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A chattel mortgage is a loan agreement where a borrower uses personal property, such as equipment or vehicles, as collateral. It's crucial to understand the terms, conditions, and risks involved. Unlike a finance lease, a chattel mortgage allows the borrower to own the asset after repayment. The contract specifies the loan amount, interest rate, repayment schedule, and the borrower's rights and responsibilities. Knowing these details is essential for a successful chattel mortgage agreement.

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