Truck Finance

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What is truck finance?

A truck loan is a secured business vehicle loan. You get truck financing when you need to purchase or refinance a new or used truck for your business.

How does truck finance work?

Truck finance works similarly to other types of secured loans. You borrow the full amount to purchase the vehicle and take ownership of the truck right away. And then pay off the amount borrowed, plus other fees and interest, in installments over the loan term.

Truck or commercial loans are a type of secured loan and, generally, the truck you intend to buy is used as collateral. You can borrow up to $500,000 through Oceania Finance on a 5-year fixed interest rate loan. The easy monthly repayments make it simple to manage your finances while keeping your business capital free to use on other activities.

Why use a truck finance broker

Truck loan brokers understand the value of time. When you own and run a business, the last thing you want to do is waste time researching and choosing a loan only to be hit with unexpected terms and high interest rates.

When you work with a loan broker they cut through the noise and financial jargon, and go straight to the key aspects. After talking with you and reviewing your financial situation they’ll analyse your loan options. You’ll then get a clear and simple summary of your best finance choices. Once you decide on the best truck finance option for you, they’ll use their negotiating expertise to get you a better deal on your loan. They also handle the loan application for you to make the process as smooth and seamless as possible.

Chat to one of our expert finance brokers when you’re ready to start your auto finance journey. And in no time you’ll have your truck paid for and ready to go.

Benefits of commercial truck financing

There are a lot of benefits to financing your new or used truck for your business. Here are just a few benefits to getting a business truck loan:

• You own your truck right away without needing to use your business capital or savings to fund the purchase
• Truck loans tend to have lower interest rates than other loan types
• You can take advantage of potential tax benefits
• There are a wide range of finance options to suit your circumstances

What types of trucks can I finance?

At Oceania Finance, you can purchase any type of truck or heavy vehicle for your business, including:

• Semi trucks
• Prime mover semi-trailers
• Tow trucks
• Crane trucks
• Chiller trucks
• Tipper trucks
• Car transporters
• Flatbed trucks
• Livestock trucks
• Furniture trucks
• Cement trucks
• Tankers
• Logging trucks
• Trailer trucks
• Water trucks
• Plus more…

Types of commercial truck loans

Australia has a lot of finance options for trucks. We’ve outlined some of the most common loan types below. If you want to discuss your options further, reach out to our friendly team of brokers.

Business truck loan

This is a type of secured business loan to be used specifically for the purchase of your truck/s. You own the vehicle/s immediately and pay off the loan over the course of 5 years. Loan repayments are made monthly at a fixed interest rate.

Business loan

A standard business loan can be used to finance your truck. Unlike secured truck loans, business loans can be secured or unsecured. They have loan terms of 5 years and offer flexible repayment schedules to suit your circumstances.

Finance lease

You don’t own your truck with a finance lease. Instead, you pay a monthly payment for a set lease term. At the end of the lease, you have several options. You can return the truck, trade it in, or you may be able to pay the remaining cost and take ownership.

Chattel mortgage (equipment loan or secured vehicle loan)

Chattel mortgage is a type of secured loan. It uses the intended truck/s as security for the loan. Like other secured loans, the truck is paid for with the loan and you become the owner at the time of purchase. Once you finish repaying the loan you will own the vehicle outright.

Commercial hire purchase

Commercial hire purchase is a finance option that’s similar to a finance lease. Like a finance lease, you can use and operate the truck but you do not own it. You pay monthly installments monthly for the set period of time to hire the equipment. But, at the end of the repayment period, you do not return the vehicle, you take ownership of it.

How to get truck finance

Here’s the typical process involved in getting new or used truck finance in Australia:

• Review truck loan lenders and options – there are many banks and private lenders in Australia that offer truck loans for businesses.
• Check your credit rating – you can find when to get a free credit history report here. This is important to know before you begin as it will impact eligibility, borrowing power, and interest rates.
• Decide on a lender – review your options carefully before you make your decision.
• Complete the loan application – most major banks and private lenders will have an online application available.
• Submit your supporting documents – including personal identity documents, business verification, ABN or ACN, details on the truck or trucks you intend to purchase, and any further information about assets and liabilities.
• Wait for further contact from the lender – often they will seek to verify or ask for more information.
• Receive an offer – review the document carefully to ensure everything is correct.
• Sign the loan agreement – only sign if you are happy with the terms and fees.
• Receive the money – usually, the money will be transferred to the dealer within 1-7 days of signing the loan agreement.

Application requirements

Exact application requirements will depend on the lender. But at a minimum, you will need to include:

• Your ABN or ACN
• Personal identification
• Business verification
• Information on the truck you intend to purchase

Truck finance rates and fees Australia

Your truck loan interest rate will depend on the lender and loan you choose to go with. But truck loans tend to come with lower interest rates than other types of finance.

Compare rates and fees

The rates and fees will vary depending on the loan and lender. Here are some of the common fees you should compare when you review your options:

• Establishment fee
• Ongoing fees
• Late or missed payment fee
• Early repayment fee

Loans for every business

Need a business loan for another reason? Learn more about these loans below:

• Trailer finance
• Equipment loans