A chattel is an old world term which was used going back centuries to describe goods. It is still used today in legal documents and financial business contracts though some banks tend to be replacing Chattel Mortgage with the more simplistic Business Car Loan or Equipment Loan. In common law and according to definition, a chattel is property other than freehold land. That is tangible moveable goods and other belongings.
In financing, the chattel is the item or asset being acquired by the business. In regard to motor vehicle finance the chattel is the automobile or business vehicle that you are buying.