Get the Best Truck Finance in Australia

Are you looking to finance a truck in Australia? Whether you’re expanding your business fleet or starting a new venture, securing the right truck finance can make all the difference. Just Trucks will walk you through what you need to know about truck finance and can help you get a great deal on a loan. And if you are still looking for the right truck to buy, make sure to check out our classifieds where you will find thousands of trucks for sale.

What is Truck Finance?

Truck finance is simply a financial product specifically designed to help either an individual or a businesses purchase trucks. These products include truck loans, hire purchases, chattel mortgages, and leases, each catering to different needs and circumstances.

Five Steps to Getting Truck Finance Approved

1. Determine Your Needs: It’s all about budget. Use our truck finance loan calculator to understand what the potential repayments will be and then you will have a firm idea on whether you need a new or used truck for the type of truck required.
2. Research Lenders: Look for lenders that specialise in truck finance. Just Trucks, for instance, partners with leading truck finance providers to offer competitive quotes from businesses we know.
3. Check Eligibility: Ensure you meet the lender's eligibility criteria, which typically include having a good credit score, a stable income, and relevant documentation. Things like a good credit score will help a lot, but there are some lenders which can help with this - including some of the lenders we partner with.
4. Apply for Finance: Submit an application with the necessary documents, such as proof of income, business financials (for business loans), and details of the truck you wish to purchase.
5. Get Approval and Choose a Truck: Once approved, you can finalise the truck purchase using the loan amount and you are on your way!

What is the Interest Rate for Truck Finance?

Interest rates for truck finance in Australia vary depending on several factors:

• Credit Score: Higher credit scores generally attract lower interest rates due to potential risk.
• Loan Term: Shorter loan terms often have lower interest rates compared to longer terms.
• Lender: Different lenders offer different rates, so it's wise to compare quotes.

On average, interest rates for truck finance range from 4% to 15%, but this can fluctuate based on individual circumstances and the cash rate set by the RBA.

In a good scenario, you would have a good credit rating and be able to opt for a shorter loan term. If the timing is perfect, the cash rate will also be low! That said, our partner lenders offer competitive rates and will work with you to get the best deal they can.

What’s the Longest You Can Finance a Truck?

The loan term for truck finance in Australia typically ranges from 1 to 7 years. However, some lenders may offer longer terms up to 10 years, especially for larger loan amounts or new trucks. It's important to choose a term that balances manageable monthly repayments with total interest costs. This is something that might be best discussed with your accountant.

What does it mean to have a truck under finance?

When you finance a truck, the vehicle is purchased by the lender via assistance of a financial product such as a loan, lease, or hire purchase. The buyer makes regular payments to the lender over the agreed term until the truck is fully paid off. During this period, the lender may hold an interest in the truck as collateral.

What are the benefits of truck finance?

Truck finance offers several benefits. It allows you to preserve cash flow by spreading the cost over time, ensuring you have funds available for other business needs. Depending on the type of finance, you may also be eligible for tax deductions on interest payments and depreciation, providing additional financial advantages. Moreover, financing makes it easier to upgrade to newer truck models, ensuring you have the latest and most efficient vehicles for your operations, or if you simply need to scale up operations.

Additional Tips for Securing the Best Truck Finance

1. Compare Multiple Quotes: Use platforms like Just Trucks to get quotes and compare terms, finding a finance product that suits what you need and what you can afford.
2. Negotiate Terms: Don’t be afraid to negotiate interest rates and terms with lenders, particularly if you have a great credit history and can shorten the terms.
3. Check for Hidden Fees: Be aware of any additional fees or charges that may not be immediately apparent.
4. Consider Pre-Approval: Getting pre-approved for finance can give you a better idea of your budget and strengthen your bargaining position with sellers. You can get started with pre-approval right now by getting a quote on Just Trucks.