28 September

Extending Loans for Crane Trucks

With businesses bouncing back post-coronavirus restrictions and the government employing strategies to fuel economic recovery, it seems the road ahead is optimistic for crane truck operators. Especially in construction, a sector anticipated to lead the economic revival, truck-mounted cranes are indispensable. These trucks are essential for transporting materials across sites or between locations. Alternatively, your niche might be in deliveries – transporting pallets of agricultural produce or shifting horticultural supplies within urban regions.

Whatever your particular business, if your crane truck needs upgrading to cope with your current demands, you’ll no doubt need a truck loan to cope with the purchase. Perhaps you’re planning to buy now to take advantage of the Federal Governments IAWO or BBI schemes. Jade Truck Loans specialises in truck loans across all types of vehicles and we have a range of options to suit most business operators and most trucks.

New Crane Truck Loans

Eyeing a new Hino, Isuzu, or Mitsubishi? Perhaps considering a separate crane supplier? Our expert Jade consultant can assist you in consolidating the loans for both, simplifying your finance process. By bundling your loans, you save time and the added advantage of a single monthly repayment.

Used Truck Mounted Crane Loans

A recent scan of major truck sale platforms highlights a robust inventory of second-hand crane trucks. Our truck loan options cater to the used truck market, offering competitive interest rates for both brand-new and pre-owned vehicles. It's worth noting that lenders evaluate used vehicles based on age and condition. Instead of navigating these negotiations solo, let your Jade finance broker lead the way, ensuring you get the best possible deal.

When assessing offers on used vehicles, individual lenders will take into account the age and condition of the truck and possibly the crane itself. Their assessment may be reflected in the loan term offered or the total loan amount they will agree to finance. As opposed to you taking on that discussion with your bank yourself, your Jade finance broker will handle the negotiations and strive to achieve the outcome that you want.

Truck Loan Options

For the purchase of either a new or a used crane truck, we provide our customers with the full range of loan products.

Leasing and Rent to Own tend to be the most popular loan types with our truck loan customers. These are off balance sheet options, meaning the asset, the truck crane, does not appear on your balance sheet. This is considered as ‘improving the balance sheet’. This type of finance is suited to businesses that use the accruals method of accounting so we advise you speak with your accountant.

If you’re planning on taking advantage of the IAWO currently on offer then there are a few points to make. The deadline is running out – this scheme expires on 31 December – so you’ll want to get moving. And, in order to depreciate the asset you’ll need to use a Chattel Mortgage to finance your crane truck. With this type of loan the asset appears on your balance sheet and hence can be depreciated. It utilises the cash accounting method so again, a convo with your accountant is highly recommended.

Low Docs and No Docs Options

If you really need that truck crane but you don’t have all the financial documentation that the banks are demanding to approve a loan, don’t despair. At Jade we are accredited with not only the major banks but many non-bank lenders. These lenders are usually more open to discussing specialist loans such as Low Docs and No Docs Truck Loans and your Jade consultant can approach them and discuss a loan offer on your behalf.

To be eligible for this type of loan you will require:-

  • Current ABN
  • Registered for GST with BAS statements is highly preferred
  • Some form of accounts, such as income and expenditure records, even simple docs prepared by yourself.
  • Identification

Each loan application is considered individually and the individual lenders will make their own loan risk assessments and make their loan offer accordingly. The interest rate for this type of loan will be higher than for a fully documented loan and the lender may apply certain conditions or limits on the loan amount or loan term.

Securing Your Crane Truck Loan

While browsing the crane truck sales market, feel free to use our loan calculator to work out rough estimates on possible repayments, based on our current advertised low interest rates. Then speak with one of our consultants to source you a firm loan quote. On acceptance, your consultant will handle the paperwork to save you the hassle and have you set-up with your crane truck and off to work asap.

To discuss a loan for a crane truck, reach out to Jade Truck Loans on 1300 000 003

DISCLAIMER: INFORMATION, DATA AND DETAILS OF GOODS, POLICIES AND PROGRAMS THAT IS PRESENTED IN THE ARTICLE IS INTENDED SOLELY FOR THE PROVISION OF GENERAL INFORMATION. UNDER NO CIRCUMSTANCE IS THIS INFORMATION INTENDED AS THE PROVISION OF FINANCIAL ADVICE FOR ANY INDIVIDUAL AND/OR FOR THE PURPOSE OF MAKING SPECIFIC INDIVIDUAL FINANCIAL DECISIONS. FOR ADVICE ON INDIVIDUAL CIRCUMSTANCES, READERS SHOULD REFER TO A FINANCIAL ADVISOR. NO LIABILITY IS ACCEPT FOR ERRORS, INCORRECT DETAILS OR INCORRECT PRESENTATION OF DETAILS OF GOODS, PROGRAMS, SERVICES, ETC AS PRESENTED. THE INFORMATION HAS BEEN SOURCED IN GOOD FAITH AS GENERAL INTEREST AND INFORMATION FROM MANUFACTURER, SUPPLIER AND GOVERNMENT WEBSITES.

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