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Custom or work-ready truck: loan differences?

Truck manufacturers have moved to simplify the truck purchase process by providing new trucks in some classes that are work-ready with the most popular body configurations. Depending on industry, application and specific use, buyers have the option of purchasing either a ‘work ready’ truck or purchasing the truck cab and body separately. Purchasing the body separately is essential for many applications that demand a specific or customised body.

In some instances, operators may choose to opt for a particular body manufacturer over the truck manufacturer body option based on a range of factors. For some the decision may not be a major deal maker or breaker and can simply come down to personal preference. For others, it may come down to that big deal-decider – price!

In both the specific transport sector and across industry in general, cost pressures are an ongoing and increasing burden on business cash flow and achieving future financial objectives. If there’s a dollar to be save somewhere along the line without compromising safety, compliance, quality and other non-negotiable trade-offs, it can be worth considering.

And then there is the issue of the truck loan. The choice of buying a work-ready truck over a custom set-up raises the question of whether or not there are any differences in the truck loans for each option.

At Jade Truck Loans we take saving our customers money as a priority. Achieving the cheapest truck finance interest rates on every truck loan is our focus regardless of which set-up you purchase. We dive into the ‘ready or not’ conversation to explain what, if any, loan differences exist, especially around cost.

Work-Ready Truck Market

There is a number of manufacturers offering work-ready trucks. These tend to be focussed on the most popular bodies and those with a wider range of general applications.

These include:-

Truck Loan Options

When buying a new work-ready truck with manufacturer supplied body or tray, Jade provides cheap loans for complete truck. In general, we would not envisage any specific differences in the loan elements based on the truck being a complete unit. That is, in regard to the interest rate especially.

Differences around the interest rate achieved for a truck loan and any conditions attached to individual loans are determined more on the applicant than the new truck.

When purchasing the truck cab and body separately, the truck loan can include both components when purchased concurrently. The buyer would need to secure the cab and body purchases at the same time so the cost of both can be rolled into the same loan deal.

The key issue to emphasise is that as we have access to a large number of lender choices, Jade Truck Loans has the potential to be far more competitive on both interest rates and loan terms compared with truck manufacturer or dealer finance.

If purchasing separately, it may be helpful to arrange a pre-approved truck loan. Your Jade consultant can process your loan request based on your estimated cost for both cab and your customised body. When you have settled on a price from both sellers, the loan can be finalised to the exact amount.

Differences by way of issues may occur in relation to the total loan amount for some applicants. This may be relevant in regard to low docs, no docs and ABN-only truck loans.

The easiest way to find out exactly how, if at all, your truck loan would be impacted in this way is simply to give us a call and discuss your individual truck loan.

The types of loans available for work-ready and rolled-in truck and body purchases include:-

Clearly there are benefits to having one rather than two loans for truck and body with just the one fixed repayment each month.

Jade Truck Loans feature a fixed interest rate, fixed repayments, fixed loan term and option for balloon or residual. Each loan is individually negotiated with the lender that makes the cheapest offer so you are assured of the cheapest truck deal achievable for your requirements.

New v Used Truck Loan Differences

The above discussion is focussed on the purchase of new trucks. Differences in loans are more likely to occur between new and used truck purchases whether they are bought as a work-ready unit or as separate truck and body purchases. Differences in interest rates for new v used trucks, total loan amounts and other conditions may be relevant.

To discuss a work-ready truck loan contact Jade Truck Loans on 1300 000 003

DISCLAIMER: THIS ARTICLE INCLUDES DATA, SPECIFICATIONS, INFORMATION AND OTHER MATERIAL WHICH HAS BEEN ACQUIRED VIA VARIOUS SOURCES, GENERALLY AVAILABLE IN THE PUBLIC DOMAIN FROM MANUFACTURERS, GOVERNMENT ORGANISATIONS AND SUPPLIERS. NO LIABILITY IS ACCEPTED FOR ANY ERRORS IN THE PRESENTATION AND INTERPRETATION OF THIS INFORMATION. THE ARTICLE IS PROVIDED FOR GENERAL INFORMATIVE PURPOSES AND NOT AS THE SOLE BASIS FOR MAKING FINANCIAL DECISIONS. IF ADVICE ON INDIVIDUAL FINANCES IS REQUIRED, IT IS RECOMMENDED THAT READERS REFER TO A FINANCIAL ADVISOR.

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