Truck Finance Brisbane

You can buy both new and second-hand trucks using commercial vehicle finance, from both private vendors and dealerships.

Truck Finance Brisbane

Keeping Australian Business on the Road

The way companies finance valuable assets like prime movers, trailers, and tankers can be the difference between barely breaking even and a healthy profit margin. At Savvy, we understand the nations transport and logistics operators drive some long roads – and we believe that finance solutions have to work well in the long-term too. Likewise, we know if youre hauling mined materials, crops, or transporting machinery, you need cost-effective transport finance solutions to stay competitive – and you need to maximise any tax savings where they occur.  

More Flexible, Convenient Truck Finance Solutions

Keeping your business generating revenue means keeping it moving – and truck finance comes in the form of a range of different solutions. Savvy works with a broad spectrum of Australian businesses across many different sectors to locate their ideal finance solutions. Our knowledgeable business finance consultants consistently work tirelessly to help owner-drivers and larger companies source financial products that work for the way they do business. Theyll go the extra mile to make sure your next truck purchase costs less and happens more quickly. 

Why Businesses Trust Savvy to Find Truck Finance

Get more relevant, cost-effective finance options, a dedicated consultant, and lower interest rates via Savvy

Truck Finance Brisbane

How do I benefit from using a truck finance broker?

Finance brokers perform a few functions and are a pretty essential part of the commercial lending landscape. Thats because they serve as a go-between in negotiations between businesses and lenders, smoothing the application process and identifying viable, cost-effective finance solutions. 

  • Access to a broad lender panel, helps brokers isolate optimal finance products 
  • Market knowledge enables targeted industry-specific applications, using your borrowing and business profiles 
  • You spend zero time scanning and comparing lenders and products but gain from more competitive lender quotes from providers who want to win your business 
  • Some specialist lenders rely solely on brokers for business, so relationships are strong and you access otherwise unavailable options 
 

What are low doc truck loans?

Businesses that use truck finance Brisbane wide have varying needs and aims. Thats why its important that theres a wide selection of products and lenders in place. Low doc truck finance is a solution for businesses or owner-drivers that are short on up-to-date financials or havent got their latest tax return available for a finance application. 

If that sounds like you or your business, it’s a great idea to get in touch with one of Savvy’s expert vehicle finance consultants because they’ll assess your situation and find a lender that will consider your application. Low doc truck loan decisions get based on alternative documents and unconventional evidence your business can repay the finance. Some lenders require to you have equity in property or that you put down a deposit. Others will accept applications based on your personal financial position – such as if you can demonstrate substantial, genuine savings. 

Truck Finance Brisbane - Bad Credit Borrowers

Sometimes, businesses get the opportunity to expand or need to replace ageing vehicles when the time isnt exactly optimal. That might be after a medium-term downturn in business – but its essential to have a financing option available when that happens – and theres never a wrong time to take advantage of an upturn in revenue. 

It’s not uncommon for transport businesses to have the odd blemish on their credit history, like defaults or maybe some previous late payments. Savvy partners with several specialised lenders who’ll consider applications for bad credit truck finance. If you’re in a position where your business will benefit from a loan, give one of our friendly consultants a call, and they’ll find you a solution. 

Options for Buying and Leasing Trucks – Which is Best?

Different aspects of buying or leasing a truck appeal to varying businesses. Tax, ownership status, and GST are a few of the primary reasons many companies decide on one or the other. However, other factors like how often you want to upgrade vehicles, your past credit history, and how reliable and extensive your cash flow forecasting is can influence your decision too. 

The fact is, even when youve decided between leasing and buying, you still have some choices to make – and each one can affect how costly or cheap truck finance is. Please see your finance options below:

Chattel Mortgage Truck Loans 

Chattel mortgages are basically a secured commercial vehicle loan. Theyre a popular, flexible finance option with businesses in many sectors, but can work particularly well for relatively expensive assets like trucks and transport equipment like trailers and tankers. 

Pros of a Chattel Mortgage: 

  • Terms between one and seven years 
  • You claim back 100% of the purchase price GST when you file your next BAS 
  • Theres no more GST to pay – on either repayments or the residual amount 
  • Residuals are adjustable – so you can tailor repayments to your cash flow 
  • Claim the interest on repayments as a business expense throughout the term 
  • The truck is your asset from day one, so you can claim for depreciation 
  • Use a deposit in the form of cash or a trade-in truck, or finance the entire purchase price 
  • Modify the truck as you please, during the term and after 

 

Cons of a Chattel Mortgage: 

  • Trucks depreciate by as much as 20% in the first year 
  • You cant claim for the principal-related repayment portion 
  • You pay down the value of the vehicle over the course of the agreement, plus the GST on the purchase price 
  • Truck servicing and maintenance costs are high (some leases allow you to bundle expenses and benefit from lender-negotiated rates) 

 

Finance Lease  

finance lease enables businesses to use a truck for a fixed period between one and five years. At the end of the term, you get the option to pay out the ATO-set residual and own the vehicle, refinance the residual amount and effectively extend the lease, or sell the truck and move on to a new one. 

  • 100% of repayments are tax-deductible 
  • Finance gets based on the ex-GST value of the truck 
  • Flexible end-of-lease options 
  • No deposit required 

 

Operating Lease 

Operating leases are probably the easiest way to get access to a truck without taking on risks. You can bundle all or some of the running costs into the package, such as servicing and maintenance, fuel, tyres, breakdown cover, and insurance. You pay a fixed monthly fee over a pre-agreed term ranging between one and five years. When the lease is over, you can hand the truck back or make an offer to purchase the vehicle. 

  • Repayments are a cost of doing business and tax-deductible 
  • Finance gets based on the ex-GST value of the truck 
  • No ownership or disposal risks 
  • End-of-lease Options: Hand the vehicle back or buy 

All Your Brisbane Truck Finance Questions Answered 

How do truck finance interest rates work? Do you need a deposit? What's a residual, and how much can you borrow? 

What affects my interest rate?

Lenders view vehicles as being a relatively low-risk secured finance prospect, but there is some slight variation connected with vehicle finance. That gets based mainly on the age of the vehicle, with older trucks attracting higher interest rates than new ones. Your credit rating and business borrowing history will also influence how much a lender charges for borrowing. 

Do I need to use a deposit?

You dont need a deposit to finance a truck; however, using one can reduce your repayments significantly. Many businesses even use an older truck as a trade-in to achieve reduced payments. If youre a low doc borrower, some lenders insist on a 20% deposit for truck loans. 

How does a residual work?

With a truck lease, a residual is fixed and exists primarily because you only pay down the value of the vehicles depreciation during the term. Its not like a loan where you finance the entire purchase price of the truck. So, the residual is, in theory, what the vehicle is worth at the end of the lease term. Chattel mortgage residuals work differently. You can adjust them up or down to match repayments to your revenue stream.  

How much can I borrow?

With some truck finance, you can borrow more than 100% of the vehicles value to fund additional associated costs like insurance and servicing. Precisely how much you can borrow will get based on your ongoing business income and your credit history.

Can I finance a second-hand truck?

You can buy both new and second-hand trucks using commercial vehicle finance, from both private vendors and dealerships. 

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