UNSECURED BUSINESS LOANS

FOR TRUCKS

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Unsecured Business Loans   

Understanding Truck Loan Options

Embarking on the journey of acquiring commercial trucks and trailers for your business is an exciting venture, and unsecured business loans provide a flexible financial avenue to turn this vision into reality. In the realm of truck and trailer purchases, unsecured loans offer businesses the freedom to obtain the necessary funds without pledging collateral. This means that your valuable assets remain untethered, providing a layer of financial flexibility.

COMMON QUESTIONS

About Unsecured Business Loans for Trucks

What is an unsecured business loan for trucks?

An unsecured business loan for trucks is a financing option that doesn’t require collateral. It provides funds for acquiring trucks, allowing businesses to secure the necessary assets without pledging specific assets.

How is it different from an overdraft?

An overdraft is a flexible credit facility linked to a business account, allowing withdrawals beyond the account balance. In contrast, an unsecured business loan for trucks is a lump sum borrowed for a specific purpose, like purchasing trucks.

What advantages do unsecured loans offer for truck purchases?

Unsecured loans for trucks provide flexibility, as they don’t tie assets to the loan. They are typically faster to secure, offering quick access to funds, and don’t expose businesses to the risk of asset repossession.

Can I use an unsecured business loan to buy any type of truck?

Yes, unsecured loans for trucks offer versatility, allowing businesses to finance various types of trucks, from commercial vehicles to specialised transport.

How does the interest on unsecured business loans compare to overdrafts?

Interest rates on unsecured business loans are usually fixed, providing predictable payments. Overdrafts may have variable rates. Comparing both options helps businesses choose the most cost-effective solution

What determines eligibility for unsecured business loans for trucks?

Eligibility factors include the business’s creditworthiness, financial stability, and ability to repay the loan. The application process is often streamlined for quicker approvals.

Can I use an overdraft for ongoing truck expenses?

Yes, an overdraft is designed for short-term cash flow needs, including ongoing expenses related to truck operations. It provides a cushion when account balances temporarily fall below zero.

Is collateral needed for overdrafts?

Overdrafts are often secured against business assets, while unsecured business loans don’t require collateral. This distinction makes unsecured loans more accessible for businesses without valuable assets to pledge.

How quickly can businesses access funds with unsecured loans for trucks?

Unsecured loans generally offer faster access to funds as they are either paid directly to you or a nominated supplier. Secured loans require a Tax Invoice from the seller which can slow down the loan process.

Are unsecured business loans a suitable option for startups?

Yes, unsecured loans can be a viable option for startups without substantial assets. The focus on creditworthiness and business plans makes them accessible for businesses in their early stages.

More Finance FAQ’s

Loan Calculator

Our business loan calculator can assist with your loan repayment options.

The loan calculator can help if your sticking to a budget or loan term.

Loan Amount
$5000 $250000
Loan Term
12 months84 months
Interest
7.99%19.99%

■ Loan Principal ■ ■ Interest

Loan Amount:
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*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 $40,000 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: 6.99% Comparison Rate: 7.71%

PROS & CONS OF UNSECURED BUSINESS LOANS

PRO'S

No Collateral Risk:

The most significant advantage of unsecured business loans is that they don’t require collateral. This means businesses can secure financing without risking valuable assets. It’s particularly beneficial for those who might not have substantial assets to pledge.

Quick Access to Funds:

Unsecured business loans often come with a streamlined application and approval process. Without the need for extensive collateral assessment, businesses can access funds more quickly, allowing them to respond promptly to opportunities or challenges.

CON'S

Higher Interest Rates:

Since these loans don’t involve collateral, lenders perceive them as riskier. As a result, unsecured business loans typically come with higher interest rates compared to secured loans. This can increase the overall cost of borrowing.

Limited Loan Amounts:

Due to the higher risk for lenders, unsecured business loans may have lower maximum loan amounts. Businesses seeking substantial financing might find these loans insufficient for their needs, necessitating alternative financing options.

Why Choose iCREDIT for Marine Personal Loans?

Choosing iCREDIT for unsecured business loans for trucks and trailers brings several key advantages tailored to meet the unique needs of businesses in the transportation industry.

Industry Expertise:

iCREDIT specialises in asset finance, including a deep understanding of the truck and trailer sector. Our team of experts comprehensively understands the specific financial requirements and challenges faced by businesses in this industry.

Tailored Solutions:

We recognise that each business is unique, and our approach reflects this understanding. iCREDIT works closely with clients to tailor unsecured business loan solutions that align with their financial goals, ensuring flexibility and affordablity.

Access to a Wide Network:

iCREDIT boasts an extensive network of lenders and financial institutions. This broad reach allows us to compare and negotiate favorable terms for unsecured business loans, providing clients with a range of options to choose from.

Streamlined Application Process:

We understand the importance of time in the business world. iCREDIT offers a streamlined application process for unsecured business loans, facilitating quick approvals and ensuring that businesses can access the funds they need promptly.

Transparent and Competitive Rates:

Transparency is a cornerstone of our service. iCREDIT provides clear and comprehensive information about interest rates, fees, and terms associated with unsecured business loans. Our commitment to competitive rates ensures that businesses can secure financing on favorable terms.

National Buying Power:

iCREDIT leverages national buying power to negotiate better and more affordable finance rates. This means that clients benefit from our strong industry relationships and can secure unsecured business loans with attractive terms.

 

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I’ve used icredit for multiple loans and Scott has been nothing but professional, fast and amazing to work with. Can’t recommend them enough.
Fraser G.
I would like to thank Kim Shelverton for her assistance in getting my car loan.Kim is very friendly and professional it was a pleasure to deal with her.It was easy to get in contact with her no matter the time. I would recommend Icredit if you are looking for a a car loan.
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Friendly, knowledgeable and easy to deal with. Everything advised, you know what you need to provide and updates are provided throughout the process. They will even deal with the dealer direct to save you being the middle man. Approval and documents ready to sign within hours.
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Matt at iCredit has been awesome. The application and approval process was easy and very quick and the communication from Matt great.I would highly recommend this Company for their pain free and fast service.
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Great people to deal with, Scott helped us out so much for a fast result couldn’t be happier
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Can’t thank Emily enough, gorgeous person to deal with!! Patient and understanding Thankyou for the lovely service
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Glen Giggins from the icredit team recently helped with the finance for the purchase of our brand new gooseneck through Peaceland Horse Floats and Goosenecks and he was wonderful!!! he made the whole process so easy and went above and beyond to ensure we got the lender that met our needs. Both Glen and the services he provides are Highly recommended
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Big Thank you to Glen Giggins for helping me refinance my home loan. Thank you for your patience and keeping me informed during the tedious process. I have a much better interest rate and lower mortgage repayments! Cannot recommend Glen highly enough!
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Awesome customer service and managed to get me a great rate on my personal loan. Highly recommend contacting the team at iCredit for your lending needs.
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A big thank you to Christine. Help me get my new 4WD Patrol within days at a better interest rate than the banks. Simply and stress free process. Cannot thank her enough.
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Julie was professional and easy to talk to from the outset of our enquiry. She understood our needs and did a fabulous job finding the right loan for us. We had approval within hours and settlement within 3 business days. It was an easy and wonderful experience and we would recommend her services to anyone looking for a professional, experienced and skilled broker.
Anieve J
Kim Shelverton made the entire process so effortless and less stressful, nothing was an issue for her, she is very friendly and helpful. Thank you Kim for all your help.
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Kim and Scott were so accommodating and helpful and kept things smooth sailing the way through! They were patient and friendly 🙂
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Rebekah C.
Glen Giggins from the icredit team recently helped with the finance for the purchase of our brand new gooseneck through Peaceland Horse Floats and Goosenecks and he was wonderful!!! he made the whole process so easy and went above and beyond to ensure we got the lender that met our needs. Both Glen and the services he provides are Highly recommended
Tahliah P.
I cannot recommend Christine from iCredit highly enough. I had been dealing with another broker who had done nothing but talk for 2 weeks before I called her. It was a complicated loan because of self-employment and the fact I had borrowed nothing from anyone in 12 years. Christine was onto it asap and got it all done within a week. Everyone happy; No tears.
Rondell J.
I would highly recommend Christine from iCredit. She is extremely professional in her work and always succeeds to beat any other competitors rate. She will go out of her way to listen and care for your needs in a loan. We have used Christine for various loans over the past few years and will continue to do so for years to come. Thanks Christine, you are a true gem!
Nathan
Many thanks to Kim for her prompt and professional service organising finance for a machinery purchase. Nothing was too much trouble for her ,she made the whole process smooth and hassle free. Great job Kim , I will certainly recommend your services to anyone looking to make finance an easy experience
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Scott from iCredit was fantastic to deal with when we purchased our new horse float. He made everything so easy and nothing was too much trouble. Highly recommend dealing with this company.
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Christine at ICredit is Amazing she went above and beyond to help us. I can honestly say i don"t think i have had better service and care anywhere ever! All times of day of night Christine was offering to help. Thank you Christine you made ta stressful process very enjoyable. Thank you , you a are Legend.
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Jason W.
Christine has been amazing. This time with our car purchase she got approved for us in just 2 days. Always positive and ready to help. Will definitely be going back for a 3rd time when we need help with our next finance request. Thank you so much Christine.
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Christine from icredit was the only person i had dealt with that listened to exactly what i wanted, if it wasnt for christine, i wouldnt be driving my car, or be im a better position to be able to buy my first home in the next 2 years. Cant thank her enough and i give her a million stars, only deal with christine
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This is the 2nd time I've worked with Matt. He was recommended to me as he helped someone get a loan who might not have been able to.He's helped me get 2 cars so far and even my dealership was impressed at the speed at which he organised everything and settled the contract.I will continue to use Matt for all vehicle loans.
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Kim is a great help, friendly and helpful, makes it a lot easier than doing it alone.I will be using her when ever I need something
adam B.
Shout out and a HUGE thank you to Christine at ICredit. Christine managed to obtain my funding at an incredible rate when I wasn't even sure that I could get approval!!! First loans are difficult when you are young. She process my loan with amazing speed, walked me through the process with ultimate professionalism and dealt with the car dealer, lenders and insurer for me. Christine took away all the stress associated with borrowing money to finance a car and completely took care of everything for me. I cannot recommend her highly enough! If you are looking for finance, contact Christine. You will not be disappointed. Thanks Christine!
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Todd B.
Kim was excellent to deal with working with me outside of business hours definitely helped to, will definitely be going back to Kim for any broker needs!
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Lachlan S.
A big thank you to Christine. Help me get my new 4WD Patrol within days at a better interest rate than the banks. Simply and stress free process. Cannot thank her enough.
Johnny O.
very happy with the service Kim was very nice and very helpful thankyou
Jade R.
Christine was absolutely amazing with helping an making sure everything worked out ! Cannot thank her enough ! ?
sam F.
Big Thank you to Glen Giggins for helping me refinance my home loan. Thank you for your patience and keeping me informed during the tedious process. I have a much better interest rate and lower mortgage repayments! Cannot recommend Glen highly enough!
Jade L.
Christine helped us with our finance & we could not recommend her highly enough she answered every question we had went above & beyond to help us,Will be recommending her to everybody ! Thank you so much christene for the best customer service !
Hayley R.
Christine from iCredit is amazing! She goes above and beyond to help with getting the best interest rates and helps every step of process. Thanks to Christine I have an amazing new horse float and I can’t thank her enough! I wouldn’t hesitate to recommend her to anyone!
Jasmin P.
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iCREDIT Unsecured Business Loans for commercial trucks and trailers are available throughout Australia, Melbourne, Sydney,  Adelaide, Hobart, Darwin and Perth, Gold Coast, Palm Beach, Burleigh Heads, Tweed Heads, Brisbane, Ipswich, Sunshine Coast, and Queensland Today!