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Chattel Mortgage

Purpose:

Available for sole proprietors, partnerships and companies that use the ‘cash’ method of accounting for the Goods and Services Tax (GST). Under the cash method, the GST component of the acquisition price of the motor vehicle can be claimed back on the next Business Activity Statement, rather than claiming the GST over the term of the finance contract.

How it Works:

You take ownership of the goods upon delivery and Financier secures the loan by registering a charge over the goods.

Benefits:

Flexibility is an attractive feature of a chattel mortgage. You can choose to finance the total purchase price, or use a deposit or trade-in to reduce the loan repayments. You can even use the GST refund to contribute towards paying off the loan, thereby reducing the amount financed and the interest paid over the term of the loan. By choosing a chattel mortgage, you become owner of the motor vehicle while the financier secures a charge over the asset. As you are the owner of the motor vehicle you may claim a tax deduction for the depreciation on the motor vehicle as well as the interest component of the loan repayments. In addition, GST is not payable on the loan repayments.

Other benefits include:

  • The repayments are fixed over the term of the loan.
  • The term of the loan ranges from 9 months to 60 months.

You can structure the repayments with or without a balloon payment at the end of the term of the loan to tailor your repayments to suit your cash flow.

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Testimonials

 

I would like to express my sincere thanks for helping me with the acquisition of my new 4WD. The wife recommended I try you guys out and I was extremely impressed with your service and the way you assisted me with the change over of our trade in vehicle. The change over was in excess of $4000 better than I received from my local dealer. Will definitely be using you again in he future and will highly recommend your services.

Brian
Annandale, Sydney

Thank you for your assistance in helping me with the purchase of my fleet of Toyota Hilux Utes. You saved me so much time and the prices you received where way better than I was quoted by a number of dealers. Your process in getting me the new utes, organising the finance and getting them delivered on schedule was fantastic. Definitely will be recommending your services to all my family, friends and colleagues in the construction industry. Great Job.

Rob
MTG

I would like to personally thank New Car Discounts Group for the great service I received whilst buying my new car. Saved me money on the new car and the car loan repayments. The dealers that I went to put so much emphasis to do a deal on the spot. Now I know why, they were making over two thousand dollars extra on the price I paid the dealer recommended through you. Such a better way to buy a new car.

Zorin
VW Golf buyer

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  • 1300 209 569

  • Suite 2202 | Level 22
    Westfield Tower 2
    101 Grafton Street
    Bondi Junction NSW 2026

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