Get That Boat Loan can help you with your Chattel Mortgage, Chattel Mortgage is a business finance product where the client owns the boat at the time of purchase. The finance provider takes a mortgage over the boat as security for the loan. Once the payments are completed, the mortgage is removed and the title to the boat belongs to the client. A Chattel Mortgage will suit a client that will use the purchased vessel over 50% of the time for business purposes. This product is mainly used by a, sole trader, trust, company, ABN holders or partnerships.
Benefits of a Chattel Mortgage
- Flexible contract terms ranging from one to five years
- Fixed interest rates
- A residual value (balloon) can be applied to the contract enabling the monthly repayments to be tailored to a budget
- Fixed Monthly repayments
- Advanced knowledge of costs
- Deposit (either cash or trade-in) may be used
- If the boat is being used for business purposes, A tax deduction is available
- A customer who is registered for GST can claim the GST contained in the vessel price as an input credit on their next Business Activity Statement (BAS)
- No GST is charged on the monthly repayment or the contract balloon amount
- The finance is secured against the vessel, allowing the customer lower interest rates
Speak to your friendly Get That Boat Loan specialist and let us help you find the right boat loan for you.