Truck Loans Australia :: Articles

Simple Tips On Getting Your Loan

What are some simple tips for getting a loan?

Simple Tips On Getting Your Loan
So, you want to get a loan? Here are some simple tips that might help you make more informed decisions about the type of loan you buy, and from whom.
As you would probably be aware, a loan varies according to:
  • The amount borrowed;
  • The interest rate;
  • The type of rate (fixed or variable);
  • The term (length in years) of the loan;
  • Deposit (downpayment);
  • Associated fees (broker, origination, prepayment etc.);
  • Insurance required by the lender.
When you get a loan, you are buying money for more than it cost the lender. Simple.
Car Finance- Quick & Easy
Image for Car Finance- Quick & EasyIf you are in the market for a new or used car, then we're in the market to help you arrange the money. Our car loan & leasing finance service is backed by a national panel of car loan specialists who will establish your eligibility, find lender/s offering the best deals for your situation - and help you through the approval and settlement process. No charge to you - and no obligation to proceed with any recommendations offered.
If you are comparing loan offers, it is a mistake to consider the interest rate alone. Depending on the type of loan, there may also be arrangement fees and *prepayment penalty* clauses to consider. Therefore, you should be sure to take into account the total cost of your loan when comparing options - and definitely before committing.
Keep a copy of every cheque you write for your loan. If you call your lender about your loan, make sure you get the full name of the person with whom you speak. Make a note of it. You may be dealing with a large bureaucracy, and will need to refer to this conversation later.
Do a budget. Make sure you use realistic figures. Keep all of your receipts, or keep a record, for all of the money that you spend for a month. Use that to help you compile the first draft.
Be prepared to review and update it regularly. A co-ordinated budget allows you to get the most loan for your money without beggaring yourself, while getting rid of wasteful spending.
Where possible you should avoid loans that contain combinations of the following attributes:
  • Short-term;
  • High up-front fees;
  • High rates;
  • Balloon payments;
  • Excessively high late fees;
  • Prepayment penalties.
These loans can potentially swallow up any equity you may have, and ruin your financial position.
Beware of prepayment penalties. Many 'no fee' credit lines have a pre-payment penalty. There is no need to agree get a loan which contains any significant prepayment penalty, if you have good credit. One of the smartest things someone can do with a loan is to prepay it.
All you need to do is contact your lender and ask for its prepayment procedure. Then, every so often, check the loan balance the lender sends you, to make sure the additional payments have been accounted properly.
Be wary of promises of getting a loan quickly. Many borrowers are told that their loans will close within a particular time. They don't make payments on existing debts, in anticipation of the new loan.
After several delays, they can become delinquent, with no money from the new loan. Some mortgage companies then order new credit reports, and charge the borrowers higher fees, and a higher rate, because of the delinquent loans, which resulted from delays caused by the loan company!
Submit a neat application form; it shows you're business-like and efficient. It will be read and assessed by a human being; appearances count.
Only pay up-front fees to well-known or highly recommended institutions. While most institutions are reputable, it is always best to be cautious.
Don't sign documents without reading them. As soon as possible, before you close the deal, review the documents you'll be signing, and make sure you understand them, so you won't have to sign them in a hurry.
Keep your credit line as small as possible. You could be turned down for other loans, even when your credit line has a zero balance, since a large credit-line indicates a large potential outgoings.
If your spending is out of control, don't get a home equity credit line to pay off your credit cards. Don't put your home at risk by spending large amounts on your credit cards, after paying them off with your credit line.
Pay off small debts before the due date. Cancel credit cards you are not using. Loan officers tend to count the total line of credit - even if you owe nothing - as a liability. They will only cloud the picture. Close credit lines that you have no intention of using in the near future. Also look closely at the interest rates and fees, when deciding which cards to keep.
Choose a lender with a clean record with the industry watchdogs in your country. The mortgage industry receives a great number of complaints against it. In Australia, mortgage and finance brokers of any kind must be licensed with A.S.I.C, and all licensing information for brokers can be found on the A.S.I.C. website.
Shop for rates when the market is calm. Rates change from day to day, so compare lenders. The quotes you get should all be from the same time period.
Check your payments are correct - Do the mathematics. There's a one in ten chance you could be paying more than you should.
If you find yourself in a dispute with a lender about a payment or another issue, don't send correspondence to the same address you send your payment. You need to deal with the decision-makers, not the account clerks.

Published: Sunday, 1st Aug 2021
Author: Paige Estritori


Truck Loans Articles

Maximizing Your Investment: Strategies for Enhancing Truck Resale Value in Australia
Maximizing Your Investment: Strategies for Enhancing Truck Resale Value in Australia
The commercial vehicle market in Australia is a cornerstone of the transportation and logistics industries, with trucks playing an indispensable role. Whether for long-haul deliveries across the vast distances of the continent or for urban distribution, trucks are critical assets for businesses and entrepreneurs alike. This significance makes it essential for commercial vehicle buyers to understand the dynamics of truck resale values in Australia. - read more
Understanding Your Options: A Guide to Commercial Vehicle Loans in Australia
Understanding Your Options: A Guide to Commercial Vehicle Loans in Australia
If you're running a business in Australia, choosing the right commercial vehicle loan can be pivotal to your success. Whether you're a small business owner needing a delivery van or a large company expanding your fleet, understanding your financing options is crucial. - read more
How to Get a Truck Loan with Less-Than-Perfect Credit
How to Get a Truck Loan with Less-Than-Perfect Credit
Securing finance for any significant purchase can be a challenge, especially when it comes to acquiring a truck for business purposes. Coupled with a less-than-perfect credit score, this task can seem daunting for many Australians. The ripple effects of financial constraints can impede business operations, affecting the lifeline of commercial ventures that rely on transportation. - read more
Essential Financial Safety Nets for Aussie Truck Drivers
Essential Financial Safety Nets for Aussie Truck Drivers
Welcome to the road less traveled, where the rubber meets financial prudence. Truck driving in Australia is not just about long miles but also about ensuring financial stability amidst life's crossroads. As a truck driver, taking the wheel of your financial future is crucial, and that's what we'll navigate in this article. - read more
Maximizing Your Fleet Potential: How Truck Financing Shapes Success
Maximizing Your Fleet Potential: How Truck Financing Shapes Success
Trucks play a pivotal role in the Australian logistics and transport industry, serving as the lifeblood that keeps commerce flowing. The dependable rumble of engines crisscrossing the nation's highways is more than just a symbol of industry; it's a critical component of productivity and economic stability. Without these workhorses facilitating the timely movement of goods, the Australian market would face significant challenges meeting the demands of both businesses and consumers alike. - read more

Finance News

ANZ Bank Ceases Share Buyback to Fund Strategic Overhaul
ANZ Bank Ceases Share Buyback to Fund Strategic Overhaul
13 Oct 2025: Paige Estritori
ANZ Group has announced the cessation of its remaining A$800 million share buyback program, opting to conserve capital for a comprehensive strategic overhaul. This decision aligns with the bank's commitment to strengthening its market position and addressing recent regulatory challenges. - read more
RBNZ Announces Formation of Financial Policy Committee
RBNZ Announces Formation of Financial Policy Committee
13 Oct 2025: Paige Estritori
The Reserve Bank of New Zealand (RBNZ) has unveiled plans to establish a new Financial Policy Committee (FPC) by early 2026. This initiative is designed to enhance the central bank's authority in setting prudential regulations for banks and making informed decisions regarding mortgage lending ratios. - read more
Australian Consumer Sentiment Falls Amid Inflation Concerns
Australian Consumer Sentiment Falls Amid Inflation Concerns
13 Oct 2025: Paige Estritori
In October 2025, Australian consumer sentiment experienced a 3.5% decline, marking the second consecutive month of reduced optimism. The Westpac-Melbourne Institute survey reported a sentiment index drop to 92.1, following a 3.1% fall in September. This trend indicates a predominance of pessimism over optimism among consumers. - read more
Harley-Davidson's Potential Financing Unit Sale: What It Means for Australian Riders
Harley-Davidson's Potential Financing Unit Sale: What It Means for Australian Riders
13 Oct 2025: Paige Estritori
Harley-Davidson, the iconic American motorcycle manufacturer, is reportedly in discussions to sell a stake in its financing arm, Harley-Davidson Financial Services (HDFS). This move could have significant implications for Australian riders seeking financing options for their motorcycle purchases. - read more
Small Business Lending Surges After RBA's Interest Rate Reductions
Small Business Lending Surges After RBA's Interest Rate Reductions
13 Oct 2025: Paige Estritori
In a significant development for Australia's small and medium-sized enterprises (SMEs), recent interest rate cuts by the Reserve Bank of Australia (RBA) have led to a notable increase in small business loan applications. This trend underscores a renewed sense of optimism among business owners, eager to leverage more favourable borrowing conditions to drive growth and expansion. - read more

Start Here

Get a free truck loan eligibility assessment and compare truck finance and leasing options without accessing your credit file!!
Loan Amount:
Postcode:

Quotes are offered free & without obligation. We respect your privacy.

Knowledgebase
Negative Amortization:
A situation in which the loan payment for any period is less than the interest charged over that period, causing the loan balance to increase.