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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.
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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You could get a new car with an NRMA Car Loan featuring a fixed rate of interest and no monthly fees.
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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