Can I Have Truck Finance Over a Longer Term?
Many finance companies only offer loan deals over a short term such as three or five years. However, truck finance specialist appreciate that it is common to have longer term finance for such a major purchase. A specialist provider is more likely to offer finance for up to fifteen years. This will help your company cash flow and allow you to properly plan your major business purchases.

Are the Rates Fixed?
While it may seem like a good idea to have a variable rate which allows for lower payments when the base rate drops, this can be a very inconsistent way to manage your business finance. Ideally your truck finance should have a fixed rate of interest over the full loan term. This allows you to accurately know your monthly expenses and more adequately manage your cash flow.

Are the Terms Flexible?
Many finance deals have very rigid terms where your monthly payments begin immediately. However, this is not always the best option for your truck loans. Australia based business owners may find that it is preferential to have more flexibility such as quarterly payments, balloon payments and payment breaks. This allows you to manage your repayments according to your cash flow and revenues rather than a simple calendar calculation.

Is This the Most Competitive Rate?
Comparing interest rates is the most effective way to determine that you have the best deal. Reputable brokers and loan providers will always provide written details of any finance deal including the interest rate. This will allow you to compare rates and ensure that you have the best deal.

Are There Any Hidden Fees or Charges?
Many loan companies have fees or charges which can be applied to your account. This includes arrangement fees, late fees or early repayment charges. This can make your “attractive” deal a whole lot more unattractive. For example, most specialist lenders minimise any early repayment fees as they appreciate that you may need to end your finance deal before the end of the loan term. You should check to ensure that you are happy with the fees and if they are based on a percentage, do a rough calculation to understand the full financial implications.