In Australia, the average price of a car is well over $25,000. With the high cost of living, this is not an amount many Aussies can fork out at once for a car: remember the average Aussie saves around $5100 per year so that would take a good 5 years to save up for new wheels! Well, thanks to car loans, many can get financial help to buy their desired vehicles right away.
Now before applying for any loan, it … Read more
A Chattel Mortgage is a type of loan contract that allows the buyer to take ownership of a vehicle at the time of purchase. The lender provides the buyer with the total loan amount to cover the price of the vehicle (chattel) so that it can be bought outright.
The lender then “mortgages” the vehicle as security, and the buyer repays the loan over a period of 12 to 60 months. The lender registers the loan as a Fixed and … Read more