Import Vehicle Chattel Mortgage
A vehicle Chattel Mortgage is an agreement similar to most loans where the lender advances funds to you to purchase a vehicle or asset.
The ownership of the vehicle is held by you. The financier holds a security over the vehicle and at the end of the loan term, the charge or security is released.
Being a commercial loan product, there are taxation benefits available including claiming the GST component from the purchase price, claiming the interest component paid each year and depreciation of the vehicle.
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Chattel Mortgage Loan FAQ's
Access frequently asked questions about Chattel Mortgage Car Loans
Benefits of Commercial Hire Purchase products include:
- Loan repayments from 1 to 7 years
- Optional Residual or Balloon payment at the end of the loan term from $1
- Taxation deductions including interest
- Fixed interest rates for the loan term
- If GST registered, ability to claim the GST from the purchase price of the vehicle.
If your car is being used for work purposes, you may be able to claim deductions on the loan interest and depreciation of the vehicle.
If you are GST registered you may be able to claim the GST component from the purchase amount.
The interest component may be able to be claimed as a deduction.
Apart from Chattel Mortgage, other business finance products include Commercial Hire Purchase, Rent to Own, Line of Credit, Business Overdraft, Business Loan and Leasing.
To discuss you individual business finance needs, contact your iCREDIT Financial Consultant on 1300 350 118