What is a chattel mortgage?

With a chattel mortgage the lender holds an interest in the property as security/collateral for the loan. This would typically be considered a lien, for example buying a vehicle with using a secured loan. The title is still held by the buyer. However, the lender has a lien on the property that stays until the loan is paid off in full.

How do I get a chattel mortgage?

Assess your financial situation and determine your borrowing capacity. Identify the chattel you wish to purchase or refinance. Research and compare lenders offering chattel mortgages. Prepare and submit a loan application, including the necessary documentation. Await the lender’s decision and negotiate loan terms.

Can you get a chattel loan for equipment purchases?

Businesses have the potential for low-cost chattel loans for equipment purchases. Chattel mortgages often come with higher interest rates than traditional mortgages (on average, it's 1.5% higher). The lender will own the property until you've paid off the loan in full.