FAQs

Lease, Chattel Mortgage, Commercial Hire Purchase and Rent-to-Own can all be used for loans on light duty, medium duty and heavy-duty vehicles.

To be eligible for commercial credit, operators must hold an ABN. Self-employed operators can be eligible. Where turnover, trading period or other aspects of the business do not meet lender criteria, operators may use a broker to source Low Doc loan options.

Loan amounts are subject to lender approval. The value of the vehicle and creditworthiness and credentials of the business are reviewed when lenders approve loan amounts. Many operators can be approved to borrow the full purchase price as no deposit finance.

Balloons can be negotiated with lenders. It is astute for the balloon to reflect the projected value of the vehicle at the end of the loan period.

At the end of a Rent-to-Own term, borrowers can negotiate a buyback with the lender. When the buyback amount is paid, the borrower takes full ownership of the vehicle.

At the end of a lease term, a residual is due to be paid. Borrowers can opt to pay the residual and own the vehicle, refinance the residual with a new loan, or opt out of the residual and hand the vehicle back to the lender.

The same credit facilities – Rent-to-Own, Lease, Chattel Mortgage and CHP may be used to finance vehicles with all fuel systems. The rate is primarily determined by the credit score and credentials of the business, rather than features of the vehicles, except with used vehicles where the condition affects the loan.

Where a truck and a trailer are purchased as a single unit or purchased as separate units from the same dealer at the same time, they may be included in a single loan package, subject to individual lender approvals.

To apply for commercial financing, operators will need an ABN and provide a range of financial documents for the business operation.

Yes. Where circumstances require an operator to seek changes to an existing loan or where a loan is required for a balloon or residual, they may apply for refinancing.