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Access Experts to Secure Effective Truck Refinance
As specialists in heavy vehicle funding, we have the expertise, resources and capabilities to assist operators seeking to restructure and change existing vehicle funding arrangements. This process can be complex in some circumstances but for all clients, are extensive market coverage and sharp financial acumen deliver a streamlined process to a cost-effective outcome.
This won't affect your credit score
Compare Our Interest Rates on Refinancing Truck Loans
Achieving a lower interest rate can be a key objective when seeking to change an existing vehicle funding arrangement. The prospects of achieving that objective may depend on rate fluctuations since the credit was originally sourced, the age and condition of the vehicle and the current financials of the enterprise. For assistance in making the decision as to whether sourcing a new funding arrangement is a realistic option, use our current rates as a guide and contact us for a quote base on your specific requirements.
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Disclaimer: * The comparison rate displayed is calculated for a loan of $30,000 over 5 years. The results from this calculator should be used as an indication only. Quoted repayments are based on advertised rates and do not include lender fees and charges. Results do not represent either quotes or pre-qualifications for a loan. The specific details of your loan will be provided to you in your loan contract. It is advised that you speak with us so that we can provide you with advice that is tailored to your situation.
Today's best rate
Finance Equipment From
4.99 % Fixed
* The interest rate is calculated on a secured loan for commercial use, effective 21/05/2024 and subject to change. Warning: the interest rate is only true for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different interest rate.
Today's best rate
Finance Equipment From
4.99 % Fixed
* The interest rate is calculated on a secured loan for commercial use, effective 21/05/2024 and subject to change. Warning: the interest rate is only true for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different interest rate.
What does truck refinance entail?
Refinancing is the process of replacing an existing vehicle funding arrangement with a new arrangement. The total amount owing on the existing credit plus applicable lender fees for finalising the current funding before the end of the term form the amount for the new credit contract.
The same or a different bank or lender may be used for the new arrangement and the same or a different credit facility may be used. A Lease may be changed to a Chattel Mortgage, Rent-to-Own to Leasing and other options.
The objectives and purposes of such a process can vary with the requirements of individual operators. They include but are not limited to: achieving a lower interest rate; lower repayments; restructuring the finances of an enterprise due to departure of a partner or other reasons; to ease cash flow pressures; and as an across the board review of the financial position of the operation.
A key consideration is that the vehicle would be considered as used goods for the new funding even if acquired new originally. This may result in a rate, terms and conditions applicable to used goods being applied.
- Achieve different rates, reduce repayment commitments.
- Ease cash flow, restructure financial position.
- Improve balance sheet.
- Refinance balloon or residual.
- Achieve more attractive tax benefits.
- Assess and restructure debt levels.
Get Expert Broker Assistance for Cost-effective Truck Refinance
We provide operators with a comprehensive vehicle lending service to achieve cost-effective new vehicle funding arrangements. We focus on the objectives are seeking to achieve and source suitable lenders, lower rates and workable options, targeted to individual requirements.
Our brokers handle the entire process for each client to provide a streamlined and straightforward approach to what can be a complex procedure. Competitive rates, negotiated terms and structured conditions and sourced to deliver an outcome which will support the operation. Where the solution does not improve the client’s position, we do not advise moving forward. But all decisions are controlled and made by our clients. Speak with us about your objectives and requirements and the options and opportunities we can offer to assist.
- 20+ years experience in commercial lending.
- Individually sourced and structured truck refinance solutions.
- Direct contact and access – no referral required.
- FBAA Member, Licensed Credit Provider.
Fast Access to Extensive Truck Refinancing Lender Market
When sourcing new funding arrangements, operators can stay with the same lender or change to a different bank or lender. Variations in rates and other lending criteria exist across the commercial lending market. Having access to extensive market coverage through us, offers operators the opportunity to canvass more options and potentially greater opportunities.
Our market coverage includes lenders that are specialists in both vehicle funding and in offering competitive rates and conditions on replacing existing with new funding arrangements. We identify the lender that best suits the individual client requirements and work directly with them at an industry level to source a workable offer.
- Access to over 80 lenders.
- Specialist lenders in truck finance and refinancing.
- Extensive market coverage.
Solutions and Options for Truck Refinancing
Operators may seek to replace existing vehicle funding or to fund a balloon or residual only. Both follow similar processes with the same credit facilities available. The same credit facility as the existing arrangement can be sourced or an alternative.
Where a lower interest rate is sought, operators may consider changing from Rent-to-Own or Leasing to CHP or Chattel Mortgage. Where improving the balance sheet is the key objective, changing from Chattel Mortgage or CHP to Leasing may be a viable option. Where reducing repayments is the priority, we negotiate with lenders for a credit term that delivers the preferred schedule. With all vehicle funding we secure fixed rates, fixed terms and fixed repayments.
- Chattel Mortgage Truck Refinance
- Truck Refinance Lease
- Commercial Hire Purchase Truck Refinancing
- Rent-to-Own Truck Refinance
- Refinance truck balloon/residual
Fast Attention and Approval for Refinancing Truck Loans
Prompt attention is provided to all client enquiries and requests for quotes. Approvals can be achieved in 24 hours for some applications. Contact us to discuss your requirements.
FAQs
Truck Refinance
Yes. All operators that have existing vehicle credit arrangements can apply for a new arrangement.
Refinancing is the process of replacing an existing credit contract with a completely new arrangement. The new arrangement is quoted on current rates and the current financial position of the operation is assessed.
The rate for all commercial vehicle funding is based on individual assessment of the operation and application. The goods would be considered as used when applying for a new arrangement and that may be at a higher rate than the advertised rate for new goods.
Yes. All new funding arrangements are subject to the tax benefits applicable to the credit product selected.
Yes. A balloon or residual may be funded by applying for credit.
When replacing existing funding with a new arrangement, the choice of products includes Chattel Mortgage, CHP, Leasing and Rent-to-Own.
Lenders do have maximum and minimum amounts that they provide funding for. The loan amount would be subject to lender approval.
Operators may seek a new funding arrangement to achieve a lower rate, lower repayments, improve the balance sheet or for other purposes.
Lower repayments may be achieved by requesting a longer funding term when applying for new credit arrangements.
The new funding arrangement may include fees and charges applicable to ending the existing credit term early. A calculator does not have the ability to allow for fees and charges. The rate offered may be different from the lender’s advertised lowest rates.
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