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.
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.
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.
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 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.
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.
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.
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.