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Do you really need to increase your fleet?
When looking to buy a new truck to increase your fleet you will have to look at whether you can financial support the increase. Reducing the number of vehicles in your fleet is sometimes the best thing that you can do for your business as it will prove to be more financially sustainable without the additional costs that come to maintaining each truck.
You can use the help of a financial advisor who will be able to help you evaluate if you need the additional wheels and possible blind spots you overlooked.
Buy what you need and can afford
Financing a truck is no joke. If you are looking for all the bells and whistles you will have to ask if you really need it. You will have to measure the truck against the usage and needs of your business or else it will become a financial burden.
When applying for a truck loan you will have to compare to get the best quote. There are various loans that you can apply for even if you have bad credit. The variable rates range from 4.14% to 7.81%. You should be aware of loans that say 0% interest rate, because these usually peak to a higher interest rate after a set period of time.
However, looking at the features of your loan is important. Apply for a loan that takes your tax, cash flow and business requirements into consideration.
Know when is the right time to finance your rig
Timing your purchases can make a huge difference in locking in the best deal that will help you save. The best time to buy a truck is usually late in the year. There is a risk that when buying your truck at the beginning of the business year you could be giving up the opportunity to writer off too soon.
This will also work perfectly if you time when you opt to find a loan as many lenders offer brilliant deals for new applicants towards the end and beginning of a year.
Get a lender who knows the business
A lender who knows the type of business you run will understand what type of loan will work perfectly to finance your new rig. Choose a lender who gets the vision of your business and will want to help you succeed with a loan that doesn’t drag your business down.
Ask your lender if they offer flexible repayment plans that will understands when your business hits financial hardships.
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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.
The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.
Approval for commercial loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.
The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.