Truck finance to drive your business forward

There are several types of truck finance available, including:

• Chattel mortgage: This is the most common type of truck finance, and it involves the lender taking ownership of the truck until the loan is paid off.
• Hire purchase: This type of finance is similar to a chattel mortgage, but the borrower becomes the owner of the truck once they have made the final payment.
• Finance lease: This type of lease allows businesses to use a truck for a fixed period of time, but they do not own the vehicle at the end of the term.
• Small business loan: This type of loan can be used to purchase a truck, but it is not secured against the vehicle.

The eligibility criteria for truck finance will vary depending on the lender, but most lenders will require borrowers to:

• Be an Australian citizen or permanent resident
• Be over the age of 18
• Have a good credit history
• Have a steady income

Some lenders may also require borrowers to have a deposit for the truck.

Loan terms for truck finance can vary but often range from 1 to 7 years. The length of the loan term can affect monthly payments and interest rates. Longer loan terms may result in lower monthly payments but potentially higher overall interest costs.

There are several benefits to using truck finance, including:

• It can help businesses to purchase a truck without having to pay the full cost upfront.
• It can help businesses to preserve their cash flow.
• It can help businesses to improve their credit history.
• The interest on truck loans is often tax deductible for businesses.

Yes, there are various government incentives and grants available that may benefit truck buyers, especially those focused on environmentally friendly options. For example, the Australian government has programs aimed at promoting the adoption of low-emission or electric trucks. Additionally, some states and territories may offer grants or rebates for certain types of trucks.