Chattel Mortgage as a type of finance suits all businesses that use the cash accounting method. Depending on the business structure that may include SMEs, sole traders, sole traders, partnerships, family enterprises, medium operations and large corporations.
It is the most widely used type of business vehicle finance which is testament to its versatility to suit many business structures. The simple format suits businesses that choose to own their vehicles and have them listed on their balance sheet.
Some businesses, especially start-ups, may not wish to have the value of a vehicle posted on their balance sheet as an asset/liability. So to improve the appearance of their balance sheet they may choose leasing rather than Chattel Mortgage.