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If you are looking for truck loans in Brisbane, there are several things you should keep in mind as we enter 2024, which affect the truck market and the availability of truck finance.

Emissions Standards and Regulations

The increased emphasis on environmental sustainability can have a material impact on the affordability of a truck loan and its return on investment. Changes in emission standards and associated regulations that are in the works might impact the viability of your truck investment in the years to come.

Therefore, be aware of potential shifts in standards and how owning an emissions-heavy truck could affect its cost, as you might run into compliance issues.

Generally speaking, more fuel-efficient, environmentally-friendly models are in vogue and might even qualify you for incentives and discounts, impacting the overall return on investment throughout the truck’s lifespan. They also feature substantially reduced operating costs, although the upfront cost is higher.

Before purchasing a truck, look into the latest developments in this regard to choose a truck that yields the most value in the future, not just in the present. Importantly, emissions-heavy vehicles might be difficult to sell later on.

Interest Rates and the Factors That Affect Them

Current economic conditions are a little challenging, thanks to various external factors, both locally and globally. So, interest rates might be a little higher than usual.

However, interest rates can fluctuate fairly rapidly, which can significantly impact the cost of your financing. Therefore, when securing your loan, keep a close eye on economic conditions as they stand, including looking at things like the latest Reserve Bank policies, inflation rates and other economic health indicators.

Uncertainty in the economy can lead to more favourable interest rates, but robust economic conditions could cause interest rates to rise.

Your credit score will also play a significant factor in determining the interest rate that you might be able to achieve, impacting the cost of your loan. Working to improve your credit score before applying for a loan is advisable to ensure that you get the interest rate that best suits you.

Talk to your financial advisor about whether it is better for you to get a loan with a fixed interest rate or a variable interest rate.

Financing Used or New Trucks

Purchasing used trucks is generally cheaper than purchasing new ones. Used trucks often have outdated technologies and might have higher maintenance requirements. On the other hand, a new truck will cost more but might feature the latest technology. However, it will have a faster depreciation rate than a used truck.

It is important to weigh up the value of having the latest technologies versus having a used truck that offers better value for money over time. For example, a new truck might come with a warranty that reduces maintenance costs in the first few years. In contrast, used trucks have higher maintenance expenses but offer more cost-effective purchase prices and easier access to financing.

Tax Breaks For Business Vehicles

If your truck is considered a business vehicle, then, as a business owner, you might be eligible for certain tax deductions and benefits related to the depreciation of your truck’s value. The Australian Tax Office has guidelines detailing how business owners can claim depreciation expenses on business vehicles, thereby improving the overall cost of ownership.

If you are looking for the best possible truck loans in Brisbane, speak to us at iCREDIT today. We specialise in helping customers compare financing options to get the best deal available.

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