While generous temporary full expensing measures are not available in the 23/24 financial year, the latest truck sales figures show operators have still been keen to upgrade to new vehicles. Adding to the usual strong demand typical at EOFY and in July with the start of new financial year. Traditionally this can also be the time to capture great deals with EOFY sales. Being ready to order and get vehicles working in the business, can require having financed organised and at the right price. Jade Truck Loans assists operators to secure cost-effective truck finance quickly to place orders and get vehicles working in the business asap.
Quick access to cost-effective financing may be a key factor in getting in first for in-demand models, for limited stock variants, for special deals and discounts, and to take ownership of best-selling brands. Particularly in the heavy-duty segment which has been performing exceptionally well in sales for some time. If you’re ready to buy, review which brands are selling best to clarify your choice and speak to us about getting your loan approved.
Latest Truck Sales Data
The release of the May truck sales figures reveals continuation of the great results achieved in the year to date. At May this year, overall sales were up 6% on the same time last year and on a YTD basis up 3%. The light-duty segment was the only category not to record a positive result on May 2023 figures. Remembering that 2023 was a record year for truck sales, 2024 may eclipse that result.
The heavy-duty segment has continued it’s great sales results with Volvo leading, followed by Kenworth and Isuzu. If you’re in the market for a medium-duty vehicle, that segment also posted an increase on May 2023 results of just over 9%. The light-duty market however, posted a drop in sales of 15% compared with May of last year.
Overall, the strong results are pointing to another exceptional, if not another record year.
Truck Finance Options for All Brands, All Segments
Upgrading vehicles to new models can deliver improved fuel-efficiency, reduce downtime, reduce servicing costs, and deliver great productivity and profitability to an operation. But to achieve cost-effectiveness, the financing has to be right. At the right, make that lowest, interest rates, over the right terms, and specifically suited to the business operation.
Our individual approach to sourcing and structuring heavy vehicle finance ensures operators that they are obtaining solutions to suit their individual objectives. Our access to a vast lender market, including specialist heavy vehicle lenders, ensures operators can achieve the best interest rates currently available.
Operators need to select which credit facility is best suited to their operation. The same selection of loan types can be used for all leading brands – Kenworth, Volvo, Iveco, Isuzu, Fuso, Hino and others, across heavy, medium and light segments. The choice as to which is the right loan type, depends on specifics of the business structure, set-up and financial objectives.
Specifically, the accounting method used to prepare the business accounts, the approach the business takes to its balance sheet, the tax strategy implemented, and overall objectives.
The choices include Leasing, Rent-to-Own, Chattel Mortgage and Commercial Hire Purchase. Leasing and Rent-to-Own are very popular with operators that choose not to have the value of a large asset such as a heavy vehicle, appearing on their balance sheet. These loan types can also provide versatility at the end of the loan term, tax deductible repayments and competitive rates.
Where a business is okay with the vehicle appearing on the balance sheet, they can take ownership immediately and obtain the lowest rates offered in asset acquisition financing with Chattel Mortgage. Many operators will be familiar with this credit product as it was widely promoted during the years of Instant Asset Write-off.
All options include fixed interest rates and fixed terms to deliver a fixed repayment schedule. So regardless of what happens with the interest rate market moving forward, the monthly commitment remains constant. Operators can use our Truck Loan Calculator to compare repayment estimates on different loan options and different vehicles. Or simply get moving straight away by requesting we source you the best interest rate quote on your choice of financing.
How to Get Truck Finance Approved Fast
Getting fast vehicle funding approval may be the difference in the speed at which you can get new vehicles delivering results for your operation. Obtaining the most competitive rates and a tailored loan solution does not have to be a long, drawn-out process. Even if most of your day is on the road, you can contact us online or by phone to handle your financing requirements.
We respond quickly to requests, obtaining approvals for many operators within 24 hours. So if you’re keen to have a new vehicle operating in your business asap, get in touch with us and we’ll handle the finance for you.
For fast approvals on truck finance to complete purchases on in-demand vehicles, contact Jade Truck Loans on 1300 000 003.
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.
