Chattel Mortgage Darwin
If you’re a business owner in Darwin looking to buy a car to run your business, a chattel mortgage could be your cheapest and most tax effective finance option.
Here at Auto Car Loans, we can help you get a chattel mortgage without stress! A chattel mortgage is a secured loan for a business movable property granted to an individual or business owner. Chattel mortgages are available to businesses, sole traders, and employees who use their vehicle for work over 50% of the time. For those eligible, they are the most popular product for car and equipment finance.
What is a Chattel Mortgage?
A chattel mortgage is currently the most popular way for businesses and individuals to fund cars and equipment for business use. With a conventional business loan, a loan is extended to a person depending on the security, usually land or house, etc that he provides. But with a chattel mortgage, you can get a loan secured by the “chattel”, in which the loan provider holds a lien until you repay the entire loan amount. Simply put, the asset is used as a security for the loan, while you use it as your own. When you have repaid all the loan repayments, the asset becomes yours and the lender’s charge over the asset is removed.
Here at Auto Car Loans, we help businesses in Darwin get access to a wide range of chattel mortgage lenders that can provide them with finance to meet their business and individual needs. With this, you get loans with better interest rates, flexible payment structure, therefore, helping you to grow your business with ease!
Benefits of a Chattel Mortgage
Here at Auto Car Loans, we are determined to make life easier for business owners like you in Darwin. We give you unfettered access to the best lenders that will provide funds for you to purchase your new vehicle or asset so you can run your business more efficiently. If you’re self-employed or a small business owner, you’ll benefit from a chattel mortgage because of the flexible repayment structure.
Here are some benefits you will enjoy by getting a chattel mortgage through us:
- Better interest rates compared to unsecured loans due to the asset being secured by the lender. Also, chattel mortgages attract lower interest rates than secured car loans available to the wider public.
- Flexible payment structures tailored to your business needs. If you run a seasonal business with cash flow fluctuations, you can time the repayments to best suit your needs.
- Fast and Easy thanks to low doc options offered by many chattel mortgage providers which streamlines the application and approval process.
- Tax deductions which you should seek individual advice on, but commonly available breaks to businesses and sole traders include:
- Claiming back the full GST cost of the vehicle upon purchase, so you can get the credit on your next BAS (GST registered purchasers).
- Access to the Instant Asset Writeoff so you can expense the full cost of the vehicle, rather than carry it as an asset and depreciate it down over several years. (this allows you to reduce your reported business income for the year by the cost of the car, even though the car is being financed over several years)
- Ability to claim the interest cost as a business expense. Again you should seek advice from your accountant on what tax advantages will apply to you.
If you are self-employed or a business owner in Darwin, you can qualify for a chattel mortgage. Also, if you are an employee who will use the car or equipment for predominantly business use, you too may qualify for a chattel mortgage. The basic requirement is that you must use the vehicle primarily for business purposes over 50% of the time.
Here at Auto Car Loans, we make sure we understand both your individual and business needs. Using our industry experience and knowledge, we find the right chattel mortgage from our network of over 50 leading lenders. Not only that, we offer continuous support throughout the lifespan of your loan, and whenever you need help.
You are just a click away from riding in your new car that will help you run your business more effectively. Head over to https://autocarloans.com.au/apply
and complete our simple and straightforward online application. It takes only about 5 minutes to complete. Once we’ve reviewed your application, we’ll get in touch and before you know it, you’ll have access to our lenders.
Why Choose Auto Car Loans?
We specialise in chattel mortgages and we can offer more than banks and car dealers:
- With us, you get huge savings that you can’t find with dealerships or banks.
- Better interest rates and monthly repayments tailored to your individual and business needs.
- You get a flexible loan repayment duration.
- You can claim tax deductions and Input Credits if you’re registered for GST.
- Easy, convenient application with a fast turnaround time
- Access to several different lenders, so there’s always a suitable option for you.
- Outstanding service and support from our experienced expert consultants.
Here at Auto Car Loans, we have a dedicated team of expert consultants ready to work with you and help you get the right loan for you and your business. Our experts save you the time and stress of searching for a suitable lender and pair you with the right one based on your unique circumstances.
To get started with your chattel mortgage or to learn more, contact one of our lending consultants on 1300 301 051