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The Australian economy is heavily reliant on trucks. As such, there are a lot of work and business opportunities in the road freight transport industry. Whether you’re looking to upgrade to a new truck, or you’re looking to buy your first truck so you can start working for yourself, we’ve put together some tips to help you get truck finance.
Choose the Right Truck for You
Work out what truck you need for the kind of work you plan on doing; long haul, over the road, freight etc. Do some research so that what you buy now isn’t something you’re going to want to trade in for something else in the near future. Consider buying a new or used truck, its capabilities, fuel economy, and driver comfort.
It also looks better for the finance provider if you can show you’ve considered your options and will be able to make an income with the new truck.
Have Your Personal Info Together
Any financier will need identification, proof of income and a few other bits of information in order to start processing an application. Make sure you have the following on hand;
- Drivers Licence or Passport
- Proof of address if not on your licence
- Recent bank statements
- Proof of income / copies of contracts you have negotiated with projected income
- Information about the truck you intend to buy; purchase price, vehicle registration, seller details
More information may be needed, but if you have all of the above ready it can speed up the process.
Bad Credit Truck Finance
If you have had a bad credit rating in the past it is still possible to get truck finance. You will need to provide more information about your financial history and may be offered a higher rate. If you need bad credit truck finance call Loyalty Loans on 1300 310 301 to discuss your options.
Use Our Truck Finance Calculator
If you’re still trying to work out what you can afford, use our truck loan repayment calculator to see what your repayments would be.
Remember when budgeting to factor in other expenses such as fuel, maintenance, taxes, insurance etc.
Use a Truck Finance Broker
You can shop around all the different loan providers yourself, but if you use a truck finance broker like Loyalty Loans, we’ll have our experienced consultants save you the hassle and do all the running around. They have the experience and financial knowledge to find a loan provider and tailor a business solution that suits you.
Call Loyalty Loans on 1300 310 301 or simply apply online for a truck finance quote today.