Chattel Mortgage

When it comes to financial services, you must have a good understanding of how the different types of offerings work, so that you can make an informed decision on the type of financial relief package that you need. We all know that various types of loans exist, and they all come with their own benefits. A chattel mortgage is something that has become very popular over the years because of how the loan is structured, which is similar to a home loan. So if you would like to find out more about it and whether or not this is right for you, then reach out to us to have a chat about what you need. 

An Owned Asset

Whenever dealing with any form of loan that you need for yourself or for your business, you must understand how it has been structured. For example, when you lease something, you do not own the asset, and it is owned by the financial service provider. However, a loan like a chattel mortgage gives you the power to own the asset upfront. As you can see, this is the reason why many people prefer to go for a chattel mortgage. So if you are not sure if this type of loan is the best choice for you to make, then contact us so that we can advise you accordingly. 

Lower Interest Rates

There are many things to consider when taking a loan, because at the end of the day you are borrowing money to be able to purchase an asset of some sort, and you will be paying it back over a structured period. That being said, the interest rate that you are paying back will ultimately determine whether or not this can be seen as a good loan or not. A high-interest rate obviously means that you will be paying back a lot more than what you have borrowed. Whereas a lower interest rate keeps you closer to the original amount. A chattel mortgage has a lower interest rate, so contact us to find out more about it. 

Balloon Payment

Depending on the size of the loan that you need, it can often be difficult to allocate funds accordingly so that you can make your payments every month. This is why many people opt for a chattel mortgage because the option exists for you to structure your payment so that there is a balloon payment at the end of it. This means that you will be able to pay less money every month while provisioning for a lump sum payment at the end of the duration that you have agreed upon. So if this sounds like the way that you want to do it, then get in touch with us. 

Fixed Rates

Taking a loan can be scary because you often don't know if you will be able to manage the payments that need to be made every month. This is why you need the security of having your payments fixed across the desired period of your choosing. If you want to pay more every month, then you can have a fixed rate that is paid over 24 months. Alternatively, you can decide to pay back the chattel mortgage over 60 months if that suits your balance better. So if you are looking for a fixed payment, then this is the right method for you.