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You most likely understand how a mortgage on a home works and a Chattel Mortgage on your truck purchase is a similar concept. Your truck, referred to as the Chattel, is used as security against the truck finance loan, the mortgage, made to you by the lender. On signing the Chattel Mortgage truck loan agreement and finalising the purchase, you take ownership of your truck and then make monthly repayments as per the truck finance agreement.
In a Commercial Hire Purchase (CHP) agreement, you set a fixed monthly repayment amount for a specified term, often with a residual value. After loan approval and the purchase of the truck, you gain full use of the vehicle. Maintenance and other expenses may be your responsibility or included in the monthly payment, depending on the CHP terms.
With truck leasing, you agree to a term of the lease (loan) with the lender, set a monthly repayment figure which is set over that term with the possible inclusion of a residual. On approval of your loan and finalising the truck purchase, you have full use of that truck. With some leasing you are responsible for the ongoing maintenance and costs and with other types of truck leasing, you can build the maintenance and ongoing costs, such as rego and insurance, into the monthly leasing payment.
Jade Truck Loans arrange rental finance for customers which need to upgrade their trucks regularly as it offers a number of key benefits and advantages for such businesses. A truck rental agreement or operating lease, enables the customer to use the truck but without the bearing the extra load of actually owning the truck.