Bus and Coach Finance

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Bus and coach financing

When it’s time to expand your fleet, upgrade your model, or take on just a single new or used vehicle, we’re here to help. It’s our business to get you the right finance to suit your business model and needs, without all the hassle.

Finance for every purpose

No business is the same and your finance solution shouldn’t be either. We tailor each bus or coach loan to your specific business, whether you’re in the commuter travel business, operating a school bus service, offering hotel commutes, or any other purpose.

What types of buses and coaches can I finance?

We can help with all your commercial vehicle finance needs, you can invest in many types of new or used buses & coaches, including:

• School bus
• Minibus
• Double-decker bus
• Motorcoach
• Shuttle bus
• Electric bus
• + More

Bus & coach finance options

There are a number of finance products to suit different business models and needs, including:

• Secured bus and coach loan – You borrow the full sum of money needed for the loan and pay it off in installments over time. An asset will be used as security for the loan.
• Unsecured bus and coach loan – Operates the same way as a secured loan, only no asset is used as collateral for the loan and you may need to pay a higher interest rate.
• Commercial hire purchase – The lender takes ownership of the vehicle/s and you pay them a monthly payment. At the end of the agreement, you will have paid off the cost of the asset and can take full ownership of it.
• Finance lease – A long-term equipment lease that gives you the option of taking ownership at the end of the lease agreement by paying the remaining sum on the car.
• Asset finance (chattel mortgage) – The vehicles you purchase for your business are used as security for the loan.
• Low-doc loan – A flexible loan option that allows businesses to use alternative evidence to verify their loan worthiness.

How to finance a bus or coach

The exact process will depend on the vehicle finance product you opt for, plus where you apply. But you can generally expect to take the following steps when looking for commercial vehicle finance in Australia:

1. Review finance products and lenders – Consider the pros and cons of borrowing from a bank, non-bank lender, or using dealer finance.
2. Check your credit rating – This is important to know before you begin as it will impact eligibility, borrowing power, and interest rates. If you have a low credit score, a broker can help you find and understand your loan options.
3. Decide on a lender – review your options carefully before you make your decision.
4. Complete the loan application – most major banks and private lenders will have an online application available.
5. Submit your supporting documents – including personal identity documents, business verification, ABN or ACN, details of the bus or coach you intend to purchase, and any further information about assets and liabilities.
6. Wait for further contact from the lender – often they will seek to verify or ask for more information.
7. Receive an offer – review the document carefully to ensure everything is correct.
8. Sign the loan agreement – only sign if you are happy with the terms and fees.
9. Take possession of your vehicle/s – you can start using your equipment right away once the funds have been paid.

Loans for every business

Need a business loan for another reason? We offer a wide range of options at Oceania Finance. Learn more below:

• Cash flow loan
• Truck finance
• Trailer finance