Financing of a truck, a bus or another type of heavy-duty commercial vehicle can be arranged through Platinum Direct Finance. This form of financing typically applies to trucks and buses of all sizes and weights, tankers and similar vehicles.
The consultanrs at Platinum Direct Finance can assist you in coming up with flexible terms for your truck finance or bus finance. The length of your financing agreement can vary considerably depending on a number of factors, including how often you use your truck or bus, the type of jobs you perform with it and how much wear and tear it is expected to sustain.
Some of the most popular forms of financing available for your truck or bus include a commercial hire purchase, a chattel mortgage or an asset lease.
Commercial Hire Purchase
In a commercial hire purchase contract, the lender opts to buy the truck or bus and immediately hire the vehicle back to the customer for a length of time that both sides have agreed upon. During that stretch of time, the customer enjoys full use of the truck or bus in exchange for a fixed monthly payment. Upon the conclusion of the agreement, the customer can accept full ownership of the truck or bus once he has paid the full price of the vehicle and any interest.
According to the terms of a chattel mortgage, the lender gives the customer money in advance for the express purpose of buying the truck or bus, allowing the customer to take ownership of the vehicle immediately. At the same time, the lender creates a mortgage that covers the truck or bus as a form of loan security. The customer can receive the vehicle’s title, free and clear, once the mortgage is paid off. The customer often makes a deposit of either cash or in the form of a trade-in vehicle when designing the contract.
Under an asset lease, the lender buys the truck or bus, permits the customer to use it for his business, and charges the customer a fixed monthly fee for the length of the lease. At the conclusion of the contract, the customer has several options. He can make a residual payment on the lease to gain the title, re-finance and extend the lease or sell the vehicle.
Feel free to give us a call today to discuss your options, or fill out a form to have an friendly consultant call you back.
Would you like more information?
You can give us a call on 1300 554 553 or fill out the form and we’ll have an expert consultant get back to you