Truck Repayment Calculator & Schedule
Amortization Schedule
DISCLAIMER: This comparison chart is provided for general reference purposes only. It is not in any way intended as a loan application, it is not a quote for business finance or any indication that an application has been received or approved. The rates quoted are for business use where the funds are predominately for business use and may not include all the fees and charges that may be applicable. The interest rates and the repayments displayed do not account for any conditions pertaining to your individual loan application. Therefore the interest rate and repayment you may be offered may vary from the amount shown.
Finance Calculator FAQs
Our loan calculator is an essential bit of kit for anyone in the market to buy a new heavy vehicle. You can use it free of charge to calculate repayments on any number of pieces or equipment at anytime from anywhere you have an internet connection. We’ve detailed how it works on our web page but perhaps we overlooked a few areas. So we’ve addressed some additional issues in this section. Hopefully they will answer your questions so you can get calculating. If not, please give us a call so we can assist you personally.
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The calculator is developed and formatted to calculate rough estimates only. The results you receive when you enter the amount and other details of your loan are only rough ballparks. The calculator doesn’t have the functionality to allow for fees and charges and for any special issues around your individual loan application. So be mindful it is an estimate. A finance quote you may receive may vary from the repayment estimate you calculated on the loan calculator. The calculator is provided as a general loan planning tool and a resource to assist truck buyers convert purchase prices to repayments on numerous trucks they are considering.
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The calculator has a field for the balloon. This is a option on some commercial finance products and has different names for different loans. For Chattel Mortgage and CHP it is a balloon, for Leasing it is the residual. This balloon/residual is a percentage of the purchase price of the truck which is due for payment at the end of the loan term after all scheduled repayments are finalised. The balloon/residual is still financed and has interest applied to the repayment amount but you do not pay any principle until the end of the loan and that payment is a bulk payment. This can be refinanced (subject to lender approval), paid out or taken of the trade equity if you decide to sell or trade in on a new truck.
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To apply for a business loan you will need to provide a minimum of a current ABN and identification. From there, it will depend on your individual business as to what financial information and documents you can provide for your application. The usual docs include financial accounts showing income and expenses, GST and BAS returns, income tax returns and profit/loss statements. If you don’t have all this documentation, there maybe a No Docs/Low Docs option available. The lender or the broker will require what the details are of the heavy vehicle you wish to purchase or get a pre approval for. You will also be required to give consent for a credit check to be done against you and/or your company (if you are a company pty ltd structure).
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Yes, in most cases lenders or finance brokers can offers pre-approved finance for both new and used truck purchases. But when buying a second hand truck, a pre-approved loan can be particularly helpful. Pre-approved loans are available across the full portfolio of loan products: Chattel Mortgage, Leasing, CHP and Rent to Own for both fully documented loans and for No Docs Low Docs and ABN Truck Loans. You complete the necessary finance application procedures, providing the documentation that you have and your consultant proceeds with the normal loan application process. Providing an indication of the type, age and condition of the truck you are considering is also preferred.