What is a chattel mortgage?

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What is a chattel mortgage?

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What is a chattel mortgage?

//business-finance.news-articles.net/content/2025/03/07/what-is-a-chattel-mortgage.html

Published in Business and Finance on Friday, March 7th 2025 at 15:40 GMT by Bankrate
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

What is a chattel mortgage? A chattel mortgage is a loan used to buy movable property, like manufactured and mobile homes, rather than fixed real estate. They are sometimes referred to interchangeably

A chattel mortgage is a type of loan where movable personal property, rather than real estate, is used as collateral. This type of mortgage is commonly used for financing items like vehicles, mobile homes, or business equipment. In this arrangement, the borrower retains possession of the asset but the lender holds a lien on it until the loan is fully repaid. If the borrower defaults on the loan, the lender has the right to seize the chattel to recover the outstanding debt. Chattel mortgages are particularly useful for businesses or individuals who need to finance equipment or vehicles without tying up real property, offering a way to secure financing with potentially lower interest rates due to the collateral involved. However, the terms can vary, and it's important for borrowers to understand the implications, including the risk of losing the asset if payments are not made as agreed.

Read the Full Bankrate Article at:
[ https://www.msn.com/en-us/money/loan/what-is-a-chattel-mortgage/ar-AA1AtAqT ]