One of the only credit facilities that allows a business to acquire an asset and use it immediately, is chattel mortgage. The name of this credit facility simply refers to credit for goods and follows a straightforward format where the asset forms the security for the credit.

With access to highly competitive interest rates and workable repayment terms, chattel mortgage is available for all business set-ups and sizes, including new operations that have the required documentation. Boat chattel mortgage also offers a number of tax benefits for business owners and operators including depreciation claims and potential GST credits.

Seize lower interest rates and better terms thanks to the secured format of boat chattel mortgage. Under this credit facility, boaties are able to achieve either a fixed or variable interest rate. Variable interest rates fluctuate with the marine lending market throughout the loan term while fixed interest rates stay consistent. Fixed interest rates offer predictability with the repayments staying the same each month, while variable rates allow businesses to take advantage of potentially falling interest rates.

Unlike many loan products, another key benefit of boat chattel mortgage is the ability for business owners and operators to harness flexible repayment terms. Depending on a business’ cash flow for the month, chattel mortgage allows the enterprise to pay more or less, offering important flexibility for industries that experience seasonal changes to their income.