FAQs

New businesses may not have all the documentation or have traded long enough to meet eligibility guidelines of some lenders. They can contact a broker to source low doc and no doc funding through specialist lenders.

Operators have a choice of Commercial Hire Purchase, Leasing, Chattel Mortgage and Rent-to-Own to fund tractor purchases. The best option is the credit product that suits the method of accounting used by the business and the business owner’s approach to their balance sheet and their individual objectives and preferences.

Applications for machinery financing can be submitted prior to a purchase, based on an estimate of the funding required and an indication of the vehicle details.

Asset acquisition funding allows for the goods being financed to be used as collateral. Many businesses are not required to offer additional security. This decision is subject to the lender assessment of the individual application.

Rent-to-Own and Leases have fully tax deductible finance payments. Commercial Hire Purchase and Chattel Mortgage deliver tax deductions when the asset is depreciated.

Used heavy vehicles can be financed with asset acquisition credit facilities where the lender approves the unit as suitable security. When not accepted as security, other credit facilities such as business loans may be considered.

Asset acquisition financing attracts a fixed rate of interest. It does not change over the time the loan is being repaid.

Full ownership of financed vehicles is transferred to the borrower when all payments on the loan are finalised. With Chattel Mortgage the ownership is transferred to the borrower on settlement, but the lender holds security over the goods until the loan is finalised. With Leasing, the residual must be paid in order to take full ownership.

An online calculator may be used to calculate loan estimates to compare different units at different prices.

The cost of attachments may be included in a vehicle loan where purchased concurrently from the same dealer, as the vehicle.