Chattel Mortgage is the most popular commercial finance facility as it suits many business structures and many boat acquisitions. Jade Boat Loans offers Chattel Mortgage for boat purchases as a flexible loan products that can be structured to specifically suit individual business objectives.
With this commercial finance facility, the lending company takes a ‘mortgage’ over the boat until the loan is completely finalised by the borrower. This interest in the boat or chattel, is registered with the Personal Property Security Register by the lender.
The borrower however, takes ownership of the boat at the time of initial purchase and signing of the loan agreement and then makes monthly repayments for the term of the finance contract.
Key Features of Marine Chattel Mortgage
- Every Chattel Mortgage arranged through Jade Boat Loans is based on our low boat loans interest rates
- Interest rate fixed for term of loan, term of loan fixed, monthly repayment fixed
- Suited for businesses using cash accounting method
- Monthly repayments can be set to suit your requirements. Lengthening the loan term or increasing the balloon can reduce the monthly repayment and vice versa
- Monthly repayments are not tax deductible. The interest on the payments is tax deductible
- Terms from 24 months to 84 months
- Balloon may be included if desired
- GST on the purchase price of the boat can be claimed on the next BAS
- GST is not applicable to the monthly repayments or the interest. GST is charged on any fees applicable to the loan
- When all monthly repayments and the balloon are finalised, the lender releases the security/mortgage over the boat
- Depreciation claimed according to ATO guidelines
Chattel Mortgage offers many benefits to businesses and Jade Boat Loans offers many benefits in arranging commercial boat loans for business. We have access to over 40 lenders including several industry-only sources so we can pinpoint exactly the right lender to offer the best deal on your specific acquisition.
We do work with the major Australian banks and you are welcome to engage a Jade consultant to negotiate a great Chattel Mortgage on your boat purchase with the bank of your choice. Our superior negotiating skills, inside industry knowledge, bargaining power and expertise in structuring commercial boat finance will ensure a better result. And we can handle the paperwork to save you time and hassle and even liaise with the seller to streamline the acquisition process.
Our additional services include checking titles, verifying owner identity for private sales, assisting with transporting the vessel for interstate or international purchases and generally making your worklife a lot easier while embarking on this major purchase.
Speak with a Jade Boat Loans Consultant to discuss a financing solution for your boat purchase. Call 1300 000 003