Trucks and cars aren’t the same – and nor is their finance. Wrapping your head around the commercial truck loan process is key to saving money and time and getting an approval.
At Loans Unlimited, we’ve helped countless West Aussies find truck finance to support their freight, trade and earthmoving businesses. If you’re considering truck finance, here are some of common traps and how you can avoid them. For more information, get in touch with our crew.
Between lease-to-own and commercial truck loans, there’s countless ways to finance a heavy vehicle. Each serves a different purpose and choosing the wrong one could lead to extra tax, higher repayments or unexpected costs at the end of the term.
The Loans Unlimited crew understand truck finance and can help you navigate structures that make the most sense for your business. No jargon, just a loan that actually works for you.
Pre-approval guides the truck buying process and without it, you’re flying blind. You won’t know your borrowing power, your likely repayments or whether you’ll even be approved. Don’t get your heart set on a vehicle before the finance is sorted.
Speak with our crew and organise pre-approved truck finance before you shop. That gives you a clear budget, improves your negotiating power and saves time when you’re ready to buy.
Loan repayments aren’t the only cost in running a heavy vehicle. There’s fuel, servicing, rego, tyres and maybe even tolls or storage. When you’re planning your loan and looking at the repayments you can afford, don’t forget to factor in those real world costs.
If you’re looking to finance a used truck, there might also be some transfer fees you have to consider.
Use the our heavy vehicle finance calculator to get a realistic gauge of your repayments. Then, factor in the monthly running costs and see if the final number leaves you some breathing room.
If you’re a business owner or sole trader, you might be applying for a low doc loan. That’s perfectly fine, but don’t forget: low doc doesn’t mean no doc.
Submitting incomplete or errant paperwork can create delays and in some cases, might even see your application rejected.
Make sure your financial status and documents line up with what you’re applying for. If you’re unsure, our team can give you a hand and help you craft an application that addresses what lenders are actually looking for.
Don’t work off estimates. Looking at a vehicle’s price and dividing it by the number of months you want to pay it off isn’t good budgeting. Repayments will depend on your deposit, loan term, interest rate and the particular lender you match with.
Once again, use our truck finance calculator to get a more accurate picture of your finance. Take that ballpark figure to our crew and they’ll look for a lender who’s happy to work with you.
Short loan terms mean higher repayments that can hurt cash flow. Long terms might have lower repayments, but you could feel the cost later down the line. The key is to find your business’ sweet spot.
Consider your income, cash flow and what the truck will earn you. Our crew have worked on countless commercial truck loans, so they can help you find the right balance between term and total cost.
Truck finance isn’t any old car loan. A good broker will know these deals inside and out, have a list of truck friendly lenders and find the documents they want.
Save yourself the guesswork and speak with a professional at Loans Unlimited. Our crew will support you throughout the process to get your loan approved faster.
Commercial truck loans don’t need to be difficult. But if you skip steps or make common mistakes, it can cost you time, money and the chance to get the vehicle you need.
At Loans Unlimited, we’re partnered with 40+ lenders who can help ABN holders, tradies and other West Aussies finance trucks that keep their business rolling. To get pre-approved today, click ‘Apply Now’ at the top of your screen.
