Question 1

What is the best tilt tray truck loan for a small operator?

Accepted Answer

All operators can apply for their choice of Lease, Rent-to-Own, Hire Purchase or Chattel Mortgage, regardless of the size of the business operation. The decision as to which is the best credit facility for any operator will depend on the method of accounting they implement and whether they want an asset the size of a heavy vehicle appearing on their balance sheet. All facilities offer tax benefits.

Question 2

Does the application for the vehicle impact the tilt tray finance?

Accepted Answer

What application a vehicle will be used for does not directly impact the loan specifics. The interest rate is offered based primarily on the credentials of the business. Lenders assess credit history and financials when making loan offers. There can be variations in interest rates for equipment depending on the industry. Requesting a quote is advisable to obtain accurate information for specific requirements.

Question 3

Will my tilt tray truck loan payments change at any stage?

Accepted Answer

Where vehicle finance is arranged with a fixed rate of interest over a fixed term, the monthly payments remain fixed and unchanged over the entire finance term. This is the most common practice with asset acquisition financing. Where a loan does have a variable rate of interest, there is potential for changes to payments with changes in the interest rate market.

Question 4

What is the tax benefit of Chattel Mortgage heavy vehicle finance?

Accepted Answer

Chattel Mortgage financing provides a tax benefit with deductible interest payments and depreciation of the vehicle. The ATO sets asset depreciation schedules. A percentage of the value is deducted as a business expense each year until the value is reduced to zero.

Question 5

What is required to be eligible for a no doc tilt tray loan?

Accepted Answer

No doc finance is a category of applicant describing a business without the usual financial documents to complete the commercial credit application. While it is expected that the business would not have annual accounts and tax returns, they will need an ABN and ID. What accounts records and other documents on the operation are available, should be presented to support the application.

Question 6

What deposit do I need for a tow truck loan?

Accepted Answer

Many operators can be approved for no deposit financing. This allows for the complete purchase price, as appearing on the dealer invoice, to be incorporated into the loan.

Question 7

Will I own the truck if I finance with Leasing?

Accepted Answer

At the end of the Leasing term, borrowers can choose to payout the residual and take ownership of the vehicle, or not pay the residual, hand the vehicle back to the lender, and relinquish any claim to ownership.

Question 8

Is GST added to tilt tray truck repayments?

Accepted Answer

GST is added to Leasing and Rent-to-Own payments, but not to Chattel Mortgage and Hire Purchase.

Question 9

What business financials are required to apply for tilt tray truck financing?

Accepted Answer

To complete the standard commercial credit application, businesses are required to provide annual accounts, tax returns, bank statements, profit and loss statements, BAS returns, asset and liability schedules and similar financial records.

Question 10

What assets will I need to put up as collateral for a loan for a tilt tray truck?

Accepted Answer

Asset acquisition credit facilities typically allow the asset being financed to be used as security for the loan. Lenders assess individual applications to decide if additional collateral or personal guarantee is required.

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