 to finance a new or used car. Flexible repayments and options to finance a classic car.
You'll receive a fixed rate of 5.69% p.a. Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.
You'll receive a fixed rate from 5.99% 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. Note: Product only available to residents of Victoria.
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.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.
Products marked as 'Promoted' or "Advertisement" are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options and find the best option for you.
The identification of a group of products, as 'Top' or 'Best' is a reflection of user preferences based on current website data. On a regular basis, analytics drive the creation of a list of popular products. Where these products are grouped, they appear in no particular order.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment.
We try to take an open and transparent approach and provide a broad based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use for more information about our services and our approach to privacy.
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.
You can reach out to them right here.
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