A chattel mortgage is a commercial loan product where the customer takes ownership of the truck or trailer at the time of purchase.
How It Works
Under a Chattel Mortgage the financier advances funds to the customer to purchase an asset, and the customer takes ownership at the time of purchase.
The financier then takes a mortgage over the asset as security for the loan.
Once the contract is completed, the charge is removed giving the customer clear title of the asset.
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