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A chattel mortgage is the most common product for financing businesses assets. It is most commonly used with movable personal property acting as security for the loan.
The borrower takes possession of the property at the time of purchase. However, the lender holds an interest in the movable property, or chattel, and takes a charge over it. Once the contract has been fulfilled, that charge is removed.
Moveable personal property are often large assets that do not remain in one place. For example, large farm equipment, mobile homes, and boats are all common assets financed by chattel loans. The loan terms will still be applicable even if the asset is moved from one piece of land to another.
Unlike a traditional mortgage or lease, the lender does not take a lien over a stationary property, but rather has temporary ownership of the movable asset until the loan is repaid. Upon contract fulfillment, the ownership rights are transferred to the borrower.
While chattel mortgages can have higher interest rates than traditional loans, they often come with shorter loan terms and lower processing fees.
Chattel Mortgages also come with their own set of regulations. Chattel home loans must be added to a public registry so third parties can be aware of them. Loans involving aircraft may need to be registered with the proper government offices.
To find out your options when it comes to chattel mortgages, give us a call today.
Explore Other Finance Options
Under a Commercial Hire Purchase, the lender purchases the asset on behalf of the customer and agrees to hire it back to them over a period of time. Once all payments on the contract have been made, the customer takes ownership of the asset.
There are many unsecured business loans available for when you need those extra funds to fuel your business growth! In many cases, these products are shorter terms, up to 36 months.
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