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Chattel Mortgage Business Car Finance

Chattel Mortgage Business Car Finance

A chattel mortgage is a business finance product where the customer takes ownership of the motor vehicle at the time of purchase.


 

How does a Chattel Mortgage Work?

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. When the contract finishes the charge is removed giving the customer clear title to the vehicle. 

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