Truck Financing Options

Chattel Mortgage Truck Loan

• A Chattel Mortgage is similar to a mortgage on a home where your truck (Chattel) is used as security against the truck finance loan
• On signing the Chattel Mortgage agreement, you take ownership of the truck and make monthly repayments
• Benefits include the option of paying a deposit, ability to claim GST and depreciation as tax deductions, and the possibility of claiming interest as a tax deduction

Truck Leasing

• Leasing a truck operates in a similar manner as leasing a business premises
• The customer has full use of the truck and covers maintenance costs without owning the truck and bearing the liability of the purchase price

Rent To Own Truck and Equipment Finance

• A truck rental agreement or operating lease allows the customer to use the truck without the extra burden of ownership
• Ownership is retained by the lender until the customer chooses to purchase or return the truck

Note: For specific advice on your individual circumstances, it is recommended to consult with your accountant.