What is a chattel mortgage?
A chattel mortgage is a secured loan designed specifically for business.
It works much like a standard car loan. You take ownership of the asset upfront and use it as collateral for the loan. Once you’ve made the final repayment, you’ll own the asset outright.
Chattel mortgages are most often used to purchase cars, but they can also finance boats, trucks, motorcycles, tractors, and many other kinds of moveable business assets.