Question 1

What are the finance options for Mack truck loans?

Accepted Answer

Heavy vehicles can be financed with the choice of Hire Purchase, Chattel Mortgage, Lease and Rent-to-Own. Business owners select the credit facility that is compatible with the method of accounting used to prepare their business accounts and the preference for assets posted to the balance sheet. Interest rates vary with the different options and varying approaches to tax deductions apply.

Question 2

Can I have my financing approved ahead of ordering my Mack truck?

Accepted Answer

Yes. Applications for asset acquisition finance can be made prior to a vehicle being ordered. When seeking pre-approved financing, applicants will need to provide details of the vehicle under consideration to the lender. An estimate of the funding required will also be needed. Pre-approved loans are conditionally approved and finalised after the purchase is made.

Question 3

What is involved in applying for a Mack truck loan?

Accepted Answer

To apply for heavy vehicle financing, operators will need to hold an ABN, ID, and provide financial credentials on their business. The documentation includes bank statements, tax returns, BAS statements, turnover figures, profit and loss statements and annual accounts.

Question 4

Will my Mack truck loan payments be a tax deduction?

Accepted Answer

Payments for Leasing and Rent-to-Own loans are tax deductible. Chattel Mortgage and CHP do not have fully tax deductible payments, only the interest charge is a deduction. The vehicle is depreciated to deliver a deduction with CHP and Chattel Mortgage.

Question 5

Is finance on a Mack Anthem the same as for a Mack Titan?

Accepted Answer

The same loan products apply to all models of heavy vehicles. The specifics of a finance offer – interest rates, terms and conditions, are primarily determined by the credentials and credit profile of the business, not features of the vehicle.

Question 6

I’m setting up as a contractor, what is the best Mack truck loan for new businesses?

Accepted Answer

New businesses can select the credit facility that suits their business setup from Hire Purchase, Chattel Mortgage, Lease and Rent-to-Own. Where the new business does not have all the documents requested by lenders, they may source low doc options through finance brokers.

Question 7

Can I include financing a trailer in my Mack truck loan?

Accepted Answer

Where a trailer and vehicle are purchased as one unit from the same seller, they can usually be included in the one finance agreement. Where purchased separately, separate finance agreements are required.

Question 8

If I Lease a Mack truck, will I own the vehicle?

Accepted Answer

When leasing a heavy vehicle, at the end of the term, the borrower has the choice of finalising the residual payment to take ownership of the vehicle. During the finance term, the lender retains ownership while the borrower has full use of the vehicle.

Question 9

What is the deposit required to get a loan on a Mack truck?

Accepted Answer

The deposit required for heavy vehicle finance is dependent on the lender setting the maximum borrowing limit for the business. Where the price of the vehicle is above the borrowing limit, a deposit would be required to reduce the financing amount to the limit approved. Many operators can be approved for no deposit financing.

Question 10

What documents do I need to provide to get approved for finance on a Mack Truck?

Accepted Answer

To get approved for financing on a heavy vehicle, businesses will be requested to present financials including current accounts, annual accounts, tax returns, bank statements, profit and loss statements, asset and liability schedules, and BAS statements.

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