If your potential new car is going to be used for business at least 50 per cent of the time, a chattel mortgage may be your best choice. In this scenario, the business takes ownership of the car after it is purchased while the lender ties a loan onto it. The vehicle serves as security in case of missing monthly repayments.
- Low interest rate possibilities as it is a secured loan.
- 100% financing options may apply.
- 12 months to 7-year loan term.
- Depreciation and interest payments are tax deductible.
- GST benefits.
- The business takes ownership of the car.
A chattel mortgage can be used to finance a car, truck and other equipment used in business.
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