Secured Truck Loans For Consumers And Business

A secured truck loan is a loan in which the amount you borrow is tied to the asset - in this case, the truck. In other words, the truck is used as security against the loan so if circumstances change and you can't meet your repayments, the lender is able to sell the truck in order to recover the amount outstanding on the loan.  

A secured truck loan is the best option for financing your new truck. Because the loan is tied to the asset lenders will generally allow you to borrow more at a lower interest rate. Lower rates mean the total cost of the loan is cheaper than an unsecured truck loan. Secured loan interest rates are usually fixed. That means you know exactly how much your weekly, fortnightly, or monthly loan repayments will be making it easier to budget for your repayments. 

Secured truck finance interest rates can vary depending on the age of the truck you are buying, your credit file, credit score, assets and liabilities. Truck rates start as low as 6.99%* for new trucks for businesses and consumers. 
_{* based on a commercial contract for a new boat with specific criteria.}

With a secured truck loan for business use, you may be entitled to claim GST tax input credits and interest and depreciation costs depending on the percentage use of your vehicle for business purposes.

For full up-to-date details on  business vehicle finance and tax benefits we recommend you seek professional advice from your accountant, or alternatively, you can visit the ATO

To qualify for finance you need to:

• Be over 18 years old.
• Be an Australian citizen or permanent resident*
• Be currently employed**
• Earn at least $400 per week (after tax)
• Not be in an undischarged bankruptcy or part 9 debt agreement. 
  
  

  *We may be able to help if you have a visa with more than 2 years remaining.
  **Min 1-month permanent employment (full or part-time) with continuation of the same industry (probation periods may be considered) - Or 6 months casual employment.
  *** We may be able to help if you are employed full time and more than half of your bankruptcy period has passed.

Making an application is quick and easy. You just need to have the following documents ready to give to your broker:

• Current Australian Residency Identification 
• Two recent payslips
• One current bank statement 

Not if you are currently in bankruptcy or a Part 9 or 10 debt agreement. However, if you are discharged or more than half of your bankruptcy period has passed we can be able to assist you. Click here for an assessment that will not damage your credit score or call on 1800 2777 6899 and talk to one of our experienced brokers to find a solution. 

Yes, you can. If you are self-employed, you can borrow 100% of your truck's purchase value and include extras such as insurance and extended warranties.