Rate dependent on risk profile
Use our chattel mortgage repayment calculator to determine how much you will pay and compare your car loan options below.
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.
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.
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When you're shopping around for a new car, you surely want the cheapest car loan possible.
Our car loan repayment calculator will help you work out how much your monthly, weekly or fortnightly car loan repayments will be to help you budget.