chattel-mortgage-calculator

Chattel Mortgage Calculator

If you’re looking for a chattel mortgage but would like to know what your repayments will be, turn to a chattel mortgage calculator for help.

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.

How a chattel mortgage works

Use the chattel mortgage calculator below to help in your comparisons.

How to use a chattel mortgage calculator

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.

Comparison to car loans

Whilst we don't compare any chattel mortgage products, it is always important to compare a range of financial products when getting a loan. Below is a comparison of car loans that you can use when deciding whether a chattel mortgage is right for you.

RACV Car Loan Offer

RACV New Car Loans

from

6.99 % p.a.

fixed rate

from

7.54 % p.a.

comparison rate

  • Low fixed interest rate
  • No ongoing fees
  • Borrow from $15,000
Security Logo

100% confidential application

RACV Car Loan Offer

Apply for RACV Car Loan and enjoy a great low fixed interest rate with no ongoing fees.

  • Interest rate from: 6.99% p.a.
  • Comparison rate: 7.54% p.a.
  • Interest rate type: Fixed
  • Application fee: $380
  • Minimum loan amount: $15,000
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Rates last updated October 18th, 2017
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Monthly Repayment Product Description
RACV New Car Loans
From 6.99% (fixed)
7.54%
$15,000
1 to 7 years
$0
$380
Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.
Latitude Personal Loan (Secured)
From 12.99% (fixed)
14.2%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.
Bank of Melbourne Secured Car Loan
From 8.49% (fixed)
9.6%
$3,000
1 to 5 years
$12
$195
A low rate personal loan from Bank of Melbourne with variable or fixed option.

Compare up to 4 providers

Clint gets a chattel mortgage

Title

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

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.

Picture: Shutterstock

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RACV New Car Loans

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6 Responses

  1. Default Gravatar
    TammyJune 11, 2017

    I want to purchase a mobile home and I would like to borrow $20,000. What is the maximum time and rate for repayment?

    • Staff
      JonathanJune 11, 2017Staff

      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

  2. Default Gravatar
    stichedupJuly 1, 2015

    Is there a cooling off period for channel mortgage finance?

    • Staff
      ElizabethJuly 6, 2015Staff

      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

  3. Default Gravatar
    MikeMay 24, 2015

    Chattel mortgage interest rates, current rate for new ford ranger 4×4

    • Staff
      MattMay 25, 2015Staff

      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

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