How does a Caravan Chattel Mortgage work?
- Under a Chattel Mortgage, you purchase a caravan or camper for your business & you simply pay a fixed monthly payment back to the lender.
- A Chattel Mortgage can run from 1 - 7 years, you can finance the full amount if you don't want to pay a deposit. In some cases, you may also be able to set a balloon payment at the end of the term to keep your repayments even more in line with your cash flow expectations.
- It's also worth talking to your accountant to see what taxation benefits you or your business may be entitled to with a Chattel Mortgage.
- At the end of the Chattel Mortgage, you can either pay out of the balloon if you would like to keep the caravan or camper, you can sell goods, pay out the balloon and keep any funds left over or you can re-finance the balloon.
