Better cash flow
As interest rates continue to rise, refinancing your truck loan could help you better manage your cash flow. This is because it will generally reduce your monthly payments and free up room in your budget for other financial goals.
Truck Loan Refinance: Find Cheaper Rates, Better Terms
Whether you’re looking to get a more competitive interest rate, shorten the term of your loan, or switch from a fixed interest rate to variable interest rate (or vice versa) – refinancing your truck with Jade Finance could provide substantial benefits.
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Improve Your Truck Loan Terms with Refinancing
What is refinancing? Refinancing involves revising your loan agreement to make favourable changes to the interest rate, payment schedule, or other terms outlined in the agreement. Under a refinance, you will receive a new contract that replaces the original agreement. Refinancing is typically a good idea when the interest rate environment changes.
By refinancing your truck with Jade Finance, you may be able to receive a better interest rate, lower repayments, and flexible terms.
Boost Your Business Growth With Truck Refinancing From Jade Finance
Many other benefits could also emerge through this process including better cash flow, increased savings, easier budgeting, and boosted business growth.
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Increased savings
Truck loan restructuring can be used to take advantage of a lower interest rate. This could potentially save you thousands of dollars depending on the amount of time you’ve had your loan and the difference in your current rate compared to the refinance rate. By taking advantage of a lower interest rate, you could boost your savings significantly.
Make budgeting easier
Budgeting is the process of creating a plan for your income and expenses. It involves allocating certain amounts of your income towards bills, food, and other expenses. By refinancing your truck loan, you will be able to re-allocate these funds to where they are most needed.
Boost business growth
By refinancing your truck loan with Jade Finance, you could also boost the growth of your business substantially. This is because when businesses refinance their existing debts, they can often extend their repayment terms which can lead to lower monthly payments and improved cash flow. By obtaining additional capital in this way, you could unlock the ability to fund initiatives for business growth, create an emergency fund, and even explore new markets.
Understanding the Basics of Refinancing
When an existing loan is revised and replaced with a new one, it is called refinancing. Typically by refinancing, a borrower will enjoy more favourable terms such as lower interest rates, longer repayment periods, or both. A borrower might choose to refinance to reduce their monthly payments on a loan, save on interest costs, or change the type of loan they have. Prior to refinancing a loan, borrowers should:
- Evaluate their current financial situation.
- Review existing loan terms.
- Partner with Jade to shop around for the best rates and terms.
- Consider their financial goals.
- Understand any associated costs and fees.
Truck finance guides and resources
Our guides offer quick comparisons and simple explainers to help you cruise through the financing process with confidence.
Business Finance
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![A red Kenwood truck parked on a gravel road]()
Our Truck Loan Refinance Options
As a business owner, you don’t have to feel trapped if you have a truck loan that doesn’t suit your evolving financial circumstances. If you’ve checked the status of your loan and think a refinance could give you a better deal, our truck loan restructuring specialists are ready to help.
With Jade Finance, truck refinancing is a quick and easy process that could save you and your business a lot of time. Jade Finance has a range of commercial refinancing products for both new and used truck loans including chattel mortgage, commercial hire purchase, and no deposit refinancing.
Chattel Mortgage
Chattel mortgage is a popular and commonly used commercial loan for refinancing a truck. Offered for a range of purposes by all major Australian banks and many lenders through the brokers at Jade, a chattel mortgage on your truck purchase is a similar concept to a mortgage on a home. Your truck, referred to as the ‘chattel’ is used as security against the loan. On signing the chattel mortgage agreement – you take ownership of your truck straight away and make monthly repayments as per the agreement. Refinancing your commercial truck loan with chattel mortgage could provide:
- Lower interest rates
- Reduced monthly payments
- Improved cash flow
- Better loan terms
- Access to equity
- Tax benefits
- Flexible repayment options
Commercial Hire Purchase (CHP)
Jade Finance also offers the ability to refinance your commercial truck loan with CHP. In a CHP agreement, you will set a fixed monthly payment amount for a specified term, and a residual value will often be included. By refinancing with CHP, similar benefits to chattel mortgages can be achieved, with the addition of fixed payments for easier budgeting and ownership benefits at the end of the CHP agreement.
No Deposit Refinancing
Ease your business’ financial pressures by refinancing your truck loan via a no deposit loan. This type of truck loan restructuring eliminates the need for a down payment. Our brokers can discuss this option with you and highlight the upsides and considerations relevant to this refinancing decision.
Get in touch today to explore your options with a specialist broker at Jade.
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![A truck with a large solid side trailer hauling freight down a highway through the green rolling countryside]()
Benefits of Refinancing a Truck Loan With Jade
At Jade, we try harder for our customers. As professional brokers, we work for you and use our negotiating skills and strong bargaining power to secure you the best deal through our vast selection of lenders with competitive interest rates. To secure the best truck refinancing deal for you, our brokers closely familiarise themselves with your business goals and background to help produce a swift, tailored, and responsive service that respects your unique needs.
- Cheap rates
- Tailored service
- Fast approvals
- Expert advice
- Flexible repayment terms
- No deposit options
- New and used trucking finance
To explore your refinancing options for your commercial truck loan, talk to our expert brokers at Jade Finance by calling us on 1300 000 003 or request a Quick Quote.
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What Does Refinancing a Balloon or Residual Mean?
A balloon payment, also known as a residual payment, is the final amount due on a loan that is structured as a series of small monthly payments. The ‘balloon’ is a single much larger sum due at the end of the loan period.
Finance with residual is a loan product that offers lower repayments throughout the loan term and is popular among those seeking lower weekly, fortnightly, or monthly repayment structures. A balloon can often help individuals maintain a reasonable cash-flow or savings and are offered as an option for home mortgages, auto loans, and business loans.
As the term ‘balloon’ hints – the final payment on this type of loan can be quite large. However, this sum is dependent on the length of the loan term, asset type, and the value of the asset. If you get to the end of your loan term and you can’t afford your residual payment, you can refinance it into smaller regular monthly payments similar to the original loan. There are a variety of advantages and disadvantages to consider when refinancing in this way.
| Residual Payment Pros | Residual Payment Cons |
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With Jade, refinancing could help you restructure your existing loan to take advantage of lower interest rates, extended repayment periods, potential debt consolidation, change in loan type, and/or access to equity. By partnering with one of our highly skilled brokers, you can discuss the costs, benefits and potential risks associated before signing a refinancing agreement.
Discuss your questions with a broker at Jade.
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THE INTEREST RATE IS CALCULATED ON A SECURED LOAN PREDOMINATELY FOR BUSINESS USE, EFFECTIVE 19/09/2024 AND SUBJECT TO CHANGE. WARNING: THE INTEREST RATE IS TRUE ONLY FOR THE EXAMPLES GIVEN AND MAY NOT INCLUDE ALL FEES AND CHARGES. DIFFERENT TERMS, FEES OR OTHER LOAN AMOUNTS MAY RESULT IN A DIFFERENT INTEREST RATE.
We work harder to secure the best rates.
Truck Loan Refinance FAQs
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You do not have to refinance with the same lender you worked with for your original loan. If another lender is offering a better rate, you shouldn’t feel like you have an obligation to go to the same lender. Choose the lender that is offering the best deal for your circumstances.
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Refinancing involves moving from one type of loan to another with a different rate or terms. It can be with either your current lender or a new lender. When refinancing, the terms of the existing loan are revised. Refinancing is typically done when interest rates fall.
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Yes. Refinancing can occur for a variety of reasons with more beneficial repayments, rates, and terms a key part of what it entails. Typically borrowers will refinance to lower their monthly repayments over a longer term, but it can also be done the opposite way by increasing payments over a shorter term.
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Some costs that could be associated with refinancing your truck loan could include exit/break fees, application fees, and valuation fees. Depending on your circumstances and who your lender is, you could incur additional fees and charges so be sure to take these into account before refinancing.
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The best time to refinance your truck loan is when interest rates are low. This will enable you to save money on a new loan compared to your original loan.
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Jade offers a variety of commercial finance products available for refinancing including chattel mortgage, truck leasing, CHP, and rent to own. Each of these lending products have key benefits with regard to GST, tax deductibility, and depreciation.
When establishing your existing truck loan, you would have hopefully achieved the best loan for your business at that time. Since then, your current financing may no longer suit your operations and a refinance could be your best option.
Refinancing allows you to change your truck loan product. For example, if you currently have truck CHP, you could change this to a chattel mortgage.
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One of the main reasons borrowers may choose to refinance a vehicle like a truck or car is because they want to enjoy a lower interest rate and/or better loan term. By using one of our experienced brokers, you can enjoy the ease and accessibility of securing a lower rate for your truck loan.
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If your credit score has improved, you have changed careers, want to add or remove a co-borrower, or your situation has changed in other ways, refinancing could be something to consider. Your changed circumstances may help you secure a lower interest rate with another lender, thus reducing your payments. If interest rates have dropped, its also a good time to refinance.
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The terms available on refinanced truck loans can vary depending on several factors including your credit score, the lender’s policies, current interest rates, and the value of your truck. Generally speaking, terms can include interest rate, loan length, monthly payments, fees and charges, loan amount, and down payments. When looking to refinance your truck loan it is important to shop around to determine if you are getting the best deal available. By partnering with a broker at Jade Finance, we do the hard work for you to secure the best deal possible for your circumstances.
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Balloon payments are sometimes offered as an option on refinanced truck loans. It is a larger, final payment due at the end of the loan terms that exists to reduce monthly payments on a loan. Balloon payments mean you will owe a significant amount at the end. This option when refinancing might be available depending on the lender and the terms that they offer.