Definition of «chattel mortgages»

A chattel mortgage is a term used in finance to describe a type of loan that uses personal property, other than real estate, as collateral. Chattel refers to movable property or assets, such as vehicles or equipment. It means that if the borrower fails to repay the loan, the lender can take possession of the collateral to recover their money.

Sentences with «chattel mortgages»

For chattel mortgages it's not unusual to receive an interest rate ranging from 4 % to 10 %. (valuepenguin.com)
Instead, borrowers rely on chattel mortgages, which function in a similar manner to regular mortgages, but usually come equipped with higher interest rates. (valuepenguin.com)
80 % of new manufactured homes are financed with chattel mortgages. (valuepenguin.com)
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