Key truck loan considerations
The right truck loan option will depend on your individual business needs and financial situation. Key considerations include:
- interest rates, fees and other finance terms and conditions,
- repayment flexibility to suit your business’ cash flow,
- the tax-deductibility of repayments,
- the finance term (shorter loan terms result in higher regular repayments, while longer terms have lower regular repayments, but you pay more interest),
- and whether it’s better to own or lease your vehicle. For example, leasing your truck may allow you to upgrade more easily when the lease term expires.
Key truck-buying considerations
Buying a truck is a big investment. In addition to your financial considerations, it’s important to buy a track that will:
- be cost-effective to run and maintain,
- be safe to drive,
- reflect your desired business image, and
- suit your business’ needs (for example, your truck buying options include prime movers, tilt-tray and refrigerated trucks, just to name a few).
How we can help
Truck financing is an important decision for many businesses, especially if you need a fleet of them. It’s important to understand the pros and cons of different truck-financing options so that you can choose the most appropriate one for your business.
It’s also important to understand that even a small difference in the terms and conditions of a truck-financing option can make a big difference to your repayments and to your business’ cash flow.
At ARG Finance, our experienced team of truck finance brokers can help you to find the right option. We’ll take the time to understand your business’ needs, goals and financial circumstances before recommending an appropriate lender and truck-financing option for you.
Contact us today to find out how we can help your business with truck financing