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Truck Finance Melbourne

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

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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 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. 

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What are my available finance options in Melbourne?

Chattel Mortgage

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.  

  • Interest on repayments is tax-deductible 
  • You can claim all the GST on the purchase price when you file your next BAS 
  • There‘s 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 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. 

  • 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. 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. 

  • 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. 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.  

  • 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 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.  

Why So Many Transport Companies Choose Savvy  

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

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Discover more lender options, benefit from more competition and lower interest rates, deal with providers who know your industry sector
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Less Down Time

Faster, more efficient applications, designed for haulage and transport – meaning your trucks are on the road and making money immediately

What our customers say about their finance experience

Read true stories of about customers about their finance experience with us

Savvy Feefo Platinum Award 2024 Savvy Feefo Platinum Award 2023 Savvy Feefo Platinum Award 2022 Savvy Feefo Plainum Award 2021
Customer Feedback
Jack was great
 
- By Anonymous 6 hours ago
5/5
The best assistance I could have hoped for, to get me sorted.
The service I received from Savvy was direct , informative , positive and encouraging. Everything was sorted efficiently and I was assisted with navigating the electronic minefield with due care and consideration .
 
- By Anonymous 23 hours ago
5/5
Ask to speak with Jay!
Jay was amazing to deal with from the get go. He was informative and I knew the status of my application at all times. I would definitely recommend him to all friends and family
 
- By Anonymous 2 days ago
5/5

Savvy is rated 4.8 for customer satisfaction by 5000 customers.

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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We are accredited with the most reputable lenders and insurers in Australia giving you a fair choice to compare
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Disclaimer and important things you should know

Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.

We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.

For more information about us and how we conduct our business, you can read our privacy policy and terms of use.

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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.

© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.

Savvy logo

1300 974 066

Sign up to our newsletter

Disclaimer and important things you should know

Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.

We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.

For more information about us and how we conduct our business, you can read our privacy policy and terms of use.

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