Getting a truck is actually a big commitment and investment; not only of time and money but you actually need to have the skills and a special license to drive it. If you take the commitment and ownership of the truck seriously, you can actually make a lot of money transporting goods or materials with the truck. Because they are expensive, it is possible that you may not have the cash to buy the truck and would require financing. Luckily, there are a variety of Truck Finance options available.
Australia actually has institutions that have units that specialize in truck financing or even institutions just set up to provide financing for persons with the desire to own trucks. Of course, these are seen as commercial loans so the rates would reflect this. However, the plus side is that you can make an application, get quotes and calculate your repayment and installments online. These institutions provide you with a list of recommended dealers; choosing one of their dealers may make you eligible for special promotions.
Requirements for Financing
Though the loan is commercial, all financial institutions would require financial documents before making a decision. You would have to go through an authorized dealer to get a quote and have a registered business. Obviously, persons now starting in business would not be prevented from seeking finance. New owners would be required to submit a financial deposit or present something that the institution can use as collateral. Established businesses that have existed for more than two years can access the loan without any deposit or collateral so long as they have assets and their finances especially taxes, are in order.
There is a correlation between the interest rate and the age of the truck. The older the truck is, the more interest you pay. If you can afford it, get yourself a truck that is aged between zero and five years so that you can save on interest; yet at the same time benefit throughout the life of the truck.
The process can be relatively short. You make a formal application taking in all required documents and if approved, contact is made with the dealer for a quote, and then you will be invited to sign for the loan. Once payment is settled and made to the dealer; the truck is yours. Well, technically it belongs to the broker until you pay off the loan. Nonetheless, the bank would send you invoices and other documents required to make the preparation of your taxes easier.…Read More →