Question 1

What is the best loan product to finance a Volvo truck?

Accepted Answer

Heavy vehicles can be financed with any of the asset acquisition credit facilities which include Lease, Rent-to-Own, Commercial Hire Purchase and Chattel Mortgage. The best option is the one that is best suited to the accounting methods and approaches taken by the business entity.

Question 2

Is financing the same for diesel and electric Volvo trucks?

Accepted Answer

The same financing products can be used to fund purchases of both electric and diesel vehicles. Variations in interest rates and loan terms and conditions may occur for used compared with new vehicles.

Question 3

What are the eligibility requirements to apply for Volvo truck financing?

Accepted Answer

To be eligible for commercial credit, businesses will need an ABN and provide documents on the financial position of the business. Lenders will advise the documents they require from individual applicants. Credit profiles are also reviewed by lenders.

Question 4

What is involved to refinance a Volvo truck loan?

Accepted Answer

To refinance a heavy vehicle loan, businesses apply to a lender or through a broker for a new financing arrangement to replace the existing loan. An offer is sourced by the broker or lender to cover the outstanding amount on the loan and the fees involved. Refinancing is based on used vehicle rates and subject to the vehicle being assessed as suitable collateral.

Question 5

What is the difference in financing a new and a used model in the Volvo truck range?

Accepted Answer

The same credit facilities are used for new and second-hand heavy vehicles. New vehicles are generally accepted as collateral. Used vehicles are assessed by lenders as suitable collateral and when setting a borrowing limit. Rates can also vary.

Question 6

What is the best way for a new business to get approved for a Volvo truck loan?

Accepted Answer

New businesses without all the documents required by lenders can source low doc options through brokers and specialist lenders.

Question 7

Can I have the full price of my new Volvo truck included in my finance?

Accepted Answer

Borrowing the full price of a new vehicle is subject to lender approval, but is generally approved for operators with good credit and financials.

Question 8

Will my Lease payments be a tax deduction?

Accepted Answer

Yes. Monthly Lease payments are treated as a business expense by the ATO and as such are tax deductible.

Question 9

Will I need to put up other assets to get approved for a loan on a new truck?

Accepted Answer

Lenders assess vehicles as suitable loan collateral and individual applications for the security required for loan approval. Most new vehicles are accepted as security. Businesses with strong financials and good credit are generally not required to provide additional collateral.

Question 10

How do get estimates on a Volvo truck loan before contacting a lender?

Accepted Answer

Buyers can get loan estimates by using an online heavy vehicle loan calculator. These devices are provided by brokers and lenders that operate in this lending market.

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