Every industry, large or small, is highly dependent on the transportation system. It’s really not surprising that the demand for bigger trucks is increasing with each passing day. This can be clearly explained by the fact that all market products bought or sold around the world make good use of trucks. With the development of field technology, trucks are becoming more fuel efficient, making them a preference for transportation facilities around the world.
The pinch of pocket when buying one of these trucks can be quite heavy, making financing an absolute must. Getting the right finance company to help you with a truck is not an easy job, especially given the large sum of money involved. Sellers generally have ties to funders to help you finance the truck. Otherwise, you can easily approach one of the many finance companies that offer truck loans. A list of such companies can be found with the truck dealer and is also available online. The question now is about the requirements to obtain the truck lease.
There are two basic types of truck loans available today, namely, secured and unsecured.
Secured Loans – This type of loan will require you to place some of your assets like your home, car, or office as collateral. These assets in case of non-payment of the loan can be seized by your property. This is a more preferred type by lenders, but not easy to come by when it comes to non-homeowners and poor credit holders.
Unsecured loan – This type of loan does not require you to place collateral and is suitable for people who are not homeowners. The lender here runs the risk of not getting his money back. The usual repayment period is five to seven years. This type of loan is not very easy to obtain because it does not provide anything as collateral. Your financing will need to confirm that you are in financial condition to repay the loan. You will need to have a job with a good regular pay. Your credit records will also be scanned to verify how you have handled your credits in the past.
Australian truck financing has been very market-friendly for years and other countries are following suit as well. Funders generally request documents such as driver’s license, Medicare card, etc. Vehicle insurance papers are also essential. Some of the new truck loans offer you to include insurance in the loan amount. Bank statements and your credit history will be another important requirement. The financier will also be interested in reviewing your asset list to make sure you have a good track record. Generally a guarantor and a couple of local references is also a requirement for funders. On average, a down payment of around 20% will be required when taking the loan and the repayment time varies from 2 to 7 years.
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