Adelaide Truck Finance Types.
If you’re looking at purchasing a truck; either new or used, from an Adelaide truck dealership, you’ll be wanting to find out what types of truck loans are available in Adelaide, what the repayments will be and if you can be approved for truck finance.
Truck loans Adelaide can be applied for online and if you meet the lenders truck lending criteria, you could have an unconditional approval the same day.
National Finance Choice are truck finance brokers, that can assist you buy trucks or other heavy vehicles with either a secured personal loan product or unsecured personal loan product; arranging truck insurance for your truck at the same time too.
With secured personal loans for a truck – secured truck loans, the lender will take the truck as security; i.e. take a mortgage over the truck, until all the loan repayments have been made, you will then own the truck freehold. In the case of unsecured personal loans for purchasing a truck – unsecured truck loans, the lender will not take the truck as security; or anything else for that matter.
Due to the increased security to the lender, secured truck finance will generally attract a lower interest rate than unsecured truck finance.
The lending criteria for secured truck loans will not be as stringent as it will be for unsecured truck loans; which is generally only given to home buyers or home owners who have an excellent credit history, stability of at least 5 years in their employment and address and have a good record of savings. If you are applying for a secured loan for a truck, you may be required to be the holder of a truck license to qualify for the loan in South Australia. Many people driving trucks are using the truck for work, so would qualify for a truck lease or commercial hire purchase (CHP).
The truck lending criteria will vary from lender to lender; which is why it’s an advantage to use National Finance Choice SA (NFC SA) in Adelaide.
NFC SA’s experienced truck loan brokers are aware of which lender from its panel is more likely to approve truck loan applications given your unique circumstances; increasing the chance of a fast approval, even if you are self-employed.