FAQs

With commercial heavy vehicle lending products, the lender accepts the vehicle as the security for the funding. With some used vehicle purchases and for some applicants, lenders may request further security be provided.

Approving total credit amounts is subject to individual lender decisions. Many lenders will approve the full purchase price or no deposit funding on prime mover purchases.

Operators setting up usually do not have complete financials and/or have not traded for the minimum time as specified by some banks and lenders. To receive funding, they can contact brokers and/or specialist lenders that offer no doc options.

Online calculators only have the ability to calculate estimated repayments. They do not have the functionality to allow for lender charges and variations in the credit profiles of users. Offers can be higher than calculator results.

Yes. Rates are offered based on an assessment of the applicant and the vehicle being purchased. As long as the vehicle stipulated in the pre-approved application is the one purchased at auction, the rate should be the same as after-purchase applications. Pre-approved applications are available for a designated time period. After an offer expires, it may be re-quoted at a different rate if rates change in the interim.

Yes. Buyers can use credit calculators as provided by brokers and lenders to calculate estimates on payment for all types of credit facilities.

Yes. The same asset acquisition funding facilities can be used to purchase all types of commercial assets including prime movers with various fuel systems.

The tax deductions vary with the credit facilities. Chattel Mortgage and Commercial Hire Purchase have deductions when the vehicle is depreciated over time. Interest is deductible. Lease and Rent-to-Own have tax deductible monthly repayments.

Terms approved are subject to lender approval. 7 years or 84 months is a typical maximum.

Yes. Where the prime mover and the trailer form one purchase concurrently from the same supplier, they can usually be included in the same funding facility.

Not in all cases. The condition and age of the prime mover is taken into account when a lender assesses the application for approval and to make a rate offer. Rates offered are always subject to the individual guidelines of the lender.

Operators have a choice of Lease, Rent-to-Own, CHP and Chattel Mortgage to fund prime mover acquisitions. The best option will be the one that suits the accounting method and approach to tax and balance sheet.