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When Driving Means Business
Unsure which truck is right for your business? Dynamoney has a specialised team of expert brokers who can help guide you through the requirements for obtaining truck finance. Whether it’s a Cab Chassis, Curtainsider, Prime Mover or Tipper truck, talk to us today for truck financing options to get back on the road sooner.
Am I eligible?
Approval requirements for truck loans are:
- Commercial applicants
- Minimum trading 12 months GST registered
Truck Finance Calculator
To find out your estimated truck finance repayments, why not try our calculator? Our truck finance calculator allows you to easily estimate your new truck finance repayments when taking out a loan for a new or used truck with Dynamoney.
Disclaimer: Dynamoney Limited, its agents, employees and accredited lenders will accept no responsibility for any loss that may arise from the information provided in our calculcators until such time as a firm offer is made. While we make every attempt to give you the best possible tools and information, the calculators do not include fees & charges.
Pros and Cons of Truck Finance
There are many advantages and disadvantages of truck finance, and it can be daunting to wrap your head around. To help make the decision a little simpler, we have created a list of pros and cons of truck financing.
Truck Finance Pros:
Purchase a truck today, pay for it tomorrow
The biggest benefit of truck finance is that you can purchase a new or used truck without having to put money down upfront. This allows you to invest your money into something else in your business.
Enhance your credit history
Truck finance allows you to build and improve your credit history. As long as you pay for your repayments on time, your credit score will increase. A good credit score can help you with future finance, like a business loan.
Tax deductions
Since the truck will be for business purposes, the interest payable and running costs can be tax deductible. The amount of the costs you can claim is based on the percentage used for business purposes.
Truck Finance Cons:
Interest rates and fees
Compared to purchasing a truck outright, you will be required to pay interest and fees over the repayment period. However, rates are quite reasonable, so be sure to shop around for the best deal.
Depreciation
Vehicles are notorious for depreciating in value, and trucks are no exception. In some cases, the amount that you owe can be higher than the market value of the truck, which can be a problem if you want to upgrade mid loan term.
Owned by the bank
If you fail to meet your repayment deadlines, the truck will be at risk of being repossessed by the lender. If this were to happen, it would negatively impact your credit history.
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- Establishment, service, and documentation fees apply. For applications submitted before 10 am. Interest only payable on drawn funds. Terms and conditions apply. Please contact our team on 1300 001 420 for details.
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Australian Credit Licence: 521900