A balloon payment is a lump sum which is owed to the lender at the very end of your truck loan term, after all your regular monthly repayments have been made. It allows you to repay only part of the principal amount of your truck loan over the term you request. The reason for having a Balloon Payment is that it allows you to lower your monthly repayments for cashflow purposes.

When it comes to end of your loan contract, and you will still have your Balloon Payment to deal with. It is easy to refinance your balloon payment at the end of your loan. Alternatively, you can trade the truck in for a new one or sell your truck to another party which if structured correctly should be more than the balloon payment you owe.

It is completely your choice whether you want a balloon payment in your loan structure to reduce your monthly repayments or not. We can workshop this with you to make sure the repayments suits you and your transport business.

Funnily enough we look after over 20 Truck Dealerships in Australia as their finance partner. The reason why Truck Dealerships use SME LEND is that we are experts on trucks and the transport industry. We are also very skilled at getting their customers truck finance approved and we secure them low rates, so they are happy to go ahead with the truck purchase.

Some other Truck Dealerships might offer their own Vendor Finance (e.g. Volvo Financial Services) and with only have a very limited amount of options in regards to a finance offering to their prospective buyers. This can result in very limited flexibility and not allow them to secure the best deal they could.

We are more than happy to offer our advice and let you know if your Truck Finance approval is competitive or not. Just call us on 1800958400.

It’s generally recommended to make sure you are happy with the truck you are buying especially if you are purchasing through a private seller. When it comes to Private Sales, most finance companies will require a third-party finance inspection on the truck to make sure the truck’s asset identifiers (VIN Number & Engine Number) matches the Registration papers and the Tax Invoice before the bank will settle on it.

We simply will book a Truck Finance Inspection company in for you (or inspect the truck ourselves) to take photos of the Front, Back, Sides, Odometer and Compliance Plate of the truck to make sure it all matches your loan documents, registration papers and Tax Invoice so we can move through to settlement.

We also complete a PPSR search on the truck to make sure the truck is not a write off or has been stolen. You are welcome to also do a mechanical inspection on the truck (at additional costs) to make sure the truck is mechanically sound just to make sure you are completely comfortable on moving ahead with the truck purchase. We can also able to book in a truck mechanical inspection for you.

This is one of our favorite things to do. SME LEND  has access to the most cost-effective interest rates in the market. So given the opportunity to beat your current rate is something we take a lot of pride in doing.

If we can’t beat your interest rate that means you are getting a fantastic rate for your truck purchase. We will give you true and honest feedback once we have a look at what truck you are purchasing, your current repayment structure and what stage your transport business is currently in. Given the opportunity we won’t let you down on securing a low interest rate approval for you.

Every truck finance application is different. It will all be depending on your business, the truck you are purchasing & the amount you are looking to borrow. Once we have a five-minute phone call, we will get a good understanding, then run you through the strategy and the key items we need in order to secure your approval.

Please don’t feel you need to give us everything but the kitchen sink like a bank would as this is simply not the case. We strategically know exactly what key items we need to secure your finance approval.

Absolutely not! SME LEND has access to a wide variety of low documentation finance offers that the major banks and other financiers offer us to secure your approval. Please don’t feel like you have to provide us with a lot of information in order to secure your truck finance approval. When we speak to you over the phone, we will know exactly what key items to obtain from you to secure your finance approval. It might surprise you on how little information we need.

Other key items we can utilize include a Good Finance Reference on one of your other Loans, recent BAS Statements or Bank Statements just to name a few examples instead of having to provide your financials.