Truck Refinancing for Better Rates

When refinancing a truck loan, operators may choose to have the new loan with the same or a different commercial credit facility. We provide the full range of products – Lease, Rent-to-Own, Chattel Mortgage and Commercial Hire Purchase. These facilities can suit refinancing where the vehicle is accepted as suitable collateral. Where the vehicle is not considered acceptable loan security, we can source quotes and offers on versatile Unsecured Business Loans.

When arranging refinancing with secured credit facilities, we source the lowest fixed interest rates from across our vast lender base, ensure a fixed term, and a fixed repayment schedule. Refinancing allows for balloons, residuals, and buybacks and all features, including the relevant tax deductions, can be realised.

For a quote to refinance truck loans with the same or a different credit facility, contact us.

• Secured and unsecured credit facilities available.
• Refinancing truck loans with Lease, Chattel Mortgage, Rent-to-Own, CHP.
• Lowest fixed rates from across vast lender market.
• Fixed terms, fixed repayments.

The process of changing an existing financing arrangement can be complex. As specialists in this lending area, we take a personal, individual approach to ensure all customer requirements are addressed. Key to achieving the desired improved outcome can be connecting with the right lender. Through our accreditations with 80+ lenders, we have the resources and the expertise to find the most suitable lender for each customer.

Focussing on customer objectives, our expert brokers negotiate with lenders to secure the lowest rates, the targeted term, and a new repayment schedule that works with cash flow. Securing heavy vehicle refinancing solutions that work for the business.

To have our experts working in your best interests to secure a cost-effective truck refinance solution, connect with us online or by phone.

• Best truck refinance rates from 80+ lenders.
• Specialist heavy vehicle refinancing lenders.
• Individual service, personal attention.
• Expert brokers, 25+ years of experience.

Our streamlined finance application process simplifies what can be a complex and confusing process. To refinance a truck loan, operators will need to complete the commercial credit application form which includes providing documentation on the current financial position of the business. Current credit scores and history will be reviewed by lenders.

Our broker contacts your existing lender for a pay-out figure on the current truck loan. This figure will typically be covered in the refinanced loan. Lenders will be assessing the value of the vehicle as used goods, against the amount requested, when approving loan limits.

We will then source the right lender, best rates and best quote for the refinancing. Interest rates on truck refinance are based on rates for used vehicles, even where the vehicle was new when originally purchased and financed.

The offer is presented to our customer for consideration, with no obligation. Where we consider there is no benefit to be gained from refinancing, we do not recommend proceeding. But the final decision is with the customer.

When our offer is accepted, we handle settlement. That involves finalising the loan with the existing lender and the new loan with the new or the same lender. The entire process is handled swiftly, professionally and with the key objective to obtain a better outcome for our customer.

For a quote on your truck refinancing requirements, contact us.

• Streamlined truck refinance application process.
• Fast 24 hour approvals.
• Expert brokers to handle entire process.

Knowing whether or not refinancing truck loans is the right move for your operation requires consideration of numerous factors. Reviewing the current position of the business and whether or not a change to the truck financing will improve that position.

An important consideration is that the vehicle will be assessed for suitable collateral and for interest rates, as a used vehicle. There are also the costs incurred with finalising an existing loan prior to the end of a fixed term to be considered. These will need to be covered in the loan total along with the new lender charges. The loan total required may be higher than anticipated.

If the existing loan was secured as a No Doc, Low Doc or bad credit loan, and circumstances for the operator have improved considerably over the first few years of a finance agreement, the prospects for an improved finance arrangement may be exceptionally good. Allowing the operator to develop the business with more affordable funding.

Refinancing a balloon can be a very cost-effective move compared with covering the amount payable from existing cash reserves. Allowing potential tax benefits and better cash flow planning moving forward. Changing a loan term through refinancing can either free up assets under finance earlier which may allow greater capacity to take on new credit to purchase new assets.

For a detailed discussion around considerations and benefits of truck refinancing, speak with one of our brokers.