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.
Getting the most value from truck finance is all about having more options available – and that‘s 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 don‘t let up until your finance is arranged, and your new truck is signed, sealed, and delivered.
If you‘d prefer to own your truck from the start of your finance agreement, a chattel mortgage is 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.
Finance leases are a 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.
Operating leases are a fully maintained version of a finance lease, and you carry none of the risks of asset disposal during the term. That‘s 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.
The hire purchase option provides some of the best features of a commercial loan and a lease. It‘s 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 you‘re 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.
Low doc truck finance is an option open to businesses and owner-drivers that don‘t 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 a property, a sizeable deposit, or significant cash reserves.