Sydney Truck Finance and Loans Specialist
Get a loan for your next truck with a low interest rate.
Competitive Interest Rates
Get access to different lenders for the most competitive interest rates, allowing you to find the right truck loan that best fits your needs.
Any Type of Truck
Truck financing is available for all types of new or used trucks – from general freight and refrigerated to car carrier and tip trucks.
Experienced Finance Consultants
When you speak with one of our experienced finance consultants, they are knowledgeable in the field of truck finance and loans. Offering finance options to meet your needs.
Specialist Truck Loan Provider in Sydney
Elite Truck Finance is a truck finance provider helping companies and owner-operators get access to truck loans at competitive interest rates – giving them the cash flow they need to get started or expand their businesses. We help businesses big or small, including truck fleet operators, logistics companies or sole traders. Whether you are looking for a used or new truck, we can help you find something that best suits your needs.
Finance For All Types of Trucks
Get finance approvals on a variety of trucks – from freight trucks to car carrier trucks. We know you have different business requirements and we can help you find the right truck loan to meet your needs.
We Help All Types of Customers Get Truck Finance
We provide truck finance for new and secondhand trucks – purchased through dealers, private sellers or auctions across Australia. Some of the clients we assist with finance include:
Truck Fleet Operators
Truck company managers may need several different options for truck financing as they look to grow their fleet and cater to a wider range of commercial requirements.
Freight or Logistics Companies
As a freight or logistics company, you will need truck finance to cover any equipment purchase that is essential for your business to run efficiently.
Owner-operators
If you do not have the cash flow to purchase a new or used truck for your small business, we can assist you with financing for one or more than one truck.
Truck Loans We Can Help You With
We can provide access to some of Australia's leading lenders, giving you a range of truck finance and repayment options. We'll assist you with your application through to approval.
6-Step Truck Finance Application Process
Our finance specialists guide you through the process for your truck finance application. Our experts are committed to assisting you based on your circumstances, so you can get on with running your business.
Basic Finance Assessment
When you first send us your enquiry, one of our financial consultants will contact you to discuss your needs and do a basic finance assessment that includes the type of business you run, trucks required and your financial capacity to repay the debt.
Provide Proof of Income and Business Documents
As part of the application process you may need to provide evidence of income and business documents. Typically, lenders may require up to two years of business activity statements (BAS), business balance sheet, debts and liabilities and tax returns.
Finance Application
Once proof of income and business documents have been provided, our finance broker will coordinate with the lender to keep track of the finance application. We provide personal service and recommendations best suited to your situation.
Conditional Finance Approval
If your business documents are in order, then you can get conditional finance approval quicker. For straightforward applications, conditional approval can be received within 1 or 2 days, but for more complex applications or bad credit clients, the process may take longer.
Contract of Sale or Invoice Request from Seller
After conditional approval, a contract of sale or an invoice may be requested from the seller to finalise truck finance and the sale. At this stage, once all the documents are in order, the truck finance process will move towards the final step.
Truck Purchase and Finance Settlement
In the final stage, the supplier of the truck is paid either in part or in full depending on the loan and finance is settled. You then own the truck and can use it to help your business grow. You can then send all the finance documents to your accountant for any tax deduction claims.
Do You Have Credit Issues? Speak to Our Finance Broker
If you have been declined in the past for truck loans or business finance and are considered to have bad credit, don't despair. We have helped clients with bad credit get access to low doc or no deposit loans in the past and may be able to assist you depending on your circumstances, as we assess it on a case by case basis.
Contact us today and get all your truck finance questions answered.
Access to Multiple Lenders
We have experience in the industry and can provide you with access to an extensive range of lenders. Our consultants will negotiate on your behalf to help you with your next truck purchase, giving you in-depth information about the different loans on offer, deposit requirements, interest rates and more. We focus on good customer service and work hard to help you find a suitable loan that meets your business requirements.
We assist you with the process of contacting and comparing multiple lenders as we leverage our experience in the industry and tailor our advice to your long-term business goals. To match you with financial products that offer a competitive rate and affordable monthly payments.
New or Used Trucks? We Service Both Types of Loans
Our lenders service both new and used trucks. The loan terms and interest rates may differ based on the specific truck. An average loan term for a new truck is generally 5 years, whereas the term for used trucks can be up to just 3 years due to its value.
The used vehicle market is highly competitive and requires faster approval of truck finance, as the seller may have multiple offers, especially if the truck is of good quality at an attractive price. The age limit and conditions for most used truck loans will vary based on the lender. For instance, low doc loans with major banks may limit the age of the truck to up to 4 years. Some non-bank lenders may consider trucks up to 10 years, but will likely charge a higher interest rate. As a general rule, used truck loans involve a higher interest rate than new truck loans.
Speak to one of our consultants to see how we can help you get finance for a new or used truck.
Helping Truck Business Owners Get Started
Starting a new business can be challenging, especially when it comes to securing finance for your trucks at good interest rates. Most finance companies require trading for at least 2 years with proof of financials provided as part of the applications process. If you're a new business, you may need to provide a detailed business plan everything from costs and projected profits to truck purchase.
We can assist you by working with lenders to offer suitable truck finance for your new business requirements, even if your ABN is only just set up. A deposit of approximately 30% is generally required if your business is less than a year old, however there may be other loan options without a deposit based on your circumstance and credit rating. We can work with you to get your business up and running.
Frequently Asked Questions
Much like business loans, you need to provide financial information and have a good credit score to access truck finance at competitive interest rates. Typically, your credit history, your deposit and the truck loan you need will determine the financial documents required. As a general rule, you may need to provide 2-3 years of financial statements, tax returns, your personal financial statements, commercial driver's license, business documents and proof of insurance.
We can help you access a range of truck finance options to suit your business and circumstances. The amount you can borrow will depend on the type of loan, your income, profitability and business experience. For a larger company with sound financials, we can help you secure loans up to $1 million.
Truck finance approval, like other business finance, is evaluated on a case by case basis. Clients can obtain conditional finance approval relatively quickly, but the entire process for final settlement may take a little longer depending on your individual situation.
A balloon payment is a residual amount that is not paid off until the end of your truck finance agreement, usually up to 30% of truck value. The higher the balloon payment, the lower your regular repayment. Balloon payment options may be available with some lenders.
If you are considering purchasing a used truck for your business, you may be able to secure truck finance. Again, this is purely dependent on your individual circumstance but it is common for logistics companies, freight companies and new business owners to acquire used trucks from dealers or through private sales.
Lenders typically have different finance options on truck loans with a 5 to 7 year loan term. Depending on your circumstances and equipment finance needs, we'll be able to provide a more accurate picture of the terms and interest rate for your truck loan. In some instances, early repayment fees may be charged if you choose to pay out your loan before the term ends.
Usually, companies with a sound financial history will get better interest rates compared to businesses with bad credit or fewer financial documents. Factors that affect interest rates include deposit payments, type of loan and credit history. You may also be able to get fixed interest rates on the purchase price in some instances.
Low doc truck finance, makes it easier for small business owners, in particular, to obtain truck finance without getting bogged down in a lot of paperwork. The maximum loan amount that can be borrowed if you have low or no documents will depend entirely on your specific history. Conditions will apply and there may be specific eligibility criteria.
Typically, a business with at least 3 to 5 years in the industry will be considered more favourably for truck loans than a new business just starting out. But there are several finance options for new business owners looking to get equipment loans and truck finance.