Chattel mortgage broking
Under a Chattel mortgage broking the financier advances funds to the customer to purchase a vehicle, and the customer takes ownership of the vehicle (chattel) at the time of purchase.
The financier then takes a "mortgage broking" over the vehicle as security for the loan, by registering a Fixed and Floating Charge with ASIC. Once the contract is completed, the charge is removed giving the customer clear title to the vehicle.
A Chattel mortgage broking is suitable for those companies, partnerships and sole traders who use the cash method of accounting (they record business income and expenses as and when they occur) as it allows them to claim the GST in the vehicle's price up-front.
*You should thoroughly investigate the taxation and accounting implications of a chattel mortgage broking prior to committing to this form of finance.
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