Also known as a chattel mortgage or chattel mortgage loan, a chattel loan is a loan contract in which the lender extends a loan to a borrower to purchase assets that are not considered fixed properties. In return, the purchased items are held as collateral for the duration of the loan.
chattel mortgage. n. an outmoded written document which made a chattel (tangible personal asset) security for a loan of a certain amount. It has been replaced in most states by a security agreement, the form of which is designated in a uniform commercial code as UCC-1.
Chattel Loans. A chattel loan is a home-only loan (as opposed to a loan for the home and land together). Those loans are technically personal property loans – not real estate loans. That said, chattel loans are also available when you own the land and borrow for a home separately.
By Investopedia Staff. Chattel mortgage is a legal term used to describe a loan arrangement in which an item of movable personal property is used as security for the loan. The movable property, or chattel, guarantees the loan in this type of mortgage. This differs from a conventional mortgage in which the loan is secured by a lien on real property.
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Chattel loans are the most popular finance product for manufactured housing customers, but research suggests why this may not be the most cost-effective loan for these borrowers.
Consumer car loans can be either secured (against the vehicle or other personal property) or unsecured, while for chattel loans the car is the security. Chattel mortgages also offer a balloon payment option , a pre-agreed amount the borrower must pay at the end of the loan to take full ownership of the vehicle.
Chattel Loans (Home-Only loans) chattel loans are essentially personal property loans for the home by itself. When manufactured homes are sold new, they are titled similar to an RV and are considered personal property until they are placed on land that the manufactured home owner owns.
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