Jade Truck Loans FAQs

In general terms, all heavy vehicles, both new and used, may be eligible to be funded with a no doc loan. The vehicle will need to be accepted as suitable loan collateral. The amount that may be borrowed is subject to the lender’s decision.

Asset acquisition credit facilities typically attract a fixed rate of interest. The rate remains unchanged over the complete finance term.

When a no financials application is approved, the operator can select from Chattel Mortgage, Lease, Rent-to-Own and Commercial Hire Purchase to fund their heavy vehicle.

The deposit required with low financials loans will be dependent on the loan amount approved by the lender. When lenders assess applications, they determine the borrowing capacity of that individual or business. Where that capacity is less than the full purchase price of a vehicle, the borrower will need to make a deposit.

Start-up operations with an ABN and ID can be eligible for financing without full financials. With no business financials, start-ups will need to provide strong personal financials and may be required to provide additional loan collateral.

Conditional pre-approval is the approval of a finance application prior to the goods being selected or purchased. Approval is given for a certain loan amount. The approval is subject to the final purchase and finance details.

The difference between loans with no and complete documentation is the financials of the business provided. Full Doc Loans are financing to businesses that meet all lender criteria including providing financial records for 1-2 years. No docs applicants typically do not have these records. The same loan products can be accessed with a higher rate and additional collateral possible for no docs applicants.

Self-employed operators can be eligible for financing without full financials, through appropriate lenders. Self-employed operators will need an ABN and ID and to provide their personal financial records for assessment by the lender.

A balloon is an option with Chattel Mortgage and Commercial Hire Purchase. Where an operator is approved without financials and selects these credit facilities, they may include a balloon in their loan.

Heavy vehicle finance – Lease, Rent-to-Own, CHP and Chattel Mortgage, use the vehicle as the security for the loan. Some lenders may require operators without full financials to provide additional collateral. This collateral may be provided with personal assets that are not under finance or, for some borrowers, with a personal guarantee.

Yes. When an application for finance without the full documentation is approved, the operator selects the credit facility that suits the business and realises the relevant tax benefits. Lease and Rent-to-Own offer tax deductible repayments and Chattel Mortgage and CHP the main deduction through asset depreciation.