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