Question 1

What is the most suitable type of loan for tipper truck?

Accepted Answer

Heavy vehicles may be financed with the choice of Leasing, Rent-to-Own, Chattel Mortgage and Commercial Hire Purchase. The most suitable credit facility is the one that is aligned with the method of accounting used by the business and the business’ approach to tax deduction and the balance sheet.

Question 2

Does the type of industry affect getting approved for a dump truck loan?

Accepted Answer

Some lenders will offer different interest rates and financing conditions depending on the industry that the business operates in. These variations can arise from the level of risk that individual lenders may assess for certain industry sectors.

Question 3

Do tipper truck loan interest rates change during the repayment term?

Accepted Answer

Heavy vehicle financing is asset acquisition credit and is generally offered by lenders with a fixed rate of interest. Where a fixed rate loan is secured, that rate will not change during the financing term. Where an unsecured loan product is secured, this type of credit may be offered with a fixed or a variable rate. Where a variable rate loan is secured, the rate is subject to change based on lender interest rate changes.

Question 4

What is the tax deduction on Rent-to-Own vehicle loans?

Accepted Answer

Rent-to-Own asset acquisition financing provides a tax deduction with fully deductible monthly payments. GST is applied to the payments and can be claimed by eligible businesses.

Question 5

What is the eligibility requirement for low doc heavy vehicle financing?

Accepted Answer

The basic requirements to be eligible for loans without financials are to have a current ABN and identification. Any financial documents and trading records that are available, such as accounts and bank statements, should be provided to support the application, but are not always essential.

Question 6

Does the type of truck affect the loan?

Accepted Answer

The type of heavy vehicle being financed may impact any loan offer in some cases. Differences in offers are found with new and second-hand vehicle loans. The same loans typically apply for all makes and models of new heavy vehicles.

Question 7

What is the deposit requirement for a tipper truck loan?

Accepted Answer

The deposit required for a heavy vehicle loan is dependent on the lender’s assessment of the loan amount requested in relation to the financial position and credit history of the business. Many applications can be approved with no deposit, meaning, for the full purchase price.

Question 8

I’m buying chassis cab and tipper body separately. What finance will suit that set-up?

Accepted Answer

Where the chassis cab and the body are acquired through the same dealer at the same time, they may be financed in the one credit package, subject to individual lender requirements and specifics of the purchase. Where purchased from separate suppliers at different times, separate loans may be required.

Question 9

What credentials and documents will I need for a tipper truck loan application?

Accepted Answer

To complete the commercial credit application form, businesses are required to provide a range of documentation on their financial position. These documents include tax returns, annual accounts, BAS returns, profit and loss statements, asset and liability schedules, trading figures and similar. Individual lenders may request additional information.

Question 10

What collateral is required to get approved for dump truck financing?

Accepted Answer

The collateral requirements for heavy vehicle loans are dependent on individual lender approval of the business credentials and the vehicle. Most new vehicles will be accepted as suitable collateral and often as the only collateral. Some applicants may be required to provide additional assets as extra collateral.

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