Truck Finance
- Light rigid to multi-combination trucks
- Our expert team learns your goals and needs
- We find the best asset finance to achieve your goals
Key takeaways
Borrow up to 100% of the truck value
Loan terms up to 7 years
Competitive rates and low doc options
What is Truck Finance?
Truck finance is specifically designed to help business owners acquire the trucks they need to run and grow their transport, logistics, or other truck-dependent businesses.
It allows you to borrow up to 100% of the truck price (new or used), using the truck as security against the loan. With set interest rates and repayment periods, this lending option is very popular with business owners because it covers a wide range of truck purchases, from light rigid trucks to multi combination vehicles, while potentially offering tax advantages (speak to your financial advisor).
This lending product is well suited to all types of businesses that rely on trucks, from owner-operators to large fleet managers.
Who qualifies?
To be eligible for truck finance, you generally need to:
- Have an active ABN
- Be a tax resident (Australia)
- Trucks must be for business use (mainly)
- Have operators with appropriate truck licences.
Book a meeting with our expert team to talk through your truck finance needs, rates and repayments.
Nadine Connell
Business Finance Expert
Common Features of
Truck Finance
Loan Rates and Terms
There are a number of factors that lenders consider when setting interest rates and terms for potential borrowers.
These can include:
- How much you want to borrow
- What class of truck you want to buy (LR, MR, HR, HC, MC)
- Whether the truck is new or used
- Whether you want to buy or lease
- Your business revenue and credit history
- The term of the loan
To find out what rates and terms are available to you, speak to our expert lending team, who can walk you through the different options depending on your unique needs.
We get you the best business finance
from our marketplace of 60+ lenders
Not just your business finance broker.
Your business partner for the long haul.
Over the past 15 years Nadine and Chris have had the privilege to help more than 3,300 Australian business owners realise their business goals.
Everyone’s situation and needs are unique. That’s why we offer personalised business finance brokering and planning services, designed to ensure you get the right type of business finance with the best rates and terms possible.
What’s more, as our client you’ll also get access to all the experience and knowledge of our team – helping you succeed long term. Together.
Why Work with Us?
We’ve had the privilege of helping more than 3,300 Australian business owners over the past 15 years, and we’d love to help you grow your trucking business as well.
Personalised service
We get to know you and your business, your goals and situation, and offer our expert advice on truck lending products that might best fit your needs.
Strategic view
We take a holistic view of your business goals, ensuring a decision to take on truck finance is considered against your financial situation and other needs.
Quick access
We work with lenders to ensure fast application processes and access to your funds. Expert help: We are here to guide you all the way through the process, making sure your application process runs smoothly.
Frequently asked questions
-
How do lenders secure trucks for financing?
Typically the truck being purchased or leased serves as security against the loan.
-
What types of businesses are best suited to truck finance?
Truck finance is ideal for a wide range of businesses, including:
- Owner-operators in the transport industry
- Logistics and freight companies
- Construction businesses
- Mining and resources companies
- Agricultural businesses
- Any business that requires its own fleet of trucks
-
Is security always needed for truck financing?
Typically yes, especially for larger loan amounts. The truck itself usually serves as the primary security. For very large loans, additional security might be required. We can help you determine what’s needed based on your specific situation and the type of truck you’re looking to finance.
-
What if I have bad credit?
Talk to our lending experts, we can potentially help you find a compatible lender based on your unique circumstances. There are lenders who specialize in bad credit truck finance, and we can guide you through your options.
-
What are the common classes of trucks that businesses finance in Australia?
- Light Rigid (LR): Trucks between 4.5 and 8 tonnes GVM, plus towed trailer up to 9 tonnes GVM
- Medium Rigid (MR): Any 2 axle rigid vehicle, including trucks and buses greater than 8 tonnes GVM
- Heavy Rigid (HR): Any rigid vehicle with 3 or more axles, including trucks and buses greater than 8 tonnes GVM
- Heavy Combination (HC): Prime mover with a single semi-trailer plus any unladen converter dolly
- Multi Combination (MC): Heavy combination vehicle with more than one trailer
-
Why use Smart Business Plans instead of just talking to my bank directly?
There are many benefits to working with us over your current lender, including:
Better options.
Your bank can only offer you their own lending products. We can get the best lending products from almost all the lenders on the market, including loan types you may not have even considered, but may be a better fit than a traditional loan.Massive time savings.
For you to connect with every lender and find the best lending products for your unique circumstances would take months of hard work. We do that for you.Better rates and terms.
Even if you end up going for a loan with your current lender, we can sometimes negotiate terms and rates for you that are better than what you could get yourself.Experience.
We work for you, not the bank. We present your interests, sharing our experience, expertise and advice along the way, so you get the best possible outcomes.It’s our goal to have you become a life-long Smart Business Plans client.
-
How much does it cost to use your services?
Our initial consultation calls are free. Our business loan and asset finance brokering services are generally free, as we are compensated by the business lender. In some unique situations if a fee for our services was required, this would be communicated to you in advance, and you’d have the opportunity to consider if you’d like to move forward or not. We will never impose a fee or cost for our services that are not communicated to you up front.
We also offer our clients the option of having us support your business loan application by writing your bank loan business plan and cash flow projections (when required by the lender). The fee for this service will be provided if you choose to select this option.
-
How do I apply for truck finance?
Easy! The best thing to do is have a free Zoom or phone chat with us. From there we can work together to get your business funding if there’s good alignment between what you need, and what we do.
Book a Zoom meeting w/ Hubspot diary
Or call 1300 262 098 to discuss your needs
Have a question? Just ask!
One of our lending specialists will be in touch
