If you’re in business and you want to save money on interest and tax, there are many options available to you. One is buying outright and the other is leasing. If you are looking to start up your business or update your current car (or fleet of cars) a lease might look tempting. But what are the real costs and dangers of leasing? We break them down in this blog post.
Banks and other lenders reject people for finance due to a number of different factors. These people are often refused because they have defaulted on loans, were late in paying bills or have just run into bad luck. Others may have no credit history. What this all adds up to in the eyes of financiers is risk.
Chattel mortgage interest rates are generally lower than that of consumer car loans. At Savvy, our chattel mortgage interest rates start from 5.51%p.a. (with a 6.43%p.a. comparison rate.) The interest rates on chattel mortgages can vary. This guide tells you all you need to know about chattel mortgage interest rates and the different terms you may see when researching chattel mortgages and business car loans.
If you’re reading up about chattel mortgages, you’ve more than likely come across the term “balloon payment.” You’ve also read how you can work a balloon payment them into your loan package. Balloon payments are also called residual value payments in some documentation. But what are they and how does it work with your chattel mortgage?
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