Jade Truck Loans FAQs

Yes most lenders, banks and finance companies approve finance when purchased through an authorised dealer, at auction or through a private seller.  If intending to purchase privately, it can be advantageous to secure a pre-approved loan before you meet with the seller. This process involves making an application based on your estimate of loan amount/purchase price. Your application is processed through to approval stage so you are assured that your finance is secured.

Having your finance approved means you are in a position to complete a quick sale. This can often be used as a great bargaining tool to haggle the price down.

Generally yes. Some older trucks and for some applicants the loan conditions may vary from those offered on new trucks. Most lenders and banks offer cheaper interest rates for new or near new trucks. The older the heavy vehicle will normally attract higher inetrest rates.

Individual lenders and banks will have their own requirements around the age of trucks they will finance. The age restrictions will vary and can depend on what financial information you could provide and the interest rate you may be charged. For example no doc truck loans through some major banks can have an age limit of upto 4 years old. With current financials they might look at older assets.Other non bank lenders for example may look at a older 10 year old asset under no doc but charge a higher interest rate. Some lenders may look at older trucks but restrict the loan term to under 5 years.

Generally the same range of loan types for both used and new trucks. Loan types include: Chattel Mortgage, Leasing and Operating Lease, Rent to Own and Commercial Hire Purchase or CHP. These products share similarities and have distinct differences. Differences are around the treatment of GST, tax deductibility, depreciation, balance sheet and whether they are suited to businesses using the cash or accruals method of accounting. All interest rates are fixed for the loan term with fixed repayments. Other options are common with most loan types are balloons,residual, and buybacks.