Reported 2 days ago
A chattel mortgage is a loan that specifically finances movable property like manufactured homes, vehicles, and equipment, distinct from traditional mortgages linked to real estate. While chattel loans often have looser borrower requirements, such as allowing lower credit scores, they typically come with higher interest rates, larger down payment requirements, and shorter repayment terms. This financing option is suitable for those who want to buy movable property without owning land, however, it presents risks, including limited borrower protections and potential asset repossession in case of default.
Source: YAHOO