Specific Security Agreement (formally Chattel Mortgage)
This is a business finance product where the customer owns the vehicle at the time of purchase and the financier takes a mortgage over the vehicle as security for the loan. Once the payments are completed, the mortgage is removed and the title to the car belongs to you.
A Specific Security Agreement (Chattel Mortgage) best suits you when the use of the vehicle is over 50% of the time for business purposes. This type of product is mainly used by a company, sole trader, trust, ABN holders or partnerships.
A Specific Security Agreement is a business vehicle loan made up of the “chattel” (car) and “mortgage” (loan.) The chattel is the asset your business is financing and the mortgage is the loan product you must pay back. The financier may repossess the vehicle in the event of default.
So contact Streams today to arrange your no obligation and personalised consultation regarding your business vehicle needs…