Can I finance a fleet of heavy vehicles?

Yes – we count financiers amongst our panel who can offer finance solutions not just for singular vehicles, but fleets also. Opting for fleet financing and management rather than a host of individual truck finance deals in Australia is a highly effective way to save time and money, as keeping them in the one deal will help reduce the required paperwork and likely bring overall discounts to your arrangement.

Will my interest rate be fixed or variable?

All asset finance , particularly those dealing with trucks and heavy vehicles, come with fixed interest rates. These are most often preferred by borrowers anyway, as they bring with them a level of stability to your repayments by locking your rate in from the outset, keeping them the same throughout your finance term. This facilitates more accurate budgeting, as you’ll know for certain what your financial commitment to your loan will be over extended periods. Variable rates are open to fluctuation, which opens you up to rate decreases, but also increases in equal measure.

Is my finance deal secured?

Yes – all asset finance deals are secured by the purchase of the asset itself. In this instance, a chattel mortgage would require your truck as collateral for the loan. This means that, should you become unable to fulfil your loan obligations, your lender would be able to sell off the asset as a last resort to recoup some of their lost funds. This is unlikely to happen, however, and security brings with it the major benefit of reducing the perceived risk on the part of your lender, most notably resulting in a reduced interest rate.

What’s the difference between a finance lease and an operating lease?

A finance lease is a type of lease whereby your financier buys a car and agrees to lease it to your business for a set monthly cost with a residual payment at its conclusion. You have the option to pay the residual and take ownership of the vehicle, trade in or sell the vehicle to cover the residual or refinance it to extend your lease term. Operating leases are similar but come without a residual payment, meaning you can hand it back at the end of your lease. They also tend to come with on-road costs pre-organised, which makes them costlier.

How does Savvy help me choose my heavy vehicle finance product?

When you apply with Savvy, your application is automatically matched with the best financiers for your situation using our state-of-the-art technology. From there, one of our consultants will review the comparison and select the best, most affordable option for you considering your personal preferences and circumstances. They’ll be in touch with you shortly afterwards to confirm this with you and, if you’re happy with it, they’ll go ahead and submit your application.

Can my finance deal cover other truck costs?

Yes – you can have substantial costs such as vehicle registration, stamp duty, insurance, extended warranties and more covered by your loan. All of these can set you back a significant amount of money at the beginning of your loan term, so you’re able to pay them off at your own pace without breaking the bank with money you may not have. This means, in some cases, you can actually access more than 100% financing for your heavy vehicle.

Am I able to use my loan to cover other business expenses?

No – vehicle finance deals are specifically designed to be used for the purchase of a vehicle, with some other costs able to be included. The amount you’re approved for will be tied directly to the sale value of the vehicle. However, if you’re looking at a loan for more general business expenses like equipment , an unsecured business loan might be the product you’re looking for. These can span up to as much as $500,000, meaning you can potentially purchase a heavy vehicle and distribute additional funds elsewhere. These loans are considered riskier, however, so interest rates are often much higher.