FAQs

For the purposes that the calculator has been designed for, simply enter the interest rate that is advertising for truck finance. This rate is displayed on several web pages and will change as conditions change and the rates change. The interest rate advertised is the best rate achievable on that particular day and the rate that we can achieve on your truck loan may be higher. You can also change the interest rate and enter another value to see how the repayment estimate changes based on different interest rates. This provides a useful resource to compare interest rates as advertised by other lenders.

The calculator can be used to calculator repayment estimates for most of the portfolio of commercial finance facilities. You can use the calculator to estimate repayments on Chattel Mortgage, Truck Leasing, Truck Commercial Hire Purchase and Rent to Own finance products. Each of these has the option for a balloon, residual or buyback which you can include in the calculator. If you are requiring a low docs, no docs or bad credit truck loan, you are welcome to use the calculator as a guide only and to see how truck purchase prices vary in terms of repayments. However, use the calculator with the understanding that these types of loans may attract a higher interest rate than our current advertised rate and other conditions.

Commercial finance products that apply for truck loans include the option for a portion of the purchase price to be set aside for payment at the end of the loan term. This is referred to as the balloon for a Chattel Mortgage, a residual for leasing and the buyback for rent to own or rent to buy loans. This amount is discussed in terms of a percentage of the purchase price rather than a set dollar figure. Some lenders will have guidelines around the percentage they will agree to but that is handled with individual loan applications. When using the calculator, you enter the full amount you want for your loan, in most cases that will be the full purchase price, possibly with rego and other delivery charges included. You then enter a percentage for the balloon and in the calculator is formulated to allow for the balloon in calculating the repayments. The balloon amount is due for payment at the end of the loan term.

Low Docs and No Docs refer to truck loan applicants that do not have all the financial documentation that is requested by most banks and lenders for a truck loan. If you don’t have all the docs, and offer can still be sourced through non-bank lenders. The interest rate applied to a low docs or no docs loan may be higher than the rate currently shown and/or extra conditions will usually apply. You can still proceed to use the calculator with our advertised rate to get a rough idea of repayments, with the understanding that the offer you receive may differ from the result generated.

Yes, you can use the calculator for all different types of trucks – light, medium and heavy vehicles and regardless of the body or trailer. It is applicable to truck trailers, semis, refrigerated trucks, Pantechs, crane trucks, tippers, tow trucks, recovery trucks, B-doubles, long haulers – the lot! If you are purchasing a truck and trailer from separate sellers but at the same time, we should be able to combine both in the same loan. So you can enter the total amount you want for your combined loan when calculating the repayment estimate. Be mindful that every truck loan application is treated individually and if you are buying a used truck, the loan conditions may vary from a new truck.