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For business owners, truck loan through truck loans is one of the most popular and reliable ways to handle truck-related costs and expenses. In truck loan, businesses can buy or lease vehicles to fulfil their business requirements and obligations. The truck counts as an asset for an enterprise, which makes it beneficial.

Documents Required for Truck loan

Truck loan would require a few things that a small trucking business must show to facilitate its application for a truck loan. The following truck loan requirements will determine the expected terms regarding loans, interest rates, and suitable down payment:

  • Your ABN or ACN
  • Personal identification
  • Business verification
  • Information on the truck you intend to purchase
  • Proof of income
  • Proof of Your Assets and Liabilities

Eligibility Criteria for Truck Loans

Many things come into play when determining the eligibility of a trucking business for trucking loan. To make things much easier, here are some factors that are double-checked and brought into consideration by the loan company.

  • Be 18 years or over
  • Be a permanent Australian resident
  • Be currently employed and earning at least $25,000 gross per annum
  • Be able to demonstrate a good credit history for the last 5 years
  • Be free from bankruptcy for the last 7 years