26 Aug 2016
PERSONAL LOAN OR CHATTEL MORTGAGE
Personal loan can be used to purchase a car or any acceptable purpose. The minimum loan amount is normally $5000.00 and can go up to $50,000.00 (lending criteria applies). Personal loans are to be used for personal purpose only and can be secured or unsecured.
Chattel Mortgages are loans and are only for business purposes. They can be secured by motor vehicles, plant & equipment and fixtures and fittings.
You need to ensure you seek advice from your accountant on the most appropriate loan structure for you.