A chattel mortgage allows you to borrow the money to purchase the vehicle. You own the vehicle but you must repay the money back over the agreed time. If you have some cash to pay upfront (or if you have a trade-in), we can give you a loan to top up the remainder.
How does it work?
- You apply online for the chattel mortgage
- You have the option to choose the contract terms ranging from 12 to 60 months
- You can choose higher or lower monthly repayments in exchange for a high, low, or zero balloon payment at the end
- If your application all checks out, you put down a commitment amount, we’ll order the vehicle
- You receive your vehicle
- You pay the monthly loan repayment
- You own the vehicle and we have a mortgage over the vehicle
- You look after all the repairs and maintenance
- We will arrange your initial registration
- You will need to arrange your own comprehensive insurance and provide a certificate of currency to us as proof
- At the end of the loan (when you pay it all back), you can drive away with the vehicle, no more to pay
- One of our services cards can be included, enabling you to consolidate your vehicle running costs and fuel in one invoice
- Purchases on the services card are charged to you once a month
The benefits of chattel mortgage
- If you use the vehicle for your business, you may be able to claim the interest component of your monthly payment as a tax deduction
- The interest rate is fixed for the life of the lease
- The monthly payment stays the same
Chat to us today about how this option can fit your business.
Contact VOOM today
Whether your business is large or small, and you're looking for a great deal on a business vehicle, fill in this form and let VOOM help you to get moving.