Truck drivers are in high demand across Australia these days. No matter how advanced technology gets, at the end of the day, truck drivers remain critical to keeping Australia moving with the distribution of goods across the country.
What’s more, truck drivers can make a pretty decent living, with some companies out in Western Australia becoming so desperate that they are offering $10 000 incentives to truckers to relocate.
However, truck drivers can earn significantly less if they do not own their own trucks and instead have to rent the trucks on a trip to trip basis. This can work out to be quite an expensive option than financing and repaying a loan on a month-to-month basis.
Therefore, if you want to take on a plethora of truckie jobs and get well paid, you should consider taking out a truck loan in Brisbane. However, deciding which loan options are best requires expert and thorough loan comparisons, which is what iCREDIT Truck Finance do best.
Let us look at why it is important to compare loan options thoroughly when buying a truck.
Large Capital Investment
Trucks cost significantly more than cars, owing to their size and the powerful engines under the hood. If you are planning on making a living as a truck driver with your own truck, then it will also be your primary source of income. Moreover, you do not want to end up being responsible for lost or damaged cargo because your cheap second-hand truck failed you on the road.
Therefore, you want to have a truck that is reliable and in good condition. The problem is, the better and newer the truck, the more expensive it will be. With such a big investment, you want to ensure that you get the best possible loan with the best possible terms. For that, loan comparisons are a necessity.
Since buying a truck is such a large career investment, you need to make sure that it is affordable. This means knowing how much the repayments every month will be and whether you will be able to earn enough from your trucking jobs to pay them.
To lower your monthly instalments, one option is to trade in your current vehicle or use savings as a down payment. This will reduce the loan repayment and can save paying unnecessary interest.
Balloon / Residual
Balloon payments or residuals are a great option of reducing overall loan repayments as you repay the loan based on a lower amount and have a lump sum or balloon payment at the end of the loan.
Many Businesses trade in and upgrade their truck by this stage which pays out the balloon payment.
What loan is best for me?
Finding the right loan to suit not only your budget, but business needs can be a time-consuming and complex process. Many commercial lenders offer multiple loan products from Chattel Mortgage, Financial Leasing, Rent to Own, Line of Credit and even Unsecured Business Loans.
iCREDIT help you navigate through the range of lenders to find a commercial truck loan that’s tailored to your needs.
To get the best possible deal on truck loans in Brisbane, contact iCREDIT today and let us help you get on the road as soon as possible.