What is a Chattel Mortgage?
Similar to a home mortgage, the chattel (your truck) is used as security against the mortgage (the truck loan). Under the Chattel Mortgage agreement, you take full ownership of the truck, making monthly repayments as per the agreement.
Are there any tax deductions that apply?
Unlike cars, trucks are used solely for business purposes. This means that not only is the interest payable and running costs tax deductible but the depreciation on the truck can also be treated as a tax deduction at the end of the financial year.