If you are involved in a transportation business or logistics one, you must know how a truck is important for your business. Whether you want to start your own business or just willing expand your fleet of trucks, truck finance is the easiest way to fulfil the demand.

But, if you seek truck finance from traditional banks in Sydney, you have to go through a number of formalities and fulfil paper work. Along with this, you have to show your good credit history to get the application approved.

What if you do not have a good credit history or do not have enough documents, in this case you can approach alternative moneylenders in Sydney.

An alternative moneylender provides truck loan or finance through primarily three options, such as:LeasingChattel mortgageCommercial hire purchaseThese mentioned three options are elaborated in below section.

Leasing

A lease is an extremely flexible and cost-effective way of acquiring truck finance in Sydney. This option lets you access to the vehicle without any ownership responsibilities or commitments.

You can approach alternative moneylenders offering 100% of the purchase price. Here are some benefits of leasing:No capital costRentals can be tax deductible if you use the truck for generating incomeFixed payments throughout the term, which ensures accurate budgetingTerms can be customizable as per the requirementChattel Mortgage

Chattel mortgage is another option that you can opt for in order to buy trucks.

Chattel mortgage is ideal finance option for sole proprietors, partnerships and companies. This option generally uses the ‘Cash’ method of accounting for the Good and Services Tax. It gives you immediate ownership of the equipment.

In Sydney, you can easily find a moneylender providing flexible chattel mortgage option. Further, you may either finance the full purchase of the truck or include a residual at the end of the finance contract.

This option of financing allows the GST component of the acquisition price of the motor vehicle that to be added on your next business activity statement.

Here are some benefits of a Chattel MortgageInterest and depreciation of the equipment is tax deductibleImmediate ownership of the vehicleOwnership is transferred to you as contract is completed Different options to make paymentsCommercial Hire Purchase

This option of acquiring finance is apt for clients who want to buy trucks for the business purpose and to have full ownership. Here are some benefits of this option.Interest and depreciation is tax exempted No need of capital Flexible or bespoke repayment methods – balloon payment, etc. Fix interest rateYou can approach reputed financial institutions like GCC Business Finance to know more about truck finance in Sydney.