Chattel Mortgage Calculator
Are you in need of a new car but you can’t afford to buy one outright? If so then the Chattel mortgage may be just what you need. Allowing you to buy a car with a loan, with the Chattel Mortgage you make repayments each month. However, unlike many other car finance offers, this one is a little different.
Understanding Chattel Mortgages
This finance is known as a Chattel ‘mortgage’ because the company takes mortgage of the loan. You actually own the car, but Chattel uses a mortgage as a security for the loan. It does this by registering a floating and fixed charge with ASIC. After all of the repayments have been made, this charge is then removed.
There are a number of benefits that come with this type of finance option. Firstly you actually own the car from the minute that you buy it. You can also choose how long you want to pay the loan back for. You can select from 2-5 years.
A really big advantage to the Chattel mortgage is the fact that it can be tailored to suit your budget. This is thanks to a residual value being included with the contract. Everything that you will be paying back will be made clear to you in advance. The repayments will also be fixed so you will always know exactly how much you need to pay each month.
If the car or vehicle will be used for business purposes, you can get a little tax deducted. Also, as the finance is using the car as insurance, it enables the company to lower your interest rates.
The Chattel Mortgage Calculator
Before you apply for a Chattel mortgage, you first need to understand whether it is suitable for you. There may be more affordable or better options to suit your circumstances. Leasing or commercial car hire purchase might be better suited to you. Take the time to research the different finance options available before you make a decision.
It would also be a good idea to use the Chattel mortgage calculator. This helps you to determine how much you will be paying back each month. You need to fill in a few simple details such as:
- The loan amount
- The length of the loan
- The residual balloon percentage and/or the amount
- The interest rate
- Whether you will be paying the loan back monthly, weekly or fortnightly
Once you have filled in the information above it will calculate exactly how much you will need to repay. This is a great free tool which could save you a lot of time and effort. You will need to apply for a quote before you can fill in the information on the calculator. It takes just 60 seconds to get a decision online.
To get a quote you will need details on the car that you want to buy. You’ll also need to say how much you want to borrow and over what term period. Finally you’ll need to give a little information about yourself such as where you live and your contact details. All of the details that you give the company will be 100% confidential.
By changing the details in the online calculator, you could see exactly how much you could potentially afford. Perhaps the repayments are higher than you thought they would be? If so why not try extending the length of the finance term in the calculator. See whether that would make much difference. You will usually find that the longer the loan term, the lower your repayments will be each month.
As well as the Chattel mortgage calculator, there is also a calculator to see which finance option would be better for you. In fact, there are calculators on the website which can show you how much you would pay for each type of finance option available.
Overall the Chattel mortgage calculator is definitely worth looking into. It can give you a clear idea of whether you can afford the car that you want to buy. If the repayments are too high, you can also change the make and model of the car that you are interested in. While you may want a fancy sports car, sometimes you just have to settle with something a little more down to earth.
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