Under a chattel mortgage, your lender agrees to purchase the equipment, and you agree to make regular repayments. The lender registers a mortgage on the equipment, with interest rates fixed for the life of the loan. The advantage of this loan for small business is that if the vehicle is used for business purposes, interest charges and depreciation on the equipment may be tax deductible.
If you want a straightforward loan with the stability of your repayment amounts and interest rate fixed over the life of the loan, you can take out a secured loan. This means your equipment will be used as security (guarantee) against the loan. So if for any reason you are unable to pay off your loan, your equipment will be sold and used to reduce the remaining loan amount. Any unpaid balance will be your responsibility.