Truck Finance Brokers

Savvy’s expert truck finance brokers can make all the difference. We connect businesses with great commercial lenders.
No obligation. It won't affect your credit score.

Last updated on May 5th, 2022 at 11:04 am by Bill Tsouvalas

Truck finance brokers

Truck finance brokers and your business

Truck finance brokers act as facilitators for business customers when it comes to finding appropriate specialist finance. Because commercial loans and leases are often tied to specific industries and purposes, finding relevant lenders can produce huge dividends over the full course of a loan or lease agreement. The best finance option for every business is the one that meets needs, goals, and the organisation’s current financial situation. That’s why getting access to the right lender matters, and Savvy is in the business of helping you do just that. We’re not limited to any specific products or provider – and we go the extra mile to make sure your next truck finance deal delivers the goods.

How Savvy connects businesses with lenders

At Savvy, we believe arranging truck finance shouldn’t be an ordeal of time or money. Our commercial finance experts get to work on your behalf as soon as you get in touch. Once Savvy truck finance brokers know a little about your business and plans, we can begin talking to lenders that match your requirements. Then, we compare the most suitable options until we find your ideal provider. Choose from a range of flexible repayment options, take advantage of tax effective cash flow solutions with a selection of lending structures spanning one to five-year terms, and use residuals to manage repayments – and all without the hassle of trawling through hundreds of finance providers yourself.

You drive the trucks, we drive better deals

Here’s Savvy’s guide to your truck finance options

Getting Chattel Mortgage Truck Finance

Chattel mortgage truck finance is an excellent solution for many Australian businesses because it comes with a range of tax benefits. GST is charged on the purchase price, and you can claim it back when you lodge your next BAS. There’s zero GST on regular repayments and on any residual amount you arrange. The interest portion of repayments are tax-deductible and you own the asset from the beginning of your agreement so you can also claim depreciation. Chattel mortgage finance is secured and the collateral is in the vehicle, so interest rates are extremely comp etitive, although they do change from borrower to borrower.

How Hire Purchase Truck Finance Works

Hire purchase is a similar arrangement to leasing a truck – in that you essentially rent the asset for a fixed period and rate (between one and five years), and you don’t own the vehicle during the finance term. The main difference with a hire purchase is that, when you pay your final instalment, truck ownership is automatically transferred to you – whereas, with a finance lease, you get the option to buy upon payment of a residual.

Operating Lease Truck Finance Brokers

Operating leases for trucks work great when you prefer to upgrade your vehicle regularly. These are shorter-term options when compared to finance leases, and there’s no commitment to purchasing the truck when the agreement ends. You can choose to include regular maintenance and registration costs within regular lease payments too, which cuts down on administration. R egular operating lease repayments are classed as a business expense, so they’re tax-deductible.

How to Use Residuals

Whether you’re considering a truck loan or lease, residuals are a way to keep the cost of regular repayments within your budget. Most vehicle leases include a residual payment, which becomes due at the end of the term. Residuals generally get tied to the truck’s value when the agreement ends, and with a finance lease, you can opt to buy the vehicle or refinance the residual amount. The result of a residual is lower payments across the duration of the lease. However, many truck loans carry no obligation to use a residual.

How to Qualify for Low Doc Truck Finance

Low doc truck loans get widely used because they’re suitable for any business without up to date financial records. If you’re short on company documentation or your most recent accounts don’t reflect your current financial situation, one of our expert commercial finance consultants can talk you through a low doc truck loan application. We’ll figure out the alternative documents you have available and then guide you through the lender options.

Bad Credit Truck Finance Broker Service

Past business credit problems don’t necessarily have to stop you from financing a new truck and moving ahead with your plans. Savvy deals with several lenders who consider truck finance applications from businesses with lower credit ratings and previous issues.

 

Your questions: Savvy’s truck finance broker faqs

What does a truck finance broker do?

A broker performs many functions when you’re looking for finance of any kind. They weigh up your situation and goals, use established relationships with lenders to find competitive deals, then negotiate and arrange terms as quickly as possible. Commercial finance is a specialist field with many niche lenders, and it’s a great idea to talk to a broker when looking for a loan or lease in such an area. That’s because going to the right finance providers is usually cheaper and more convenient.

Can I cover vehicle upgrades and customisation with truck finance?

When you take out a lease or loan on a truck, you’re free to source the vehicle you need at the start of the process, depending on your preferences. Truck finance gets secured against the vehicle you’re buying, so it’s ok to request custom upgrades from a dealer or seller, because they essentially increase the truck’s value and, in turn, the amount of security. Whether you need a refrigeration unit, ‘roo bars, or even an extra fuel tank, truck finance will work for you.

With truck finance, can I buy privately?

You usually can. However, you may incur a couple of extra costs along the way, and the process could take just a little while longer to complete. Savvy usually recommends you get in touch with one of our consultants and let them know your aims and situation – we can then look at specific lenders who suit.

Can I pay off my truck finance early if I need to?

That depends on the financial product you choose. Some finance and operating leases carry no early repayment fees, while many loans and chattel mortgages incur break fees and early termination costs if you decide to end the agreement before the term is due.

Is Savvy affiliated with a particular lender?

We’re not. In fact, Savvy partners with more than 25 lenders, from banks and major financiers to niche providers who offer highly relevant financial products to thousands of businesses in multiple sectors, carrying out various activities with different vehicles and equipment. Often, finding a lender who prefers to operate in haulage or logistics, for instance, will lead to a better deal. While some banks and institutions won’t consider assets over a certain age, some lenders specialise in that. That’s why talking to a Savvy broker makes sense, we don’t just look at how much you need to borrow, we scan the market and we get to know your business.

Can a truck finance broker help me buy second-hand?

Most lenders have age limits for vehicles, but there’s no problem buying second-hand trucks and trailers. It’s one of the most significant advantages of approaching lenders who know the transport sector. They understand that haulage stock gets built to last a long time.

Does Savvy have truck loan brokers Australia-wide?

Yes, we have brokers that can assist you if you live in Melbourne, Sydney, Adelaide, Brisbane and Perth.