If you’re in the market for a new truck, but you don’t have the funds to purchase one outright, you may be wondering whether you can buy a truck on finance. The good news is that there are plenty of finance options available to help you get the truck you need without breaking the bank. In this article, we’ll take a closer look at the ins and outs of truck finance, including what it is, how it works, and what you need to know about credit scores.
- What is Truck Finance?
Truck finance is a type of financing that’s specifically designed for individuals or businesses looking to purchase a new or used truck. It works in much the same way as other types of financing, such as a car loan, but is tailored to the unique needs of the trucking industry.
We can cater for sole traders and businesses looking to expand or set up a new business.
- How Does Truck Finance Work?
When you apply for truck finance, you’ll typically be asked to provide some basic information about yourself and your financial situation. This may include your income, expenses, credit score, and other relevant details. Based on this information, the lender will determine whether you’re eligible for finance and how much you can borrow.
The finance document will confirm how much your payments are and for how long.
Some finance companies request a deposit but this will depend on your individual circumstances.
Once you’ve been approved for finance, you’ll be able to use the funds to purchase your truck. You’ll then need to make regular repayments over a set period of time, typically between 2-5 years. The amount of your repayments will depend on a number of factors, including the size of your loan, the interest rate, and the length of the loan term.
- Can I Buy a Truck on Finance?
Yes, you can buy a truck on finance. In fact, financing is a popular way for individuals and businesses to purchase trucks, as it allows them to spread the cost of the purchase over time. There are a number of finance options available, including secured and unsecured loans, chattel mortgages, and hire purchase agreements. Each of these options has its own advantages and disadvantages, so it’s important to do your research and choose the one that’s right for you.
- How Good Does Your Credit Score Have to Be for Truck Finance?
Your credit score can be an important factor when it comes to applying for truck finance. A good credit score can increase your chances of being approved for finance and may also result in lower interest rates and better loan terms.
It is common now for finance companies and banks to review accounts and bank instead of using the credit score calculations.
1 Select the truck you want
2 Call or email your inquiry form
3 We will get back to you within 4 hours
4 Sign your paperwork
5 Collect your truck
If you’re in the market for a new or used truck, but you don’t have the funds to purchase one outright, truck finance can be a great option.
We have a range of finance options available and competitive interest rates.
Truck finance can be a great way to grow your business without restricting your cash flow. It could also help reduce maintenance on older trucks allowing you to purchase more reliable and newer vehicles.
Start exploring your options today and take the first step towards owning your dream truck.
We work with both local and national companies as an independent business you are free to purchase your vehicle from any dealer or individual.
Our account managers will be able to answer any questions you have.