Here at iCREDIT, we can help you secure good truck loans in Brisbane by shopping around and helping compare quotes.
However, there are some important things to remember if you are going to apply for finance and get the truck that you need.
Your Credit History
As with anything that you aim to purchase on credit, your credit history is going to have an impact on the cost of securing financing.
Poor credit histories will either secure you unfavourable terms or might disqualify you altogether. Before applying for truck finance, it is a good idea to ensure that your credit history is spotless and in good shape. Taking out small credit somewhere and paying back faithfully can rectify your credit score if it is unfavourable.
Insurance
When applying for truck finance, it is important to factor monthly insurance costs into your budget. You will not only be repaying the loan for the vehicle every month, but you will also need to pay a premium every month for your insurance on the vehicle. Trucks, due to their size and cost, tend to have rather expensive insurance plans.
Maintenance And Repairs
When purchasing a truck, you also need to consider the cost of maintenance and repairs and factor this into your budget as well. Diesel engines, in particular, require a fair amount of maintenance at regular intervals. Truck tyres alone can cost a small fortune, which is why it is important to factor this into your budget.
Long Or Short Term
When purchasing a truck, you essentially have two options. On the one hand, you could go with a long-term loan, which will have smaller monthly instalments but, generally speaking, have a higher interest rate and perhaps even a balloon payment at the end. If you intend on using your vehicle for a really long time, then such a long-term loan might be better for you, as this will reduce your monthly expenses and make the whole thing more affordable – despite it costing more in the end.
However, to reduce your interest rate and overall cost of the vehicle, a shorter-term loan would be preferable with larger instalments. The important thing to remember is that you should not overcommit yourself so that you run into trouble.
If you are looking for truck loans in Brisbane, we here at iCREDIT are in a prime position to help you secure the best deal possible. Contact us today for more help!
