Working with heavy vehicles is becoming more and more popular as many Australians realise the great freedom and opportunities involved with life on the open road and self employment. As a result we’re seeing a huge increase in applications for truck finance from both established companies, small business and contractors operating as sole traders.
A skilled trucker can earn a decent wage working all over Australia. But the main job markets are out west in mining regions where salaries can be in the range of $150-200k, as well as the east coast of Australia where there is always development and construction. However salaries in town are lower – only about $100k (only!)
Mining companies are always on the hunt for employees, with cash incentives for relocation on offer. Mining isn’t showing any signs of slowing down either, which not only highlights the role it plays in Australia’s economy, but also shows great job security.
One thing to be wary of is that these incentives aren’t as generous for those without their own vehicle. This factor is even more important to consider if the potential employee is renting the vehicle or has a salary sacrifice arrangement.
SO, what’s the sure-fire method to secure the big bucks AND a relocation incentive? The answer is……
CHOOSING THE RIGHT TRUCK FINANCE!
Choosing the right truck loan can not only set you up for securing the best employment opportunities but it can also allow you to comfortably manage your finances. The right loan for you will allow you to make affordable repayments for the life of the loan at the required installment intervals. So, instead of trying to fork out $20,000 to $150,000 for a trick truck, consider
That’s where truck finance comes into play. While trucks can cost between $30,000 and $100,000 to buy outright, finance means that payment can be made in affordable installments.
But just as it is important to consider the features and costs of the actual truck, it is essential to shop around for the right truck finance. The following five tips will help make that process easier so that it is just a matter of finding the right truck and applying for a loan.
How To: Manage Your Truck Loan –
Get the best deal for YOU –
Before you apply for your any kind of truck finance you need to think about how much it will cost you – interest, account fees and charges, and of course the purchase amount of the vehicle. Read up on the terms and conditions applying for the loan and be sure to double check before accepting the loan once you are approved.
Then you can shop within your means knowing you have not only got a deal that suits your personal financial situation but one that you can comfortably manage and get the maximum benefit from.
If you’re not sure what kind of finance is right for you – ask a finance broker like us! We have matched customers with thousands of loans for all kinds of products. Just fill out the form below or click here to visit our contact page.
Check ALL your OPTIONS and don’t settle for less!
Don’t think that because you don’t have a lot of savings or that you have a bad credit score that you can’t get an excellent deal on your truck loan. There are so many options out there and they all offer different solutions to different needs. The trick is choosing the right one!
So, shop around and weigh up the available options. Don’t feel like you have to accept a high interest rate – check the comparison rate is true and that you are being offered a fair rate.
You might do this by searching the internet, using comparison websites, asking anyone you know with experience – or just filling out the form below to say g’day to the Equiplend team.
Not all loans are made the same – check out the included features.
The costs of the loan and repayments aren’t the only thing you need to consider for your truck loan choice. Important questions to ask and information you need to know:
– If I’m out of work and unable to make repayments how flexible will the lender be with my repayment amount?
– Are there any additional fees for making extra payments or paying out the loan early?
– Can you extend the loan if required – if not how long does the lender give you to pay back the loan?
The reason is that the conditions of the loan can make all the difference to your borrowing experience and ability to maintain the loan.
Considering these types of questions when looking at different truck finance options will make it easier to narrow down the choices and get the best possible loan.
Make sure you can meet your loan obligations –
Any kind of finance comes with one major consideration – can you afford to service the loan? Let’s face it – trucks are expensive! But if you’re viewing the purchase of a truck as an investment in your career then it is an acceptable and manageable expense.
If you get a good job and have a good cash flow you should have no problem if you budget for your repayments and make them on time and reliably. But if you have any financial difficulty, such as losing your job, a slowdown in the amount of work coming your way, or unexpected expenses like medical bills for example, then you will need to have measures in place to deal with this problem.
This means having savings available to cover your loan repayments, otherwise you risk losing your truck which will not only damage your credit score and may result in bad credit, but it will also interrupt your ability to generate an income.
Having some extra money left over from the loan or some savings can help act as a good safety buffer. It can also help you afford initial costs like extras you might need for the vehicle. Most importantly you’re going to want to get some good insurance that covers any kind of situation.
Taxes, taxes… taxes – don’t forget about them!
Your business classification and available loan options effects how you will pay tax on your truck purchase and therefore how you can claim the expense of the loan against your taxed amount.
Make sure you ask an accountant, your lender, or an expert finance broker such as those at Equiplend – we’ll be able to advise you and will most likely have the information on hand.
Trucks operate in many different industries and are used by many different kinds of businesses, so you have to be sure that you are making the right choice – it can save you a lot of money over the life of the loan.
Taking these tips into consideration, however, will ensure that the process is as efficient and as affordable as possible right from the start.
That’s it! Ready to get your new truck finance? Send us a quick message to get started!