Chattel Mortgage
A Chattel Mortgage is a commercial car finance product.
Under a Chattel Mortgage a finance company lends money to the customer to purchase a car or other motor vehicle (the "chattel"), and the customer makes regular repayments.

The customer takes ownership of the vehicle at the time of purchase, but the finance company also takes out a "mortgage" over the vehicle by way of an ASIC-registered Fixed and Floating Charge to provide security for the loan.
Once the term of the loan is completed and any residual (balloon) value is paid, the finance company removes the Charge, giving the customer clear title to the car. Alternatively, the customer can "trade in" the vehicle or re-finance the residual value.


Car Lease
A Car Lease or Finance Lease is a commercial finance product which enables the customer to have the use of a car or commercial vehicle and the benefits of ownership, while the financier retains actual ownership of the vehicle.


Commercial Hire Purchase
A Commercial Hire Purchase (CHP) is a commercial finance product where the customer hires the vehicle from the financier for a fixed monthly repayment over a set period of time.


Novated Leasing
Novated Leasing is a method of salary packaging a car, under which an employee leases a car and the employer agrees to take on the employee's obligations under the lease, paying the monthly lease rentals from the employee's pre-tax income ("salary sacrificing" this income).