Short answer: check six things on a chattel mortgage quote: the amount financed, the rate, the term, the repayment and whether it is in advance or arrears, the balloon, and every fee in dollars. With those six you can work out the total cost and compare one quote with another.
Compare quotes on the same term and the same balloon, or the repayments won't line up. Then compare the total cost: every repayment, the balloon and every fee added together. A lower repayment can come from a longer term or a bigger balloon rather than a lower cost.
Entering each quote into the business finance quote checker gives you the totals and an effective rate including fees for each one, side by side in your own notes.
A quote is a summary. Before you sign, ask about the early payout terms, any guarantee the lender wants from the directors or owners, and any conditions the lender has attached. Then check that the contract matches the figures on the quote.
Comparing chattel mortgage quotes? Send an enquiry with the figures from each one.
Usually because fees, and sometimes extras such as insurance, have been added to the loan. Ask for a breakdown of the difference.
Because the quote has repayments in advance. Check that the first repayment is included in the figures you need on the day.
It depends on the lender. A quote is not a final offer, and the rate or terms can change until the lender has assessed the application and made its decision, so ask when your quote expires.
Yes. Different fees, a different balloon, or repayments in advance instead of arrears all change the total, even at the same rate.
That the amount financed, rate, term, repayment, balloon and every fee in the contract match the quote, and that you understand the early payout terms.
5-minute enquiry — we will refer your details to an accredited lender from our panel for review.
Business-use finance for ABN holders. We don’t arrange personal or consumer loans.
Capital Hill Finance Pty Ltd (ABN 21 686 296 720), Corporate Credit Representative 569305, authorised under Fintelligence Pty Ltd, Australian Credit Licence 511803.
We’re not a lender. Any credit contract is between you and the lender, and the lender decides every application. Complaints