Chattel Mortgage Sydney
With lots of Sydney businesses lacking sufficient cash flow, buying new cars or equipment is often a difficult process. Since most banks enforce strict eligibility criteria, getting finance can be a difficult process.
However, if you’re a business owner, sole trader or employee who uses their vehicle mostly for work, you may be eligible for a chattel mortgage. Here at Auto Car Loans, we can help you get a chattel mortgage tailored to your specific business needs.
What is a Chattel Mortgage?
A chattel mortgage is a secured loan that covers movable property, usually cars and equipment, for business use.
Chattel mortgages are available to business owners as well as employees who use their car or equipment predominantly for business purposes. You can secure a chattel mortgage on a property such as cars, mobile homes, and heavy equipment. Usually, when you take a chattel mortgage to finance a vehicle or piece of equipment, the new asset becomes the security for the loan. Once you pay back the loan and its interest the property becomes yours.
How a Chattel Mortgage Works
Chattel mortgages are a secured loan.
When you take out a chattel mortgage, the lender takes a lien over the property you use as security and you regain unconditional ownership once the loan is fully repaid. This conditional ownership does not limit your use of the item in any way.
If you have a manufacturing or transportation business in Sydney and are looking to purchase new equipment or add more vehicles to your fleet, we can match you with one of our 50+ lenders. Here at Auto Car Loans, we can help you find a suitable lender so you can acquire as many vehicles and heavy machinery you need to run your business without worrying yourself about paying the full cost upfront.
Chattel mortgages are the most popular structure for businesses and sole traders to finance cars and equipment, and for good reason!
Benefits of Chattel Mortgage
With a chattel mortgage via our panel of over 50 lenders, you’ll get to enjoy a lot of benefits, some of which include:
- Lower Rates
Chattel mortgages generally have significantly lower interest rates than ‘consumer’ secured loan products available to the general public. And because the loan is secured, you’re likely to get a much better rate than those for unsecured loans like ‘business loans’, ‘cashflow funding’ or personal loans.
- More Flexibility
With a chattel mortgage, we can structure your loan repayments according to your personal or business needs. For example if you run a seasonal business or are expecting a large windfall, we can plan your repayments to match your cash flow.
However most businesses prefer fixed monthly repayments over the whole loan term, which is usually 5 years.
This flexibility allows you to operate your business with fewer worries even as you repay the loan.
- Increased Tax Benefits
- The Instant Asset Write Off allows most chattel mortgage borrowers to fully depreciate the cost of the car on their next annual company tax return (reducing the company’s profit and associated tax liability).
- GST registered entities can typically claim back the FULL GST amount on the car on the next BAS, often resulting in a GST input credit.
- Most businesses and individuals can claim the interest expense.
Every lender considers their own factors to determine whether you qualify for a loan or not. Auto Car Loans assesses your individual needs and matches you with the lender which offers a straightforward approval process and competitive interest rates.
To qualify for a chattel mortgage, you only need to prove that the property you want to finance is used primarily for your business (or, if you’re an employee, for business use).
Depending on your situation, (e.g. time in business, time registered for GST, property ownership status) you may be eligible for low doc options which involve a streamlined application and approval process.
So head over to our fast and easy online application form at https://autocarloans.com.au/apply
. Fill and submit the required information, once we receive and evaluate your application and get in touch with you ASAP. Before you know it, you’ll have access to over 50 top industry lenders, including all the big 4 banks, in the palm of your hand.
Steps to Obtaining a Chattel Mortgage
At Auto Car Loans, we have simplified the entire process of obtaining a chattel mortgage. In many cases we can get you approved and funded within one business day!
- Speak to our loan consultant
The quickest way to obtain a chattel mortgage is to simply call us on 1300 301 051 and discuss your needs with one of our expert finance consultants.
Simply provide them with answers to the questions they ask to enable them to determine the kind of chattel mortgage that you need. Do not hesitate to ask any questions you need answers to too.
And there's no need to cancel the rest of your activities for the day since this call lasts just three minutes. You can speak to our consultants at any time you wish. We are always happy to hear from you.
- Fill out the Application Form
Can’t speak on the phone right now? No worries. You can simply apply online at https://autocarloans.com.au/apply. You should be able to complete the form within a couple of minutes.
- Get Quick Approval
We’ll find you the best approval pathway, and the leading interest rates, based on your unique circumstances.
In many cases we can get you an approval within an hour. If the lender is running behind and taking a while to assess applications, we’ll let you know beforehand and give you alternative options so you can make the right decision.
Why Choose Us
We have done thousands of chattel mortgages for our Sydney clients. Our commitment to providing businesses with access to funds, as well as our excellent customer service make us a leading choice for business owners in Sydney. Just check out our online reviews! Other reasons clients choose us are:
- Better Rates
You may be put off by the ridiculous interest rates of most banks and car dealers. We understand.
Here at Auto Car Loans, we enjoy access to wholesale interest rates. Our group taps into $4 billion in annual borrowing power, giving you access to leading lenders ensures that you secure the chattel mortgage you need at the best rate.
- Excellent Customer Support
Part of our commitment to serving our customers better includes start-to-finish service from the one expert loan consultant.
Our experts are always ready to answer your questions and provide the support you need.
Besides giving you access to the funds you need for your business, here at Auto Car Loans, we also provide you with chattel mortgage rates that allow you to make increased savings compared to banks and car dealers.
Achieve Your Goals
Lots of businesses fail right at the start or remain stuck at the same level due to lack of finance. Your business should not be one of them. Whether you need new equipment to increase your output, or a delivery truck to help you reach more customers, a chattel mortgage will help you get your business moving!
Here at Auto Car Loans, we pair you with a lender that meets your individual and business needs.
To see how we can help you get the funding you need for your business, call us on 1300 301 051 and speak with our expert brokers.