Is your business operating in the transport industry, or you need a truck for delivery and logistics of your business, getting the right truck finance can make all the difference between a successful business and a failed one. At Equipment Lady, we offer cost-effective solutions to help you secure the necessary financing for your fleet or that first truck purchase. The cost of a truck usually means financing is required if you are to get one. It is not just something you wake up to buy one morning; it takes careful financial planning to acquire one and keep the costs in check. The best way to keep the cost in check is to get the most competitive finance deal.
There are various means by which you can finance your truck purchase. A common option is to go to the dealer who will usually offer outrageous deals that look very favourable on the surface but quite complex below all the financial jargon where hidden charges are usually added. Most dealers would usually offer you a deal that will help them maximise their profits, and this usually means inflating the cost to cover all the discounts they have offered on finance. When you use a brokerage company like Equipment Lady to get financing for your truck, you are assured of q favourable deal on all fronts because we don’t deal directly with the dealers. We help to get truck financing from lenders who are specialised in providing that sort of loans, and in most cases, you can choose to approach the dealer yourself and get the truck or let us handle this transaction on your behalf as well.
Financing Options for your Truck
Various finance options are available to finance your truck purchase, and here are some of them.
- Contract Hire: You can use the contract hire option to get the truck you need. The payment is determined by calculating the actual value of the vehicle at the beginning of the financing period and the estimated cost when the contract hire agreement ends. The difference between these two costs and other additional costs is divided into monthly payments for the duration of the agreement. Thus, you will get a low monthly payment for the value of the truck, and once the contract hire expires, you can switch to a different and better vehicle.
- Lease: In simple terms, a lease means you rent the truck for a specific period, and you pay monthly rates for the use during that period. While this is the whole essence of a lease, it can be a lot more complex. For instance, there are lease options where you have to pay tax on the truck, and there are some, where it is the company leasing out the truck that pays the tax. For a tax lease, you are the owner of the truck for tax purposes alone, and this gives you benefits enjoyed due to tax ownership, such as tax credits and depreciation. You can also lower the taxable income of your business as you can claim that all the money spent on financing the lease is a business expense. When you lease a truck, it is easier to replace or upgrade it when a better model comes, and that is a significant advantage.
- Hire Purchase: Just like it sounds, hire purchase is first a hire agreement, which morphs into a purchase after you have paid enough to own the truck. The monthly repayment for hire purchase is usually fixed at a low level, and it can be spread over a long period, sometimes as long as five years. You can use hire purchase for every type of truck that you want.
Why you should use our truck financing
Our truck financing is a comprehensive service that comes with many benefits, such as:
- An experienced team with knowledge about different industries who will seek to get you the best finance deal possible.
- We partner with top lenders in different industries, and we have created a relationship with them that we use to your advantage when we need to negotiate the best deal for you.
- Flexible lending partners who are open to mutually beneficial agreements that will help you get the most comfortable payment options and low-interest rates.
- Multiple financing options available for you to pick the one that most suits your financial position.
- No secret fees or hidden charges on the financing, and every term and conditions in the agreement is carefully explained to the best of your understanding.