1 to 7 Years
& Private Sales
Application
Lenders
The truck loan calculator can help if your sticking to a budget or loan term.
Your credit rating and/or credit score will determine the interest rate you can receive. The higher the score, the better the interest rate. Your credit score is determined by factors such as: overall debt level and repayment history on loans and credit cards.
You can choose a truck or trailer loan term that’s suitable to your budget.
Many customers tend to choose commercial loans over longer terms so the repayments are low and manageable, but opt to repay higher repayments throughout. This provides flexibility in knowing your truck loan is paid off sooner and saves paying unnecessary interest.
If your committing to a higher repayments at the start of the loan, there is little room to reduce the repayments with lenders should anything happen throughout the term (loss of employment etc)
Secured truck loans offer the most competitive interest rates with loan terms ranging from 1 – 7 years. Secured truck finance is available for new and used trucks from medium rigid, heavy rigid, prime mover and trailers through dealerships, private and auction purchases. The truck is used as security for the loan which lowers the overall loan risk to the bank.
Unsecured commercial loans offer flexibility with loan terms ranging from 1 – 7 years. Unsecured loans can also be known as personal loans and can be used to purchase older model trucks through a private sale or if you want the flexibility to sell your truck or trailer without having to pay out the loan contract. These loans may have higher interest rates.
With your dedicated finance specialist at your side, your loan could be approved the same day and settlement within 24-48 hours.
You will need to provide ID documents and proof of income
Banks and Vehicle Finance Companies asses loans based on risk. What is the customer like? Are they going to repay the loan? How long have they been in business?
The age of the truck or trailer also determines the interest rate or loan term as older model trucks may be viewed as being harder to sell by the lender, should the customer default on their secured loan.
For example: A new to 2 year old truck will receive a lower interest rate than a 18-20 year old vehicle.
The car loan calculator is a guide only and does not take into consideration any potential monthly fees, establishment fees, credit check or vehicle check fees set by the lenders.
These fees are generally included in the loan borrowed amount and do vary from bank to bank.
For a detailed explanation of potential lender fees, contact our motorbike finance specialists on 1300 350 118.
Choosing vehicle finance is not as daunting as it could be when you have iCREDIT in your corner. Whatever your requirements and whatever your financial situation, we’re on your side. We’re backed by national buying power, which means that we’re in the best position possible to negotiate better, more affordable finance rates for you. Going through us is simpler, more affordable and more rewarding than going to banks directly for financing.
Whether you’re an owner operator buying a new or used truck or a company purchasing a fleet of trucks; Make the smart choice by talking to one of our dedicated finance consultants today to secure a loan without any business downtime.
You should however take into consideration that an online loan calculator is to be used as a Guide Only and may not include all fees and charges. Every effort has been made to ensure the accuracy of the calculator, however use and results are at your own risk. Banks and vehicle financiers will base their final decision on the vehicle age, the amount borrowed and the overall profile of the customer.
*Finance subject to approval, including the application of applicable lending criteria. Terms and Conditions apply. Fees and Charges are payable. Credit assistance provided by iCREDIT Australian credit licence 499023. ^Comparison rate for Secured Loan is calculated on a loan amount of $30,000 secured over a term of 5 years based on monthly repayments. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. **. Interest Rate: 5.49% Comparison Rate: 6.71%
