Quick Approval for Truck Loans in Melbourne by Reputed Truck Finance Brokers
Our truck loans come with lowest interest rates and we save time and effort by complying with the lengthy paperwork. As renowned truck finance brokers in Melbourne, we are flexible in arranging loans across the wide spectrum of heavy-duty vehicles, including commercial vehicles suited for individual business type. Speak to our certified finance brokers and bank upon the best deal!
What are the General Rules of Thumb when Financing a Truck?
- If it is a new start business most financiers require a 20% deposit, however we offer “no deposit truck finance” options for both new starts and existing businesses.
- No proof of income is required where:
- Applicant has had ABN for 2 years
- Purchasing a new or used truck through a dealer
- Loan amount is under $300k
- Replacement commitment whereby the new loan amount is not more than 25% higher than the original loan.
- Low Doc and No Doc Finance are becoming a trending form of financing, mitigating the requirement for accountant prepared financials.
- The best finance rates are offered on a Truck that is no older than 5 years old at time of purchase. Older Trucks can also be financed but payments will be higher based on the increased risk of an older asset.
- Better finance packages can be offered to those that have been in business for many years, have 2 years financial statements and are asset backed.
- Transactions through a dealer involve less paperwork and settle quicker than if the Truck is purchased privately.
- It is harder to source finance approvals if an applicant’s credit history is adversely affected.
- Sometimes a risk premium can be added to client’s interest rate if the deal is deemed marginal based on servicing or risk of the particular age or type of Truck.