Chattel Mortgage - any suggestions?

M

Mooze

Not quite property finance :(:p But with a bub on the way we need to get another car (current vehicle, whilst used for work purposes has well and truly done it's time (200k k's in the last four and a bit years - now pushing 320k+, and also has only side facing seats in the rear (landcruiser troop carrier)).
So we need to organise a new (2nd hand) Totyota landcruiser workmate (must have 3.5tonne towing capacity).

Any suggestions for lenders? Small Biz, reasonable cash flow, physical assets to approx 2.5x vehicle price without inc vehicle.

Also any ideas on common restrictions (ie car must be less than 7 years or x number of k's)?
 
Are you buying a second hand car? A new car will give better rates. Any major lender will be fine, mine personally is with CBA business finance.
 
Thanks Aaron. At this stage second hand - although some of the 2012 models are on clear out now and becoming very tempting. Interesting to know the new vs 2nd hand makes a difference to rates. May end up making sense to get new (although a big part of my brain screams no at the thought (depreciating asset, although it does produce an income))

Thanks :)
 
A lot of the deals the car yards offer are hard to beat.

If you buy new dont forget to ask for a "cash out" price. Often a car yard will subsidise the interest rate, and incorporate it into the cost of the vehicle (this is how they offer 1% finance rates).

However, if there are no low interest rate offers on the table - or you are buying second hand, say that you will be financing the vehicle, as they will include the profit on the finance in the purchase price and you can negotiate a cheaper purchase price.
As the finance contract and the purchase contract are separate, you are under no obligation to finance through the yard.

Blacky
 
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