Chattel Mortgage
A chattel mortgage is a business finance product where the customer takes ownership of the motor vehicle at the time of purchase.
How It Works
Under a Chattel Mortgage the financier advances funds to the customer to purchase a vehicle, and the customer takes ownership of the vehicle (chattel) at the time of purchase.
The financier then takes a mortgage over the vehicle as security for the car loan.
Once the contract is completed, the charge is removed giving the customer clear title to the vehicle.
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