Fund my truck.ute.van.trailer.tractor.excavator.forklift.

FundMy can often still help after a bank decline, because a no from one lender is not a no from the whole market. Banks decline deals for policy reasons that do not always apply at other lenders, which often affects self-employed operators and contractors who do not fit standard bank policy. With access to a wide lender panel we can often look at options a single bank does not offer. All finance is subject to lender assessment.

Truck and equipment finance with a new ABN is possible in some cases. A longer trading history strengthens an application, but we work with lenders who consider newer businesses, especially where contracts or strong income evidence exist.

Low doc equipment finance is available for eligible businesses and is assessed with less paperwork than a traditional bank application. It can suit ABN holders whose tax returns or financials are not up to date. Eligibility is subject to lender criteria.

Deposit requirements vary by lender and by deal. Some lenders will consider financing the full purchase price for eligible applicants, while newer ABNs may be asked for a contribution.

Property security is typically not needed for equipment finance. Most equipment finance is secured against the asset itself, so you usually do not have to offer property as additional security.

FundMy arranges finance for income-producing assets including trucks, trailers, utes, vans, tractors, harvesters, excavators, forklifts, plant machinery and specialised equipment. The asset can be new or used, from a dealer, an auction or a private seller, subject to lender criteria.

A used truck bought from a private seller can often be financed, subject to lender criteria. Lenders usually check that the seller owns the truck and that no other finance is owing on it. They may also ask for an inspection or valuation. Your broker will tell you what is needed for your purchase.

Older trucks and machinery can often be financed. Lenders set their own limits on asset age, and some specialist lenders weigh condition and earning capacity as well as the year of build, subject to lender criteria. Tell us the make, model and year and your broker will say what is realistic.

Using a finance broker does not have to cost more than going to a bank yourself. A FundMy broker compares options across a wide panel of specialist lenders and shows you the rate, fees and charges for each one before you choose, so you can weigh them against any offer you already have. FundMy is part of Equifund Financial Group and is paid in two ways: the lender may pay a commission for finance we arrange, and a service fee for arranging your finance applies only if your finance settles. Your broker will tell you the service fee amount, and you can ask at any time what commission applies to your finance.

The interest rate on truck or equipment finance depends on the lender, the asset, its age, the loan term and your business profile, so there is no single rate. Your broker will show you the rate and the fees and charges for each option before you choose. Rates are set by the lender and are subject to lender criteria.

Equipment finance lets an Australian business buy income-producing assets such as trucks, machinery and commercial vehicles and pay for them over time, with the asset itself usually acting as security. You choose the asset, a FundMy broker takes your application to a wide panel of specialist lenders, and once the deal settles the lender pays the seller while you make regular repayments. Common structures include a chattel mortgage, a finance lease and hire purchase.

The difference between a chattel mortgage, a finance lease and hire purchase is who owns the asset during the term. With a chattel mortgage you own the vehicle or machine from the start and the lender holds security over it until the loan is repaid. With a finance lease the lender owns the asset and you pay to use it for an agreed term, usually with a residual value at the end. With hire purchase the lender owns the asset while you pay it off and ownership passes to you after the final payment. The tax and GST treatment differs between them, so check with your accountant before you choose.

A balloon payment is a lump sum left owing at the end of the loan term, which lowers the regular repayments during the term. It still has to be paid, refinanced or cleared by selling the asset when the term ends. Whether a balloon suits you depends on your circumstances, so talk to your accountant.

Repayments can often be structured around seasonal, contract-based or uneven income. Seasonal and skip-month structures are common for operators whose income follows harvest, freight or project cycles, subject to lender criteria.

Equipment finance terms commonly run from one to seven years, depending on the asset and the lender.