Chattel Mortgage & Asset Finance Calculator
Work out repayments on a ute, truck, excavator or any business asset in under a minute. Set the price, term and balloon and see the numbers straight away.
- 80+ lenders
- Fast answers, often within 48 hours
- No credit check to use it
Chattel Mortgage & Asset Finance Repayment Calculator
Use our chattel mortgage and asset finance calculator to estimate repayments on a vehicle, truck, machine or piece of equipment. Choose your finance type, set the price, deposit, term and any balloon, and you’ll see an estimated repayment straight away, along with the total interest and how the balance comes down over the life of the loan.
When you’ve found a number that works, send it through. A TYG broker will look at your options across our panel of 80+ lenders and come back to you, usually within 24 to 48 hours.
Want to understand the numbers first? Our calculator guides walk through how repayments work for trucks, machinery, equipment, business loans, caravans, boats, horse floats and classic cars.
What is a chattel mortgage?
A chattel mortgage is a business loan secured against the asset you’re buying, whether that’s a ute, a truck, an excavator or a coffee machine. Your business owns the asset from day one and the lender holds a mortgage over it until the loan is paid off. It’s one of the most common ways Australian businesses finance vehicles and equipment.
Because the asset secures the loan, rates are often lower than on an unsecured business loan. Terms typically run from one to five years, and you can choose to keep repayments down with a balloon at the end.
How the calculator works out your repayment
It uses the same amortisation maths lenders use. Here’s what each input does:
- Purchase price: the drive-away or invoice price of the asset.
- Deposit or trade-in: anything you put in upfront, which reduces the amount financed.
- Loan term: how long you take to repay. Longer terms lower the repayment but add interest.
- Balloon: a lump sum left owing at the end, as a percentage of the amount financed.
- Interest rate: starts at our lowest “from” rate for that finance type. You can type in your own.
- Frequency and timing: weekly, fortnightly or monthly, paid in advance or in arrears.
The results show the estimated repayment, total interest and total repaid. The Yearly breakdown tab shows the balance at the end of each year, and Compare terms lines up every term side by side.
How a balloon payment changes the numbers
A balloon lowers your regular repayment because less of the loan is paid off along the way. The trade-off is more interest over the term and a lump sum to deal with at the end, which you might pay out, refinance or cover by trading the asset in. Run the calculator with and without a balloon to see the difference on your own figures before you decide.
GST and tax on a chattel mortgage
Because your business owns the asset from the start, a GST-registered business may be able to claim the GST on the purchase price as an input tax credit on its next BAS. Interest and depreciation may also be deductible to the extent the asset is used for business. The calculator doesn’t factor in tax, so check with your accountant how it applies to your situation.
Calculators for specific assets
Each product page has its own calculator set up for that asset, with its own rate, term and balloon limits.
Vehicles: Business vehicle finance calculator, luxury car finance calculator, classic car finance calculator, ute finance calculator, van finance calculator, fleet finance calculator
Trucks and trailers: Truck finance calculator, trailer finance calculator, bus finance calculator, concrete pump finance calculator, concrete agitator finance calculator
Machinery and equipment: Machinery finance calculator, equipment finance calculator, excavator finance calculator, bulldozer finance calculator, farm machinery finance calculator
Business finance: Business loan calculator, low doc loan calculator, business acquisition loan calculator
Personal finance: Car finance calculator, caravan finance calculator, boat finance calculator, horse float finance calculator
Chattel mortgage calculator FAQs
How do I calculate my chattel mortgage repayments?
Enter the purchase price, any deposit or trade-in, the term, the balloon and the interest rate into the calculator above. It applies standard amortisation to give you an estimated weekly, fortnightly or monthly repayment. A firm figure depends on the lender, so treat the result as a guide and ask us for a quote when you’re ready.
What interest rate will I get on a chattel mortgage?
It depends on your credit history, time in business, the type and age of the asset, your deposit and the term. The calculator starts from our lowest “from” rates, which reflect a best-case scenario. The rate you’re offered may be higher and is subject to lender approval.
How much does a chattel mortgage cost?
The total cost is your repayments plus any balloon, plus lender fees such as an establishment fee and a monthly account fee, which vary between lenders. The calculator shows total interest and total repayments. We’ll set out the fees on any quote we give you.
What are the downsides of a chattel mortgage?
You’re committed to fixed repayments for the full term, and any balloon has to be paid or refinanced at the end. The asset can lose value faster than the loan balance falls, particularly with a large balloon, and some lenders charge break costs if you pay out early.
Can I use a chattel mortgage for a used vehicle or equipment?
Yes. Many lenders finance used assets, although most set age limits, often based on how old the asset will be at the end of the term. Older assets may need a shorter term or a larger deposit.
Ready to turn an estimate into a real quote? Hit Get my quote in the calculator above or call us on 1300 894 894.