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Ute Finance · Chattel Mortgage

Ute chattel mortgage

Fund ute on chattel mortgage and own it from day one, with GST on the asset claimable upfront. Indicative rates From ~7.6% p.a. (new, prime borrower) — subject to credit.

Quick answer

Ute finance structured as chattel mortgage means you own it from day one, with GST on the asset claimable upfront. Ute finance is one of the most common NZ asset finance categories — funded across new and used Toyota Hilux, Ford Ranger, Mazda BT-50, Mitsubishi Triton, VW Amarok, Isuzu D-Max, Nissan Navara and others. Most business ute finance is structured as hire purchase or chattel mortgage so the business owns the ute at the end and claims depreciation.

Is chattel mortgage right for ute?

If you are GST registered, a chattel mortgage lets you claim the GST on the vehicle upfront and take ownership from day one — useful when the cash flow from that GST refund matters to the business.

About ute finance

Ute finance is one of the most common NZ asset finance categories — funded across new and used Toyota Hilux, Ford Ranger, Mazda BT-50, Mitsubishi Triton, VW Amarok, Isuzu D-Max, Nissan Navara and others. Most business ute finance is structured as hire purchase or chattel mortgage so the business owns the ute at the end and claims depreciation. New utes from a recognised dealer often qualify for up to 100% finance with conditional approval in 1–2 business days. Indicative rates from ~7.6% p.a.

Why chattel mortgage

  • ✓You own the asset from day one — it sits on your balance sheet immediately
  • ✓Claim full GST on the asset cost in the period of purchase (subject to GST basis)
  • ✓Claim depreciation and the interest portion of repayments
  • ✓Fixed rate, fixed payments — easy to budget
  • ✓Lender registers PPSR security; otherwise unencumbered by lender ownership

Trade-offs to weigh

  • –You bear depreciation risk over the term
  • –Sale before end-of-term requires paying out the loan first
  • –Asset and liability both on balance sheet — increases gearing optics

Ute finance at a glance

Indicative rate
From ~7.6% p.a. (new, prime borrower) — subject to credit
Typical term
36–60 months
Deposit / LVR
Up to 100% on new from a recognised dealer; 80–90% on used
Lenders
UDC Finance, BNZ Asset Finance, ANZ Asset Finance

What you can fund

Toyota Hilux (single, extra, double cab)Ford Ranger (single, super, double cab)Mazda BT-50Mitsubishi TritonVolkswagen AmarokIsuzu D-Max, Nissan Navara, Ssangyong Musso

How chattel mortgage is treated

Ownership from day one You (business)
Who claims depreciation You
GST treatment Claim full GST on asset cost upfront (cash/invoice basis)
Typical term 24–60 months

See the full breakdown in the chattel mortgage guide, compare all four structures on the comparison page, or read more on ute finance.

Rates, terms and LVR are indicative market ranges for guidance only — not a quote, not financial or tax advice, and subject to lender credit approval. Confirm tax and accounting treatment with your accountant.

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Frequently asked questions

Yes. Chattel Mortgage is a common way to fund ute for New Zealand businesses — it means you own it from day one, with GST on the asset claimable upfront. A chattel mortgage is a finance structure where you (the business) take legal ownership of the asset on day one, and the lender registers a security interest over it on the Personal Property Securities Register (PPSR). You pay regular instalments over the agreed term, claim depreciation and the interest portion of each payment, and you can claim the full GST on the asset cost upfront in your next return. All applications are subject to lender credit approval.