Research and Preparation

 Before embarking on the loan application journey, diligent research is essential. Understand the types of commercial vehicle loans available in Australia, their interest rates, repayment terms, and eligibility criteria. Evaluate your financial situation, credit score, and business plan to determine how much you can afford to borrow.

Types of Commercial Vehicle Loans

 Commercial vehicle loans come in various forms, such as chattel mortgages, hire purchases and leasing options. Each has its own advantages and implications. Chattel mortgages allow you to own the vehicle from the outset, while leasing provides flexibility but without ownership. A hire purchase arrangement falls in between these two, offering eventual ownership while paying in installments.