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Truck Finance Melbourne

All the options for truck finance Melbourne businesses need – tailored, cost-effective asset lending solutions

Truck Finance Melbourne

Truck Finance Melbourne – All Your Options 

When the time has arrived to upgrade your current vehicles or up the size of your fleet, the more options for truck finance you have, the better off you’ll be. Whether you need a lease for a tanker or a commercial loan for a prime mover, Savvy has an appropriate, tax-efficient and cost-effective solution. Explore all the options for truck finance Melbourne businesses have available, then get help from Savvy’s expert commercial brokers to apply online and get approved more quickly.  

Savvy – Driving Better Truck Finance Deals

Getting the most value from truck finance is all about having more options available – and thats how Savvy helps thousands of Australian businesses each year. We partner with more lenders so we can find sector-specific products and rates with quicker turnaround times – and you spend fewer days off the road. Our experienced transport finance consultants are with you from the start, and they dont let up until your finance is arranged, and your new truck is signed, sealed, and delivered. 

What are my available finance options in Melbourne?

Chattel Mortgage

If youd prefer to own your truck from the start of your finance agreement, a chattel mortgageis a secured commercial loan which offers some distinct advantages. You repay over a period between one and seven years, you can use a deposit or borrow 100% of the purchase price, and you can also set a residual.  

  • Interest on repayments is tax-deductible 
  • You can claim all the GST on the purchase price when you file your next BAS 
  • Theres then no GST on repayments or when it comes to settling the residual at the end of the term 
  • Interest rates are relatively low because the lender has a mortgage on the truck until the finance gets fully repaid 

 

Finance Lease 

Finance leases area way to eventually own a truck, with the asset remaining the property of the lender until the term ends. You pay regular fixed amounts and get full use of the vehicle. When the agreement ends, you can choose to pay down or refinance the residual and own the truck, trade it in for a newer model, or sell the truck yourself. 

  • Payments are fully tax-deductible 
  • The cost of the lease is based on the GST-free value of the truck 
  • Terms from one to five years 

 

Operating Lease 

Operating leases are a fully maintained version of a finance lease, and you carry none of the risks of asset disposal during the term. Thats because, unlike with a finance lease, you make no fixed commitment to buy the truck – however, you can make an offer to purchase at the end of the term. End-of-lease options are similar to a finance lease, except you can also return the vehicle at no extra expense when the agreement ends. 

  • Repayments are fully tax-deductible 
  • Based on the ex-GST vehicle value 
  • Include running costs like fuel, insurance, servicing and maintenance in your monthly payments 

 

Hire Purchase

The hire purchase option provides some of the best features of a commercial loan and a lease. Its a way to finance the eventual purchase of a truck, but because ownership remains with the lessor until the finance is fully paid down, you get to claim repayments as a cost of doing business during the term – much like with a lease. Even though youre not the owner, the lender claims depreciation and GST associated with the truck, and any saving that gets passed on to you essentially means you get some ownership benefits.  

  • Terms run from one to seven years 
  • Repayments are tax-deductible 
  • You may also receive benefits associated with depreciation and GST 
 

Low Doc Truck Finance 

Low doc truck finance is an option open to businesses and owner-drivers that dont have up-to-date financials or tax returns. It provides a way to negotiate finance based on alternative documentation and evidence your business can repay the borrowing. A Savvy consultant can quickly recommend a low doc option based on your specific requirements and position, and lenders may require that you have equity in property, a sizeable deposit, or significant cash reserves.  

Why So Many Transport Companies Choose Savvy  

More than twenty-five specialist transport equipment and vehicle financiers, tailored solutions, fast approvals

Truck Finance Melbourne – all your FAQs 

Everything about truck finance Melbourne businesses need to know – residuals, end-of-lease options, and interest rates

What is a balloon payment?

A balloon payment is also known as a residual amount. In the case of a chattel mortgage, that's basically a part of the truck's value that doesn't get paid down during the term, and you can adjust it up or down. With leases, the residual value gets set to a specific amount which is relative the length of the term. In both cases, when the agreement ends, you can choose to refinance the residual, pay it off with cash, or trade the vehicle in to cover the cost. 

Can I purchase a truck at the end of a lease?

You can. With a finance lease, it's just a case of settling the residual amount. With an operating lease, you can negotiate a purchase price when the lease term is nearing its end. 

What will my interest rate be?

Interest rates get set according to the lender's risks. Influencing factors are how healthy your business financials appear and the age of trucks and equipment you intend to buy. Vehicle finance is generally perceived to be low-risk, however. 

Does buying a truck privately increase the turnaround time for finance?

Slightly. However, most truck finance packages get settled within a few days – your Savvy consultant can advise you what to expect in terms of the specifics of your application.

Do I need a deposit for truck finance?

No, in most cases, Savvy can help you find an option to finance 100% of the purchase price of your new truck – and some solutions provide the opportunity to include insurance and other running costs. 

My business has bad credit. Does that restrict me from applying?

Businesses with bad credit can still apply for truck finance. Savvy works with lenders who specialise in offering second chance truck loans, and they assess each application on merit. 

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