Advance Car Loans offers Chattel Mortgages to sole business owners, partnerships, and companies wishing to claim GST back on their vehicles by using the cash accounting method.
Advance Car Loans aims to make applying for Chattel Mortgage loans easy by assisting customers to make the right choices for their businesses. They offer a personalised service and can prepare all necessary paperwork. Tailored Chattel Mortgage packages are also available.
Chattel Mortgage loans offer a variety of advantages. It does not cost anything to set them up and a deposit is not needed. There are no monthly fees and set monthly repayments have a fixed interest rate, which may be lower than normal due to the mortgage being secured against the vehicle.
Customers are able to claim back the vehicle GST if they are registered for GST, and interest payments and vehicle depreciation can be claimed back on tax if the vehicle is used for commercial purposes.
Chattel Mortgage loans can be arrange to run for terms between one and five years.