What you need to know
HOW DOES A CHATTEL MORTGAGE WORK?
A chattel mortgage is used for financing assets such as vehicles and equipment. The customer retains full use of the vehicle or equipment but the financer retains a mortgage on the asset until the loan is paid.
WHY DO I WANT A CHATTEL MORTGAGE?
- Choice of loan term
- Get the vehicle or equipment that you want
WHO BENEFITS FROM A CHATTEL MORTGAGE?
Chattel mortgages are for commercial purposes, so are perfect for small to medium-sized businesses.
CAN I BUY THE VEHICLE AFTER THE LEASE IS OVER?
Yes. You have the option to purchase the vehicle or equipment by paying off the balloon payment.
HOW DO I TAKE OUT A LEASE?
Just call Jim’s Vehicle Leasing and speak to one of our friendly consultants. Our five-star process takes less than 48 hours from when your application is submitted.
HOW DO I KNOW WHICH LEASING ARRANGEMENT IS RIGHT FOR ME?
We are experts at assessing your budget and situation to help you find the most appropriate vehicle leasing plan for your needs.
WHAT IS RESIDUAL VALUE?
The residual value is the remaining value of the vehicle after depreciation.
HOW DO I EXTEND MY LEASE?
One of our consultants will contact you 3 months before the end of your lease to discuss your options.
WHO IS ELIGIBLE FOR A CAR LOAN?
A car loan is for anyone who wants to buy a car for personal use.
WHAT ARE THE MINIMUM AND MAXIMUM TERMS FOR A NOVATED LEASE?
A novated lease usually takes place over a period of 1-5 years.
CAN I TERMINATE MY LEASE?
Yes. You can pay out your lease or chattel mortgage at any time. Just notify us for an account payout.
WHAT HAPPENS ONCE MY LEASE IS TERMINATED?
There are several different pay-out options once the lease is terminated:
- Pay out the lease and take ownership of the car
- Refinance and continue leasing
- Sell the car, payout the loan and lease a new car