There are many ways to finance your transport assets. All the major manufacturers offer finance though their affiliated finance companies. There are also companies that specialise in truck finance, and many of the well-known mainstream insurance companies also offer truck cover.

Summarised below are some of the ways to get your rig on the road.

Finance Lease

Key Points

• The lease company purchases the truck, and you effectively pay rent on it for an agreed length of time.
• Fixed monthly payments, making it easier to plan your costs
• Agreed residual value, so you know what your asset will be worth at the end of the lease
• No significant capital outlay at the start of the agreement
• Once the lease term is reached, you have the choice to re-lease the vehicle or purchase it. Often, the leasing company will offer you the chance to upgrade to a new vehicle.

Asset-Hire Purchase

Key Points

• Used by those who want to retain ownership of the vehicle at the end of the term.
• No significant capital outlay at the start of the agreement
• The flexibility to choose your final payment cost, thereby dictating your monthly costs
• This method of finance is available for both new and pre-owned vehicles

Asset Loan / Chattel Mortgage

Key Points

• The ownership is transferred to you at the start of the contract, just like a housing mortgage
• The size of your deposit influences the cost of your monthly repayments, just like a housing mortgage
• You can choose to have a final ("balloon") payment
• Your final ("balloon") payment can itself be refinanced; subject to the lending criteria applicable at the time of its due date.
• This method of finance is available for both new and pre-owned vehicles

NewTruckSearch.com.au recommends you seek professional advice on the finance options available to you. We also recommend you talk with more than one lender before you make this important business decision.