IVECO stands out as one of the most prominent manufacturers in the Australian market. Renowned for its extensive range of trucks catering to diverse industries, including the Daily Van and Cab Chassis, Acco, Stralis, and X-Way models, IVECO consistently excels as a top contender in their respective categories. Their consistent appearance in top-selling truck statistics reinforces their popularity. Therefore, when IVECO unveils alterations to their manufacturing operations, it inevitably prompts dedicated patrons to ponder the potential implications. How will these changes influence existing vehicles, the acquisition of new IVECO trucks, stock availability, and securing new truck loans?
From the vantage point of a specialized truck lender, Jade Truck Loans tackles the query surrounding the potential impact of IVECO's recent announcements on new truck loans.
IVECO Announcement
Starting from mid-2022, IVECO is making a strategic shift by discontinuing production at its Dandenong manufacturing plant. Instead, the focus will be on the customization of fully imported vehicles to cater specifically to the Australian market. The company's announcement, made on November 24, 2021, by Michael May, the Managing Director of IVECO Australia New Zealand, outlined these changes as integral to the broader global transformation process of the company.
Mr. May unveiled that IVECO is in the process of establishing a Customization and Innovation Centre (CIC), which will mark a pivotal shift towards innovation and tailoring. This center is set to enhance the support provided to both customers and body-builders, streamlining the fitment and design process.
The media release emphasized that IVECO's distinctive value proposition lies in its capability to specialize and customize vehicles to meet market requirements, leveraging the expertise of local engineering. By further enhancing this aspect, the company aims to offer heightened value to customers, expand the CIC's capacity, and broaden the scope of its operations.
Moreover, the announcement indicated that the company would transition to entirely importing its heavy-duty vehicle range from its Spanish manufacturing facility. It's worth noting that the light, medium, and select heavy-duty models are already fully imported.
This transition to fully imported vehicles also facilitates aligning new model releases with the parent company's global plans. As part of this transition, the introduction of the S-Way model in Australia will coincide with the global rollout plan.
Imported models will be specifically tailored to suit the unique conditions in Australia, undergoing rigorous testing to ensure compliance. These changes are projected to be implemented around June 2022.
New Truck Loans for IVECO
As noted by Mr May in the announcement, IVECO currently have many imported vehicles in its range. As finance is readily available for imported and locally built vehicles across multiple makes and models, it would not be expected that there would be any direct impact on truck loans as a result of this shift in IVECO operations.
We offer affordable interest rates for truck loans on the entire range of new IVECO vehicles. This encompasses vans, light, medium, and heavy-duty trucks, as well as off-road models.
Types of Finance
The truck loan types available is comprehensive and can be structured by our consultants to suit the specific requirements of individual business operators.
Truck Loan products include:-
- Chattel Mortgage
- Leasing
- Rent to Own
- Commercial Hire Purchase
For new start-up businesses, these loan products are all available as No Docs and Low Docs Truck Loans.
For those considering taking advantage of temporary full expensing, then we recommend Chattel Mortgage as the most suitable.
When it comes to interest rates, Chattel Mortgage and Commercial Hire Purchase tend to have the lowest rates, while leasing and rent-to-own options generally have higher rates. This difference in rates is influenced by the structure and format of the finance product, particularly the ownership of the vehicle throughout the loan term. You can utilise our Interest Rate Calculator to compare interest rates on different truck loan options.
- The same truck loan interest rate may apply to both imported and locally built trucks.
- Terms of up to 7 years are available.
- Pre-approved loans are available for all finance products.
- Balloon/residual options.
Comparing Repayments on IVECO Loans
Given the wide range of vehicles in the IVECO lineup, prospective buyers have several options to consider. If the decision to purchase is primarily driven by price, or more accurately, affordability, then the monthly repayments will be a crucial factor to evaluate.
To assist buyers with this buying decision process, simply refer to our Truck Finance Calculator. Estimated monthly repayments on truck loans for different IVECO models can quickly be acquired for comparison purposes. For a firm quote, contact us.
Contact Jade Truck Loans on 1300 000 003 to discuss a quote on finance for a new IVECO truck.
DISCLAIMER: THIS INFORMATION IS ISSUED PURELY FOR THE PURPOSE OF GENERAL INFORMATION PROVISION. IT IS NOT TO BE TAKEN AS THE ONLY SOURCE OF INFORMATION FOR BASING FINANCIAL DECISION-MAKING. THOSE REQUIRING FINANCIAL GUIDANCE AND ADVICE SHOULD CONSULT WITH THEIR FINANCIAL CONSULTANT OR ADVISOR. NO LIABILITY IS ACCEPTED FOR ANY MISREPRESENTATION OF POLICIES, DATA OR ERRORS IN THIS CONTENT.
