Truck Financing Considerations

Many truck buyers use some form of financing. Whether it helps your business depends on the terms, so look at the whole picture before you sign. Terms, eligibility and approval always depend on the provider, and nothing here guarantees approval.

Look at the full cost

• The deposit you need to pay
• The repayment period and the instalment amount
• Whether the rate is fixed or variable
• Fees, insurance requirements and any early-repayment charges
• The total amount you will repay over the whole term

Check that the repayments fit your cash flow

Work out the instalment against the income the truck will realistically earn, including slower months, maintenance and downtime. See operating costs for the other costs to include.

Compare lenders

Ask more than one provider for a written offer, and prefer regulated lenders. Make sure you understand what security is required and what happens if a payment is missed.

Be ready with the paperwork

Providers usually ask for identification and business documents, and may ask for financial records. Confirm the exact list with the provider.

When you request a quotation on a truck, mention that you would like to ask about financing so it can be considered from the start.

Want help choosing? Call or WhatsApp Njoki on 0794624466, or request a quotation and describe the work your truck needs to do.