Question 1

What is the most affordable loan option to finance a Mercedes truck?

Accepted Answer

Mercedes-Benz heavy vehicles can be financed with Chattel Mortgage, Lease, Rent-to-Own and Hire Purchase. All credit facilities can provide affordable solutions. Operators need to select the facility that is best aligned with their accounting practices and business objectives.

Question 2

Is pre-approval on Mercedes truck loans available?

Accepted Answer

Yes. Most lenders will offer a pre-approved loan service. This involves applying for a loan before purchasing a vehicle. Applicants need to advise the lender of the type, age and specifics of the vehicle and the amount required for the loan. Conditional approval is given and the loan finalised post-purchase.

Question 3

What is required to apply for Mercedes truck financing?

Accepted Answer

To apply for commercial credit, businesses must have an ABN and identification. Lenders also require the financial credentials of the business including tax returns, annual accounts, bank statements and other documents. Credit histories are also reviewed.

Question 4

What is the most tax-effective loan for a Mercedes truck?

Accepted Answer

All commercial credit facilities provide businesses with tax deductions. The way deductions are realised varies across the range of loan types. Chattel Mortgage and Hire Purchase offer deductible interest and deductible depreciation of the asset. Rent-to-Own and Lease offer deductible monthly loan payments.

Question 5

What is the difference in financing an all-electric and a diesel Mercedes truck?

Accepted Answer

The same credit facilities can be used to finance electric and diesel heavy vehicles. The specifics of the loan including the interest rate, loan term, balloon and borrowing total is determined by the lender’s assessment of the business credentials, financials, and credit profile. Used vehicles can attract different loan specifics to new models.

Question 6

Can small, new businesses get loans for Mercedes trucks?

Accepted Answer

New and some small businesses may not have all the financial documents that are requested by lenders. They may also not have traded for the minimum period designated for approval by some lenders. In these instances, businesses may need to contact a broker or a specialist lender that offers no doc and low doc financing.

Question 7

Will my Mercedes truck loan cover the full purchase price?

Accepted Answer

Including the full purchase price of a heavy vehicle in a loan is known as no deposit financing. Approval of no deposit financing is subject to the lender approving the total loan amount required after assessing the credentials and finances of the businesses. Many operators can be approved for no deposit financing.

Question 8

What is involved in refinancing a Mercedes truck loan?

Accepted Answer

Refinancing a heavy vehicle loan involves sourcing a new financing arrangement to replace the existing credit arrangement. Applications are assessed on the current financial position of the business and current rates apply. The full payout figure on the existing loan is included in the new loan. Fees may apply for finalising the current arrangement early and fees will apply for the new loan arrangement.

Question 9

What deposit will I need for a loan on a Mercedes truck?

Accepted Answer

The deposit required for a heavy vehicle loan will depend on the borrowing amount approved by a lender for an individual business. This is subject to individual lender guidelines and individual business financial credentials.

Question 10

What terms are available on heavy vehicle loans?

Accepted Answer

Terms on heavy vehicle loans are subject to individual lender assessments of the application. 7 years can be used as a guide as a typical term.

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