You’ve a new business or else a burgeoning one in that you need to expand, but you might not have the funds to purchase a new truck. A new truck, however, would be your best investment in order to meet the needs of your clientele. Or even your present needs are not being met because you have an older truck, or even one costly in repairs. So as to help you with the crucial business investment, there are so many ways which are available for you in Australia.
One option is to lease finance your truck, which means the truck will also be bought by the finance company, who will then rent or else lease the truck to you for a particular period of time. The truck is owned by the finance company, that releases you from some liability, and there exists some programs which allow you to lease-to-own the vehicle, which means at the end of the fixed period you might be able to take on the ownership of the truck.
Another option is to hire purchase the truck, that is an arrangement whereby you would pay for the truck in monthly installments. The truck is owned by the lender (not a finance company), and you make regular payments for the piece of property while retaining the rights to possess and even use it for your business needs.
This is a popular substitute since repayment schedules are flexible, and also after the final payment is made, ownership is automatically transferred to you.
Lastly is the option of chattel mortgage, which is much like home mortgages in that you take on ownership of the truck when you purchase it, and once the loan has been repaid the mortgage is removed. It is similar to hire purchasing the truck, except that the title actually belongs to you as owner, and even mortgage contracts has a more complex fee structure. Balloon payments at the end of the term make this a popular option as well.
The different options you select varies with respect to the circumstances and even the requirements, and even what is preferable to you. Other than take the first agreement that you could find, it’s prudent to talk with someone, just like a broker, who can analyze your situation and even determine which method would be most cost-effective for your situation, and help you to tailor a loan plan that fits your present needs, objectives and also business plan.
http://www.truckfinancecentral.com.au/ has been created to make it easier for people and businesses across Australia to secure the best finance plan for trucks. At Truck Finance, there are brokers available who have the experience needed to tailor truck financing to the needs of the company, and they can be reached by phone during business hours or through an email. For more information on Truck Financing, feel free to visit http://www.truckfinancecentral.com.au