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