Used Truck Finance

It is the same as a typical truck loan; however, the loan is more tailored towards used trucks. They help you buy a second hand truck for your business. You repay it over time, usually in monthly instalments. You can own the truck from day one or at the end of the loan, depending on how it’s structured.

We can help you finance most heavy vehicles used to generate income and have a re-sale value. These include:

• New trucks
• Used trucks
• Prime movers
• Flatbed trucks
• Semi-trailers
• Concrete trucks
• Tankers
• Garbage trucks
• Mobile cranes
• Livestock transporters
• Water trucks
• Tow trucks

We can also finance any common attachments, including trailers.

If you’re reading this then you’re already on your way to getting the best truck finance deal in Australia. Landing the best deal comes down to a few key factors – getting the right price on your truck, structuring your loan appropriately, accessing the lowest rates and best terms, and working with a broker to support you on all the finer details.

Here’s a list of common advice we give our clients:

• Shop around with multiple lenders without hitting your credit file (never settle on one)
• Get as much paperwork ready as possible (tax returns, financials, driver’s license, etc). Our team will tell you whether you’re better off going full doc, low doc, or no doc before applying.
• Keep your credit score healthy since it’s a major factor in your eligibility and rate.
• Consider a larger deposit if possible – this often leads to better rates but it is not required.
• Look at the total cost, not just the monthly payments.
• Chat with an asset finance broker – they often have access to deals you won’t find on your own.

Yes. We’ll need a bit more info, like the VIN, rego, seller details, and a roadworthy certificate. It’s a common setup and we handle the legwork.

You may need to provide the lender with the following:

• Proof of identity from the seller
• Proof of ownership of the vehicle (registration letter, etc)
• Photo verification of the VIN or engine number, license plate, condition of the truck, etc
• In some cases, the lender may require a mechanical inspection

When choosing a truck loan broker in Australia there are some essentials you’ll need to be aware of. Firstly, all brokers should be FBAA or MFAA-accredited brokers. Secondly, they should also have the relevant qualifications and industry experience. On top of this, a good broker should:

• Have close relationships with multiple lenders, not just their preferred lenders
• Take time to understand your business, goals, and truck specifications
• Be upfront about all rates, fees, processes, and charges
• Know the ins and outs of different finance structures (e.g. chattel mortgage vs commercial lease)
• Understand the tax implications for your business of each loan structure
• Fights to get you the best deal possible and conditional approval ASAP
• Understand current ATO position on tax deductions and other related initiatives

Most importantly, they should speak your language – if the broker can’t explain how the loan works without using fancy jargon, keep looking.

Reducing the repayments on any truck loan comes down to a few core factors:

• Having a larger deposit to reduce your loan size
• Finding a better deal on your truck
• Extending your loan term (e.g. from 5 years to 7 years)
• Getting a better rate (which our team will help with)
• Securing a truck in good working condition with a higher resale value

The short answer is yes!

We believe comprehensive truck insurance is mandatory.

Beyond meeting basic legal requirements, comprehensive truck insurance protects your business investment and livelihood if something goes wrong. Most lenders also require proof of insurance before approving finance.

Yes – sole traders can also get truck loans fairly easily.

However, you will likely get the best deal if you have property or some other asset to guarantee your loan. On top of this, it’s unlikely that you will be able to receive the same tax advantages as a proprietary limited company.

Yes, just because you have a bad credit score does not mean you are ineligible.

Our team specialises in helping you purchase a truck with the right loan, even with a bad credit score or credit history. Please keep in mind that a bad credit score tends to attract higher interest rates and less favourable finance solutions.

Please schedule a 20-minute discovery call with our team today to learn how we can help you.

There are various types of truck financing options that our team can help you with.

However, the main ones include:

Chattel Mortgages: This is the most popular choice for most businesses. With this type of loan, you own the truck from day one, however, the lender has a mortgage over the asset. The good news is that you can claim GST upfront and take advantage of tax deductions on interest payments and depreciation.

Finance Leases: Another popular option is a finance lease. This is an arrangement in which you rent the truck from the lender with set monthly payments. It’s a great option if you want lower monthly payments and you plan on upgrading regularly. The payments are generally tax-deductible but you will not own the asset (i.e. won’t be on the balance sheet).

Commercial Hire Purchases: This is similar to a chattel mortgage although you won’t own the truck until the final payment (also won’t be on the balance sheet until the final payment). It still has fixed monthly payments, and payments can be tax deductible.

Operating Leases: This arrangement means the lender owns and maintains the truck while you make rental payments. It’s only ideal if you want to avoid maintenance costs (plus other expenses) and regularly upgrade your vehicles.

Reach out to our team today for a personalised recommendation and free quote.

Stacked Finance is focused on the commercial market as opposed to consumer.

This means we only help Australian businesses obtain equipment loans or business loans.

Whether you need a new asset like a vehicle, trailer, or digger, we can help. Our team is also skilled at providing working capital loans, cash flow finance, unsecured loans, startup loans, or any other specific type of business-related funding.