Truck Loans
You can drive away in your new or used truck in a matter of days when you apply with RoadLoans.
Buy your next truck with RoadLoans
Purchasing a truck is no small investment for a business, so it’s important that when you apply for finance, you don’t leave it up to chance. That’s where RoadLoans can help. We’re partnered with an extensive panel of trusted lenders from around Australia, including those who specialise in commercial and truck finance, to help you secure the best deal for your business.
Our finance experts are with you every step of the way and go the extra mile to compare from a range of options to find the most affordable and suitable truck loan for your business. Whether you’re looking for a new or used model from a dealer or private seller, you can start the process with RoadLoans today.
Fast online process
Once you submit your application with us, you can have your application settled and own your truck as soon as 48 hours after.
Finance trucks around Australia
Your ideal truck doesn’t have to be in your backyard; we can help you get approved to purchase vehicles across the country.
Get help from the experts
You won’t be alone throughout the process, as one of our diligent finance consultants will be with you every step of the way.
The features and benefits of truck finance
Highly competitive interest rates
We’re partnered with lenders who offer affordable and very competitive interest rates when it comes to truck finance which can help you save on your deal overall.
Buy new or used
It isn’t just brand-new models from dealerships which are available for purchase under finance. You can also get approved to buy a used truck from a private seller.
Opt for your ideal repayment term
Each business is different when it comes to its repayment needs, so you can choose whether to repay your truck loan over anywhere between one and seven years.
No deposits required
There’s no obligation for you or your business to put forward any lump sum towards the purchase of your truck, as you can get approved for up to 100% of its price.
Optional, customisable residual payment
You can have a residual payment attached to your truck loan if you choose to, a lump sum at the conclusion of the loan which will help reduce your ongoing payments.
Choose your preferred schedule
You’ll also be able to decide whether to make your repayments on a monthly, fortnightly or weekly basis in line with the revenue your business generates and its frequency.
How to apply for your truck loan with RoadLoans
Get a quick quote
First and foremost, tell us about you and your business’ situation in our quick quote form. This comes with no obligations if you aren’t quite ready to apply.
Apply and speak with your consultant
Once you decide to apply, your consultant will get to work finding the best truck loan for your situation and will be in touch to discuss your situation.
Submit your application to your lender
If you’re happy with the lender your consultant picks out, they can start preparing your formal application and submit it to them for approval.
Sign off on your loan deal
After being approved, you can sign your digital loan contract and return it to your lender, from which point the funds can be released and you can own your truck.
How to get approved for your truck loan
What are my business' truck finance options?
When it comes to financing a truck for your business, there are several options available to owners and operators when applying with RoadLoans. Which is the best for you will depend on your business’ needs and structure, so it’s important to appreciate the differences between each of these options before diving into the application process. Your truck finance options include:
Chattel mortgage
This is the main option available to businesses who wish to buy their truck and own it from the outset. A chattel mortgage is essentially the commercial version of a car loan, with ownership being transferred to the business from the beginning of the loan, after which they’ll repay it with interest and fees over a pre-agreed term.
Your truck will serve as security or collateral for your loan, which opens up the possibility for lower rates and fees. Residuals are also optional and can be set at whatever level you wish; however, while they reduce the cost of monthly instalments, a residual will increase the interest paid over your term.
Finance lease
Leasing is another option for business owners who perhaps don’t wish to commit to the purchase of the truck immediately. This is essentially an agreement whereby you rent the truck for an agreed period and, at its conclusion, you’ll be required to pay the residual either out of pocket, by selling the truck, trading it in and leasing a new truck or refinancing it and extending your lease.
This type of lease is more designed for businesses who intend to buy or sell the truck, as ownership will be transferred once the residual is paid. All the ongoing running costs and maintenance, such as servicing and registration, are organised by the lessee and they’re responsible for ensuring it maintains its value.
Operating lease
On the other hand, operating leases are more useful for businesses who prefer to keep their assets more up-to-date and turn them over on a more regular basis. The big difference between operating and finance leases is that there’s no obligation to buy the truck or pay a residual with an operating lease: you’ll simply hand it back at the end of the agreement.
Also unlike finance leases is that the costs of maintaining the vehicle are often built into your repayments, making them more expensive but meaning you won’t be required to sort them out yourself.
Hire purchase
A hire purchase agreement is somewhere in between a chattel mortgage and lease. Businesses utilising this type of agreement essentially lease their truck until the pre-agreed end of their term, at which point ownership is transferred to the business. This type of finance is more suited to businesses who conduct accrual accounting.
Under a hire purchase agreement, you won’t be required to include your truck on your business’ balance sheet. These also enable you to claim GST on the purchase of the truck, which can’t be done otherwise with a regular lease.
Unsecured loan
An unsecured loan (also known as a personal loan) may be the only option available in select circumstances, such as if the truck you wish to buy is older than lender requirements or isn’t in good enough condition to serve as security for the finance agreement. In this situation, your RoadLoans consultant will be able to help you get approved for an unsecured loan to buy your truck. However, these loans come with higher rates and fees than secured finance, so they shouldn’t be your first choice.
How can I save money on my truck loan?
There are many ways you can reduce the cost of your business’ truck loan. It’s crucial to bear some of these tips in mind when applying with RoadLoans, as they can help you spare important funds for your business across your agreement. Some of the ways to cut down on the cost of your loan include:
- Pay a deposit: by putting down a deposit, you’re essentially reducing the debt your business is required to repay and, in turn, the interest charged on that debt. For example, a $5,000 deposit on a $50,000, five-year loan at 6.5% p.a. would save almost $900 overall.
- Choose a shorter term: the faster your overall debt reduces, the more sharply the interest you pay will also decrease. The same $50,000 loan at 6.5% p.a. would cost almost $1,800 less over four years compared to five (albeit with $200 added to monthly repayments).
- Buy a new or near-new model: lenders always prefer newer vehicles and assets to be bought as part of a loan agreement and will often be willing to offer slightly lower rates and fees as a result. However, you can still get a great rate on your used truck with RoadLoans.
- Work on your business’ credit score: another area lenders always look to is your business’ credit rating and track record repaying other debts. If they can see that your business has a strong history of repaying debts on time and in full, you’re more likely to be offered a cheaper deal.
- Apply with RoadLoans: when applying directly with us online, we take the guesswork and uncertainty out of finding the most affordable loan for your business. By drawing on our diverse panel of financiers, we’re best placed to find and compare the top offers on the market.