Loans for personal use
For either loan Aussie Truck Loans® will organise the amount you require which is repaid over a period of up to 5 years.
Scheduled fortnightly or monthly payments can be made by direct debit, cheque, BPAY, internet banking, direct payroll, or cash where applicable (use our truck finance calculator for an approximate look at what your repayments will be).
Insurance, warranty and loan protection can be added to the loan.
A deposit is not required on most cases, but that will assist in your approval chances should you have a borderline application.
The loan is daily reducible, i.e. the interest is calculated on the unpaid balance daily, just like a home loan. Extra or additional payments will shorten the term and reduce interest charges. And with Aussie Truck Loans®, there may be an option to have the low interest rate fixed for the term of your loan, so it won’t go up in a rising market.
Although it is a personal use loan, depreciation and interest charges could be tax effective claims if the truck is for business or work related usage.
A variation known as the balloon payment or residual option is also slowly growing in popularity. By setting a larger balloon payment for the end of the term, which can vary according to circumstances, you can reduce your monthly payments to better balance your budget. At the end of the term, you can either pay out the full amount in one hit or re-finance the balloon amount and continue paying off the truck over a new loan period.
Most personal use loans in Australia for cars, boats, bikes, trucks etc. are secured.
As an individual you are borrowing money to purchase a tangible item like a van or truck which will be used as security for the loan. When you trade-in or sell you must then payout your loan, and get a new loan if you require money to buy something else.
Secured loans generally have a lower interest rate than unsecured loans.
This is a very versatile loan as it can be used for nearly any purpose including debt consolidation, for a holiday, weddings, or even cars & boats that do not qualify for the secured loans above. There is no security required for this type of loan, thus interest rates are slightly higher than secured loans.
Note: This product is not available in some areas.