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Truck Finance and Loans Explained

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If you’re thinking about getting a new truck or have been looking for a deal the past couple of months, you need to know everything about truck loans and financing.

There are a lot of hidden fees, financing caveats, and tips you can do to get the best loan for your needs. Whether it’s a cheaper loan, one with lesser interests, or from which company to loan from—this article will talk about everything.


Let’s get started.


What is Truck Financing and Truck Loan?

Commercial truck financing is designed to allow consumers to buy vehicles for their businesses. The word financing here refers to the entire industry of loaning and purchasing trucks. It’s a broad word that encompasses the management of cash and finances that are related to your truck loans.

A few examples of commercial trucks mentioned here are delivery trucks, tipper trucks, crane trucks, and so much more.

Truck loans refer to the actual debt that you’re connected to. These loans are debts you have to pay and there are usually a lot of varieties to choose from when making a truck loan.

 

Is Truck Financing and Truck Loans Worth it?

Blowing all your cash into a truck might be worth it for your business, but it’s also a risky and dangerous move. As a rule of thumb, you should never dip into your savings, especially if it’s for your retirement. Your emergency fund also shouldn’t be used for purchases outside of actual emergencies. So, how can you grow your business through investments like trucks while lowering the risks?

Truck financing and loans are the safest way to purchase a truck if you’re willing to pay an extra percentage in interest. Truck loans not only allow you to buy vehicles without drying out your personal savings, but these loans also allow businesses without enough capital to scale by getting into good debt.

If there’s one thing that rich and successful people do well, it’s that they let money work for them. Although loans are greatly villainized, and for duly good reason, you shouldn’t avoid them if you can afford a loan. Loans let you scale your business without using your own capital, giving you leeway for progress and allowing you to keep your money for actual emergencies.

For businesses that want to grow, truck loans and finances are definitely worth it.

 

Types of Truck Financing

There are various types of truck loans and financing out there, but we condensed it into three main types to simplify things for you.

 

Equipment lease

Starting off with the most basic one, equipment leasing is when you borrow commercial vehicles and pay a monthly price for each month that you use it. Legally speaking, the equipment or vehicle still belongs to the lender you’re leasing it from. However, you can usually rent these vehicles for cheaper than if you bought them yourself and you won’t have to worry about paying for the entire vehicle if you no longer need the truck.

If you want a different truck or want to stop using it, you can simply stop paying the monthly dues and return the vehicle. No loans hovering behind your back.

The problem with this type of lease is that you’re paying for something you’ll never own. This means that you’ll continually pay the lender to use that vehicle, which will result in diminishing returns after several years. If you’re looking to stay in the business for a long time or have already been in the business and need a truck for several years, you may want to consider skipping this loan and buying a truck yourself. That way, you’ll own it after the loan and you won’t have to worry about paying for something every month once your loan is cleared.

For those of you who are still interested in equipment leases, there are some things you should look out for:

    • Is the truck insured?
    • What will happen if the truck is damaged?
    • What will happen if the truck fails (outside of human error) on you and costs your business money?
    • Who will shoulder the upkeep and maintenance of the truck?

These are some of the few important considerations when figuring out the agreement for an equipment lease. You don’t want to be in a truck accident or have two flat tires only to realize that it’s your job to fix the truck.

 

Hire Purchase Agreement

A hire purchase agreement means paying for a truck to borrow it from a lender until you’ve paid the truck off. Once you’ve successfully paid the loan, the lender will transfer the ownership of the truck to you.

Just like the equipment lease, you’ll start off not owning the truck that you’re paying for. The main difference here is that once your loan is completely paid off, the truck’s ownership will transfer over to you. These types of agreements are typically the most flexible. The obvious upside to this is that you’ll no longer worry about paying monthly dues indefinitely since you’ll stop paying once you’ve paid off the entire loan.

However, a hire purchase agreement has a lot more important considerations. Keep a keen eye out for these types of scenarios:

    • What happens if you miss a monthly payment?
    • Under what circumstances will the loan turn void and the truck be returned to the lender?
    • What happens if the truck gets into a crash and is no longer usable whilst the loan is still being paid?

These are just some of the many questions you need to clarify with your lender before jumping the gun. If you can figure out an agreement that works for both parties though, a hire purchase agreement is one of the best ways to buy and use a car. You pay a solid monthly rate, get to use the car immediately, and then own the car when the loan is done.

 

Chattel Mortgage

A chattel mortgage is when you can purchase a truck using borrowed funds from a lender. The borrowed funds can be any amount, often up to 100% of the truck’s total cost. There is no down payment necessary for these types of loans, but the truck will be used as collateral in case you miss payments or can’t continue to pay for the loan.

Confiscating the truck and selling it to recoup the losses from the loan is typically the last resort for lenders though, so that’s great to keep in mind.

Of all three, chattel mortgages are the most straightforward. There really aren’t a lot of important considerations and loopholes to focus on here.

 

What Documents Do You Need For Truck Finance and Loan?

If you’re ready to jump the gun and get a quote for a truck loan, make sure that you at least have the correct documents to seal the deal.

Documentation and IDs will vary from lender to lender, but we listed down the most commonly used documents that are necessary for truck loans. Use this as a rule of thumb when thinking about applying for a truck loan anywhere:

    • ID (Driver’s license or passport preferably)
    • Proof of your current assets and liabilities (like your house)
    • Recent proof of income (payslips or bank statements)
    • Information about the truck you want to purchase

With these four ready, you should be able to get a decent quote and a serious reply from any lender on the market.



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Can You Finance an Older Truck?

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Businesses, especially new ones, always benefit from cutting costs and getting cheaper deals. If you’re looking to finance a truck for your business start-up, it would be a smart move to buy an older truck and hope it will be much cheaper.

Unfortunately, it’s not all black and white. In this article, we’ll guide you through the nooks and crannies of financing an older truck.

 

Can You Finance an Older Truck?

The short answer: Yes. You can finance an older truck.

The long answer: Yes, but it may be costlier and have high interest rates.

Truck Financing

Truck finance is the act of purchasing, loaning, and organising finances in relation to truck-buying. It’s a large industry that’s a subset of the automotive market.

 The financing for trucks differs considerably from lender to lender, and this applies to different truck models as well. Thankfully, older trucks are about 40 percent cheaper (retail price) than the latest models on average.

 

Truck Financing Factors

Despite older trucks being cheaper than their newer models, financing these old vehicles can still often be an expensive ordeal. There are a ton of factors that go into financing that may increase your loan amount or interest rate.

Amount to Be Financed?

Loans that are lower in amount often have higher interest rates, just because lenders don’t make as much profit on low-amount low-interest loans. After all, lenders inevitably want to make a profit and if your loan isn’t worth much to them, then their chances of approving it are low.

 If you aren’t familiar with what type of loan you’re comfortable with, you can try ou online loan repayment calculator – https://yakkafinance.com.au/finance-calculator/. While they aren’t 100 percent accurate, they’ll give you a good estimate of what to expect.

Truck Loan Term Length

The length of the loan term actually depends on the age of the truck you’re trying to buy.

10-Year Old Trucks

The maximum payback period for a loan is typically five years if the truck in the contract is older than 10 years. But you’ll typically find that three years is a much more common practice for most banks.

5- to 8-Year Old Trucks

For trucks that have been released for five to eight years, these loans come in 5-year terms with the option of a balloon.

Balloons are loans that allow you a loan at a lower cost at the expense of paying another one-time payment at the end of the term. This is perfect for businesses that are trying to decrease buying costs and are confident in their ability to pay off the balloon when the loan ends.

Banks Are Less Likely to Approve Loans for Older Trucks

Banks are also hesitant to agree on loans for older trucks, because these vehicles are considered high-risk assets. They may break down and cause complications for the loan.


Conclusion — Should You Get an Older Truck?

Although you can finance an older truck, the real question is should you?

Older trucks may be cheaper at first, but that might come at the cost of reliability and fuel efficiency among many other factors. Used and old trucks are a great investment if you’re looking for a cheap upfront payment, but newer vehicles are considered a much safer investment.

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How to Find Cheap Truck Loans in Australia

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If you’ve been listening to or reading the latest commentary by the RBA or Reserve Bank of Australia, then you may have heard about the increase in interest rates for loans.

Unfortunately, this affects the interest rates of truck loans as well, which is a large setback for local businesses that needed to purchase vehicles for delivery and logistics. The sudden increase in interest rate from the RBA is also a sudden change for most of us since their last report stated that they only planned to increase interest rates come 2023 to 2024.

Despite being a year early, you’re not completely out of luck. There are different ways you can find cheap truck loans despite the increasing interest rates from banks and lenders.

 

Get a Loan ASAP

Interest rates haven’t officially increased yet until mid-year, somewhere this June. If you’re still reading this before that, then you still have the chance to look for a deal with a lower interest rate.

There are several types of truck loans you can get, but here are the main three to consider:

  • Chattel Mortgage – When you purchase a truck with borrowed funds from a loan. The truck is used as collateral and confiscated back to the banks and lenders if you cannot pay the loan on time or can’t continue to pay for the loan.
  • Hire Purchase Agreement – When you pay for a truck to borrow it from a lender until the truck is fully paid off. Once the loan is paid for, the ownership of the truck will move to you.
  • Equipment Lease – When you pay a flat monthly fee to use the truck every month. The ownership will forever stay with the original truck owner, which can mean increased costs if you’ve paid enough money over years to pay off the cost of the truck.

There are different types of loans and they all have their benefits. You’ll have to first figure out what works best for you and then try to manipulate those loans to work in your favor. Remember, you can still haggle or request extra terms just to make the contract clearer and better for both parties.

Use Your Credit Profile

A pristine credit profile means that you’re a reliable, trustworthy, and punctual client. Individuals with a notable credit score or profile are likely to get lower interest rates and better terms on their contracts.

This is because the banks and lenders view you as a low-risk investment, meaning they trust that you’ll be timely with your payments and pay off everything without any hiccups. You can use this profile to leverage for a lower interest rate, even if it isn’t your credit profile.

As long as you have a friend or relative with a great credit score, you can ask them to vouch for you. But this will mean that the friend or relative will have their credit score at risk if you don’t make your payments in time.

 

Put Up Some Kind of Collateral

Collateral is another important factor for proving that you’re a low-risk client. This means putting up something in exchange for the loan, as a reassurance to the banks and lenders that you’ll pay the loan on time. Otherwise, the banks and lenders will take the collateral as their own.

A common example of this is houses and personal cars. Though you can also use other items, as long as they have a monetary value. As long as you can add some form of collateral to prove to the banks and lenders that you have something of equal value to your loan, you can request a lower interest rate.

 

Use a Truck Finance Broker

Brokers are a useful bunch if you want to look for specific deals, which in this case is a low-interest loan.

As truck finance brokers, Yakka Finance has been in the game for years and has connections to a lot of banks and lenders, so much so that we can bargain your interest rates and loan structure for you. We are accredited with over 60 banks and lenders, with both the major banks and second-tier lenders as well as a wide selection of non-bank lenders. If you want access to a wide range of specialist lenders contact Yakka Finance on 1300 842 911 to speak to one of our trusted truck finance brokers.

 

Summary – How to Find Cheap Truck Loans

Cheap truck loans used to be a commodity, but with the increasing interest rates from the RBA, truck buyers like yourselves are going to have to be much more creative with their haggling.

Lower your interest rates by putting up collateral, using a finance broker, and even leveraging your credit score to show banks and lenders that you’re a low-risk client.

Truck Finance

Should You Use a Truck Finance Broker?

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Can’t afford to buy a truck in straight cash, much less take the risks of doing so out of your savings?

Truck finance brokers are the middlemen that figure out a way to give consumers the resources to buy trucks or heavy equipment. Whether it’s for personal reasons or as a business decision, if you need to buy a truck then a truck finance broker can help you figure out a loan to help you with your purchase.

In this article, we’ll go over all the reasons why you should use a truck finance broker.

 

Scale Your Business Out of Pocket

For businesses who need delivery trucks but can’t afford to take the risk and buy one, finance brokers are the best alternatives.

You shouldn’t limit the profitability and scalability of your business just because you can’t afford to risk your savings. In fact, you really shouldn’t be dipping into your savings anyway, especially if it’s for your retirement. Keep your emergency fund for actual emergencies and get a truck finance broker to quote you a loan instead. While loans are typically associated with negative connotations, investments like a truck or heavy equipment for your business is arguably good debt and will only serve to increase your business profits.

 

Get Better Deals and Transactions

Truck finance brokers are experts when it comes to asking for loans and finding the best deals for their customers. After all, it’s how they make money.

The typical process of applying for a loan would be sending your identification, payment slips, and having the bank check your credit score. If you’re lucky enough to get past that phase, you’ll still likely get an offer with a sizable interest percentage and some extra conditions. For truck finance brokers, this is simply not the case.

Here at Yakka Finance, our expert brokers are now veterans when dealing with banks, and know what details to provide and how to present the loan application to get the highest chances of approval.

Even more than that, our expert brokers are so familiar with bargaining and working with banks and lenders that they can even waive the extra conditions for you.

 

They Read The Fine Print

We’re all guilty of quickly accepting terms and conditions wherever we go, yet not actually reading or internalising those terms. This is still true even when it comes to signing loans, especially when the pages are filled with jargon and words we aren’t familiar with.

With truck finance brokers, you get the bottom line upfront and don’t have to worry about having to decipher the contract you’re supposed to sign.

 

Reduce Your Credit Risk

Keeping up a good credit score is already hard by itself, but keeping that score for years and building a reputation? You’d have to be a millionaire by now to do that.

Finance brokers have not only been in the business for a long time already, but they’ve already built tons of foundations across dozens of lenders over time. If all lending is with one lender, you may be likely to reach their peak funding limit.

One of the best benefits of using a truck finance broker is their ability to establish long-term relationships with their customers and place deals with different lenders over time. This will facilitate credit history with other financers, giving you the opportunity to acquire further funding for trucks and heavy equipment.

 

Best Customer Support

We’ve all tried being hung up on the phone talking to a bank employee or have spent hours waiting for emails back and forth with your bank’s support system. It’s tough, it’s long, and it’s inefficient for the most part.

With a truck finance broker, you’ll most likely have the number of the broker you’re working with and be able to call or text them anytime throughout the day. This is a crucial benefit you’ll get with using a finance broker, especially if you aren’t familiar with loans in general and need some questions answered along the way.

 

Long-term Connections

With banks, the saleslady or customer support team you’re talking to will hardly remember you and may even jump jobs after a few years.

This is vastly different compared to truck finance brokers, who are either in the business for decades or are part owners of the company anyway. In general, finance brokers and its employees have a very high-retention rate when it comes to staff. This makes sense too since these brokers don’t deal with tons of people at a time, thereby remembering you much easier. Since they also co-own or have shares in the company, most of the team are more likely to stay there and be accessible to you in the years to come.

 

Conclusion – Should You Use a Truck Finance Broker?

The definite answer for this would be a resounding yes. Not only can you potentially save money with better loan deals, but you’ll also have a better experience working with a broker than interacting with the entire staff in your local bank.

Truck finance brokers can get you better deals, keep your best interests in mind, and entertain your questions even after you’ve already agreed to a loan from them. Overall, it’s just a much better experience.

 

If you’ve never engaged a Truck Finance Broker like Yakka Finance to handle your finance, you may not be optimising your opportunities.

Contact Yakka Finance on 1300 842 911 to discuss low interest rate truck loans.

 

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Best Selling Truck Brands and Industry Metrics for 2022

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The truck industry in 2022 is starting off on a high note with positive sales figures just from January alone.

Numbers from January 2022 are ahead from the previous year, with all heavy, medium, and light market segments doing well. In this article, you’ll find out the brands that are selling the best, just how well the truck industry is doing this first quarter of 2022, and more. Find out which trucks you should really sell and by how much you can expect your business to grow this 2022.

Let’s get started.

Australia’s Truck Industry Figures January 2021 to 2022

According to the Truck Industry Council (TIC) T-Mark research, January 2022 benefitted from an overall increase in vehicle licensing compared to the previous year. There were 2,148 new commercial vehicles registered in January 2022, which is a 7.5% increase from last year. The light-duty sector increased by 5.3%, the medium-duty went up by 15%, and the heavy-duty sector increased the most of the three by 23.5%. Even compared to the figures from 2019, before the pandemic hit, the increase in 2022 looks promising—if not better.

Light-duty trucks were in higher demand at the start of the pandemic, 2022 looks to focus more on medium and heavy-duty trucks for new prospective buyers. Despite the positive news, we have to take into account that the sales may be skewed because of the availability of new vehicles. The majority of car dealerships and brands are also suffering from microprocessor shortage and global supply issues.

It’s likely that most manufacturers and dealers still have extensive order lists that are on hold and unfulfilled.

 

Best-Selling Truck Brands in Australia 2022

For those of you who are looking to buy a truck this year, it’s important to see which brands are performing the best. We’ll be listing out the brands that perform the best in each category, measured in total amount of new vehicle registrations. The percentage increase here refers to the January 2022 and January 2021 figures.

Heavy-duty Vehicle Registrations

Starting with the sector that has the most sales, the heavy-duty category:

Brand

Vehicles Registered in Jan 2022

Percentage Increase from Jan 2021

Kenworth

150

34%

Isuzu

127

57%

Volvo

109

17%

Mack

58

190%

UD Trucks

54

125%

Kenworth tops the list with over 150 new registered vehicles, while Isuzu comes in second place. Still, it’s good to keep note that Isuzu has a higher percentage increase than Kenworth, with over 57% increase. Nowhere near Mack and UD Trucks are 190% and 125% though, respectively.

 

Medium-duty Vehicle Registrations

For the medium-duty vehicles, here’s what happened the past year:

Brand

Vehicles Registered in Jan 2022

Percentage Increase from Jan 2021

Isuzu

210

47%

Hino

110

-14%

Fuso

73

16%

IVECO

10

-50%

Mercedes-Benz

6

100%

Without a doubt, Isuzu is doing the best in the medium-duty sector. They have the most vehicles registered and have the 2nd highest percentage increase from last year. When you count Mercedes only having 6 vehicles compared to Isuzu’s 210 though, it’s easy to forgive getting second place. Hino and Fuso are close behind Isuzu, despite having unfavorable increases. -14% and 16% respectively. IVECO is in fourth place, with only 10 vehicles registered. 50% less than last year.

Light-duty vehicle registrations

You can’t forget about light-duty vehicles, despite their sales paling in comparison to the medium and heavy-duty markets.

Brand

Vehicles Registered in Jan 2022

Percentage Increase from Jan 2021

Isuzu

285

3%

Fuso

189

18%

Hino

160

-7%

IVECO

51

183%

FIAT

49

44%

Isuzu is first with a whopping 285 vehicles. Although it’s only a 3% increase from last year, you can consider it a success for them to register and sell as many as 285 vehicles. Fuso and Hino come close for second and third place, with 18% and -7% increase/decrease respectively. IVECO and FIAT on the other hand, only registered in the double digits, yet scored the highest percentage increases from their performance last year.

 

Why Cars Are Selling Well

There are several reasons why cars are selling well, but the three major factors that affect this are the low interest rates, less traffic from COVID, and government incentives for investments.

The official cash rate at the moment is at an all-time low, with interest rates being near dirt-cheap. Unfortunately, it won’t remain this way for long with talks about the cash rate increasing somewhere from May to August.

As for the investment incentives, the Federal Government has placed an emphasis on tax deductions for investments like cars.

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Truck Finance Loan Interest Rates Increasing for 2022 in Australia

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Truck loan interest rates are reportedly increasing this 2022 instead of 2024.

The commentary around why the RBA should raise interest rates on truck loans started towards the end of 2021. Now, the talk about the increase has picked up momentum increasing the likelihood of the change. Several economists also predict the RBA increase to be possible.

How is this going to affect truck financing for everyone in Australia? By how much is the truck loan interest rate going to increase?

Here’s everything you need to know to prepare yourself for the rest of the year.

How the RBA Change Affects Truck Loan Interest Rates

Any change in the cash rate by the RBA will have a flow-on through lending markets including truck loan interest rates. This also applies to used truck loans, excavators, even machinery and equipment finance.

Despite truck loan interest rates being at historic low levels, the RBA change may drastically increase the interest rates for new truck owners this year.

The earlier talks for a rate rise came primarily from economic analysts and were specifically about the home buying market. Low interest rates motivated many to enter the property market, inevitably increasing the prices in the process. To mitigate this, increasing the rates again was the obvious option.

 

The RBA Comments on Rate Increases

 We’ll gloss over the comments made by senior figures at the CBA and from the Treasure Secretary.

The CBA is one of the lenders that Yakka Finance is accredited with, along with all the major Australian banks, and other lenders. A senior CBA economist, Gareth Aird, reportedly expects the RBA to start raising the cash rate by June 2022. He also mentions that the increase in interest and inflation will be stronger than what the RBA is currently forecasting.

 

How Much Is the Rate Increase on Australian Interest Rates?

It has been predicted by some that the official rate could be increased from the 0.1% historic low to up to 1% during the latter part of 2022. This falls in line with RBA governor Philip Lowe’s statement, saying that he wants to see more quarterly inflation reports before increasing the RBA cash rate.

In a recent Senate hearing, the Treasury Secretary Dr Steven Kennedy commented that the cash rate needs to be increased to what he said was ‘normalising’. Still, Dr Kennedy, a member of the RBA Board, did not state a timing for any increase.

This increase will not only affect truck, vehicle, or equipment financing, but asset finance as a whole. Asset loans all across Australia could potentially have larger interest rates before the end of 2022.

 

Why Are Interest Rates in Australia Increasing This Year?

 The RBA has continuously expected the rate rise to happen around 2024 and not 2022. According to them, the unemployment and inflation rate by 2024 would trigger a rate increase. Specific targets being inflation sustained in the range of 2-3% and unemployment around or below 4%.

The unemployment data for January was recently released and reveals an unchanged rate of 4.2%, the same as for December 2021. It is notable that this is the lowest in the past 13 years. This is in line with the RBA’s February Statement on Monetary Policy that the economy’s recovery after COVID variant Delta has not been ‘derailed’ by the Omicron variant.

As for the next announcements, they will most likely happen at the RBA Board meeting and the Federal Budget this March. Although the usual date for the Budget is May, it’s been moved sooner because of the possible Federal Election this May.

Ultimately, the Government alone can’t make the decisions regarding the cash rate without the help of other sectors. The policies made in this regard, with taxation incentives and other measures, will inevitably impact truck purchasing and asset finance.

 

Why this Affects Truck Loan Financing

 With all this commentary, opinion and statement by high-profiles and analysts, the bottom line for truck buyers is what will a rise in interest rates mean to my truck loan? In basic terms, any changes to the cash rate flow through to lending markets will directly affect your loans. The amount that individual lenders will increase or reduce to their rates in response to the RBA move will be dependent on that lender. However, it is more likely for lenders to also increase their interest rates because of the RBA change.

Business finance including truck loans is not regulated in the same manner as consumer finance. Thankfully, Yakka Finance has lenders that are flexible and negotiable with truck loan interest rates. While we place an emphasis on always achieving better, cheaper rates, if the market goes up then it can be logically presumed that most lenders will react with a similar increase.

To work out what that may mean for your upcoming purchase, use our Truck Loan Calculator. Keep the loan, term and balloon figures the same and change the interest rate by small amounts to note the difference in repayments.

At this point, a rise in the cash rate and lending rates at some point in 2022 feels inevitable. While the increase may happen sometime this August, we’ll be regularly updating announcements and indicators for the change.

While the timing for investing in new vehicles is dependent on individual business circumstances, acting while rates are at their current lows could result in a decent savings compared with delaying that decision by several months.

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Caterpillar Expands Mini Excavator Lineup in 2022

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Scheduled to hit Australia early next year are two new mini hydraulic excavators that have been added to Caterpillar’s range.

Caterpillar has unveiled the 304 and 305 CR to its mini hydraulic excavator lineup, emphasising up to 20 percent better performance than its E2 series counterparts.

It does this by delivering additional power to the pumps, having greater bucket breakout forces and deeper standard digging depths than the previous models while also boasting up to 10 percent lower operating costs.

Caterpillar has confirmed that the reduced operating costs are a result of “industry-leading grease intervals and extended filter service life, combined with common components throughout the line and flat, easy-to-replace side panels”.

Both models offer 45hp (33.6kW) net power, but the five-tonne 305 CR has a greater standard dig depth (3.42m) than the four-tonne 304 (3.21m).

CM20210726-a05f5-b2f8a

Designed with features aimed at simplifying use for operators, these two will be the final models in Caterpillar’s mini excavator line-up to be reengineered to the Next Generation concept.

The 304 excavators have been designed to provide greater stability and balance with a smaller radius, offering a narrower 1.7m track width, more than 25cm slimmer than its previous version.

Caterpillar’s 305 CR consists of a brand-new engine, which the manufacturer says offers 9 percent more power, plus greater breakout forces as a result of the hydraulic system improvements.

As mentioned previously, the 305 CR has the greater standard 3.42m dig depth which is also 14cm deeper than the previous version and it additionally has a 1.98m track width.

Both excavators have an angle dozer blade option to increase flexibility, which also can move 45 degrees left or right.

The angle dozer blade is operated by a right-hand joystick while at the same time as the machine drive is simultaneously controlled by a left-hand joystick.

Caterpillar has made counterweight packages available for both new models to further improve stability and performance.

The 304 and 305 CR are scheduled to reach Australia approximately in March 2022.

To find out more visit – https://www.cat.com/en_US/news/machine-press-releases/new-cat-304-and-305-cr-mini-hydraulic-excavators-deliver-more-power-and-performance-with-lower-operating-costs.html.

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“The Most Aussie LandCruiser Ever” is arriving in 2022 – All-New Toyota LandCruiser 300

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Toyota has recently revealed the importance of Australia in the new LandCruiser 300 Series. Not only did they name our market “LandCruiser Country” but they are declaring the LC300 as the “most Australian LandCruiser ever”.

The company highlights the importance of Australia in the LC300’s development, saying “if it’s tough enough for Australia, it’s tough enough for the world”, and confirming Australian engineers had primary responsibility for the powertrain and suspension development.

“In 2014, our Japan-based development team joined your local engineers driving many vehicles around Australia, including the LandCruiser 200. It was the first leg of what we call the Five Continents Drive, a remarkable training project for our employees and executives in the global development of Toyota vehicles,” says Toyota’s Chief Engineer, Keita Moritsu.

“For me, Australia is a perfect testing ground, because the roads in your country represent 80 per cent of the world’s driving conditions. During this remarkable drive, our visiting engineers realised two important things.”

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“First, they were deeply moved by how much everyone in Australia loves the LandCruiser. And second, they learned that the 200 Series was much more tiring to drive than they expected.”

“In Japan, we are not used to corrugated surfaces, or dirt roads, or the seemingly endless Stuart Highway, that forces you to pay constant attention to how the car handles.”

“Following this project, we identified two developmental goals. First, to take LandCruisers reliability, durability, and off-road performance to new levels. And second, to ensure owners can drive the LandCruiser on any surface without tiring easily.”

Along with our undying love for a vehicle that even Toyota says is tiring from behind the wheel, it is the Australian conditions that have inspired the brand’s heaviest honchos to make changes to the 300 Series. The new LandCruiser has had more Australian engineering input than any previous version, Toyota claims.

Toyota in Australia says our local engineering teams had “primary responsibility” for the most important parts of the new LC300, including its diesel powertrain and suspension setup.

Toyota-LandCruisder-300

 

Toyota says it has been testing LandCruiser 300 Series prototypes in Australian conditions since way back in 2015 and points out that Australia has 80 per cent of the world’s different on and off-road conditions making it “perfect” for global development and validation.

“Our local engineers and technicians have played a huge role in this unprecedented seven-year development program,” says Toyota Australia’s product planning and development general manager, Rod Ferguson.

“They had primary responsibility for tuning and calibrating the newly developed suspension, powertrain, and multiple drive-assist technologies. Not just for Australia, but for global markets.”

“We had to understand what our customers experience, from the urban jungles to the red dirt of the centre, to Victoria’s high country, the tropics, and the rural properties and farms, and everything in between,” adds Toyota’s Manager of Vehicle Evaluation, Ray Munday.

“Put simply, they told us to retain LandCruiser’s quality, durability, and reliability. They wanted us to continue offering diesel, 3.5-tonne towing, and the ability to fit accessories. At the same time, they wanted us to improve engine performance while being lighter on fuel. They wanted it to be more agile and more nimble.”

And as the result, Toyota released the new LC300, “The Most Aussie Car Ever!”

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What to Consider When You Are Applying for Truck Finance

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Is it time for a new truck to add to your fleet or replace one of your older trucks? It’s always an exciting time when purchasing a truck for your business. However, it is also crucial that you know what the banks and financiers do expect from you, as a borrower, so you have the right items in order to get approved for your Truck Finance.

When it comes to Truck Loans, there are a wide variety of lenders that take several different approaches to lending & some will take the following aspects into consideration:

How much money do you need for your truck loan?

Before discussing with a lender/broker, it is recommended to have a good idea of the sum of money you think you will need for your Truck Loan. Have you agreed on the exact price of your truck with the Dealership or the Private Seller? Do you want to put a deposit into your truck or would prefer to hold on to your money and get your Truck Loan with no deposit? It is also very helpful for the lender/broker if you have a specific loan term (36 Months, 48 months, or 60 Months) in mind so your Truck Loan can be structured correctly by the bank or broker.

Know what truck you are wanting to purchase

It is important that you have a good idea of what truck you are wanting to purchase in order to secure the truck finance on it. Being able to provide the exact truck details (year build, make, model, VIN No, Engine number) or the advertised web link for the truck will help the bank/broker establish if that specific truck fits their lending appetite to approve your Truck Finance.

Every truck is different, and each bank is different so make sure you are approaching and talking to the right bank and/or financier that have an appetite to approve your truck finance. Some banks will make it hard for you based on their lending appetite on specific trucks while other banks won’t. An experienced Truck Finance Broker will be able to help you navigate the right path for your truck loan.

What Documentation do you have readily available?

Depending on the Truck Loan Amount you are looking for in relation to your Truck Finance will give you a good indication of the amount of paperwork you will be required to provide to your bank and/or broker. As a general rule of thumb, the higher the truck loan amount say above $250,000, there may be more paperwork required compared to a brand-new Isuzu NPR Tipper for $60,000.00 incl GST.

If using an experienced banker or broker, they will know exactly the minimum amount of key documentation they will need to secure your approval even with a Major Bank offering the lowest rates.

Strategically a good banker or broker can make you do half the amount of work required if they are experienced in securing Truck Finance on a daily basis. This will save you a lot of time and stress. Therefore, we always recommend having someone very experienced on your side when securing truck finance as it will take a significant amount of pain away in the application process.

Key documentation that helps with securing your Truck Loan includes Financial Statements, BAS Statements, Bank Statements, ATO Portals, Company Finance Commitment Schedule, and other items.

A good truck finance broker will know exactly what to request from you or your accountant if anything is required at all. There is a wide variety of Low Documentation offers that Yakka Finance are provided with. So please don’t think that if you don’t have up-to-date financials you will not be approved for a Truck Loan. We obtain Truck Finance approvals with very minimal documentation as well.

Loan Type

No Truck Loans are the same and they all differ from one another. You must determine what type of loan you wish to opt for. This decision is based on whether you account on a cash basis or an accruals basis and even your credit history. There are 3 types of loans – chattel mortgage, hire purchase, or finance lease. Before making your decision, it is advised to discuss with your accountant, who knows your financial status and business requirements best.

Finance Repayment History & Current Finance Commitments

More and more in this day and age banks are talking to each other, and most banks/financiers can obtain a finance reference from each other in relation to your finance repayment history on your other vehicle loans or truck loans. If you have a perfect repayment history this will make your truck finance process seamless across a wide variety of banks.

If you are a customer that may have missed some of your Truck Finance repayments in the past. It is better to be upfront to your broker about your missed repayments as it can change the strategy of what financier or lender to submit to on your next truck loan.

One hot tip we always recommend is that we help our customers complete a spreadsheet of all your current finance commitments that you have ongoing. It’s what the banks like to call a “Finance Commitment Schedule” and it has all your current company finance commitments on one spreadsheet with the Asset, Loan Term, Amount Borrowed, Start Date of your Loan Contract, and much more. Banks love a well-put-together commitment schedule. Would you like our Yakka Finance “Company Finance Commitment Schedule” Template? Feel free to email finance@yakkafinance.com.au and we will send you our Company Finance Commitment Schedule template.

Interest Rates will change depending on the Year Build of your Truck

It is important to note that the age of the truck you are purchasing can affect your interest rate and affect whether or not the bank will approve your Truck Loan. A Major Bank will decline your truck loan based on the year build of the truck so be careful when applying to the wrong bank.

Major banks are very cautious about providing approval for a truck loan for truck year builds that are not 1 to 8 years of age at competitive rates.

Why is this the case? Not much can go wrong with a brand-new truck compared to an older truck that has been on the road for over 15 years. Older trucks might be due for an engine rebuild or other mechanical difficulties so major banks do not want to touch them as they deem them as higher risk.

Put simply, a Brand-New Truck (or even Truck 1 to 5 years old) will be considered a less risky truck to the major banks compared to a 2006 Year Build Truck. Less risky truck means lower rates. Older year build trucks mean higher risk and in reward a higher rate.

Please note: There are a wide variety of lenders in the Australian market that will approve your Truck Loan on a much older truck. We have financed a lot of older trucks this year. For example a 1998 Kenworth Prime Mover. Truck Loans with older years builds are easy for us to do at Yakka Finance. Just always make sure you are using a skilled truck finance broker that knows the lending market and which lenders are happy to approve you at the most competitive rate for an older truck. You don’t want to waste a credit inquiry on your credit file based on the bank declining you because the truck was too old.

Considering purchasing your next truck and need the right strategy and advice for your next truck loan?

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Please feel free to call Scott Rumble on 0401 214 427 or email at finance@yakkafinance.com.au to book a time to have a call with us.

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Coming Soon to Australia: The All-New Western Star 47X!

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Arriving in late 2022, the toughest in the X-Series range the 47X!

After launching the 49X a year ago, Daimler Trucks North America (DTNA) has just unveiled the new Western Star 47X in the United States.

The 47X is the second truck in Western Star’s entirely new X-Series platform and is built with an impressive collection of engineering, technology, and more than half a century of experience building trucks that take on any challenge, anywhere.

Penske the official distributor of Western Star Trucks across Australia and New Zealand, says it is working closely with DTNA in the adaptation of the new X-Series to local on- and off-highway markets.

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“We are thrilled to be launching the new Western Star range in late 2022 in Australia, and shortly after that in New Zealand. said Craig Lee, general manager – on-highway, Penske Australia.

“Our local teams here in Australia and New Zealand have worked closely with the Western Star team in the US on the development of the new trucks to tailor them for our local markets in both Australia and New Zealand and will continue to do so.

“Boasting lighter yet tougher cabin frames and steel-reinforced cabins, and with features including wrap-around dashboards, our customers will surely be impressed when they see the trucks in person and step foot into the cabin.

“We will continue to work with our dealer network to ensure the highest level of support is delivered to our existing and our new customers,” Mr Lee said.

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Building from the ground up to bring toughness into the modern age, Penske has said they are dedicated to the long legacy of manufacturing durable and hard-working trucks. The all-new 47X combines the tough American heritage that Australian and New Zealand customers have come to expect with the latest in engineering advancements.

At the US launch, David Carson, senior vice president, sales and marketing, DTNA said: “With the 47X and the 49X, we can offer our vocational customers different options that will give them the right tool for their specific job need.

“The vocational segment is a broad segment, covering many different applications, and our Western Star X-Series reflects that reality. Whether their work be heavy-haul, logging and timber operations, or construction, we have the right Star for our customers,” Mr Carson added.

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A LIGHTER HEAVYWEIGHT

“A key priority was to consider how to reduce mass without compromising strength,” says Tracy Mack-Askew, chief engineer of chassis, propulsion and vocational engineering, DTNA.

“From the cab to the frame rails, to powertrain and battery configurations, we examined all features to deliver weight savings to our customers for greater productivity and profitability.”

The 47X is approximately 90kg lighter than the 49X in like-for-like spec and as such, it’s a great option for those who are focusing on weight, especially for weight-sensitive applications such as mixers. All X series trucks have tougher, yet lighter, single-channel frame rail options versus legacy products.

A new 9.5-millimeter single channel rail option is available and features comparable strength as today’s 11-millimeter rail. Standard high-strength aluminum forward, rear and end-of-frame crossmembers further reduce mass, as does a new two-battery option.

With the shorter bonnet and a wheel cut up to 50 degrees, the 47X further optimises manoeuvrability for work on construction sites or operation in congested urban environments, with an 8×4 on the cards for Aus/NZ also.

 

X CAB FIT FOR A KING

The X-Series steel-reinforced aluminum cab further reduces mass by up to eight per cent while offering greater driver comfort with 13 per cent more space than competitors.

An optional two-person bench seat is available for applications demanding a large on-site crew, and a new space-optimised, in-cab battery box affords additional legroom to the operator.

An optional roof-mounted condenser offers maximum airflow through the radiator for stationary applications like construction and mining while keeping operators comfortable.

All X-Series models come standard with operator-centric features such as a wrap-around dash that provides easy access to the driver command center and B-panel.

On the B-panel, a flex panel can be prepped for a tablet or configured for an additional 12 switches or 10 gauges. The truck’s interior also includes upscale appointments such as metal accents, while all-metal exterior brightwork is distinctive as well as durable.

The 47X’s unique bonnet with its composite construction and ISO Tech suspension system resists bending and cracking by absorbing and dissipating vibrations from road inputs, which the company says helps negate driver fatigue.

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POWER PLAY

The 47X comes standard with the Detroit DD13 Gen 5 engine, which features higher compression ratios and a new swirl piston design to further improve combustion and efficiency.

ThermoCoasting in the DD13 Gen 5 prevents after-treatment cool-down during a driving regen to keep the system at its optimum temperature and significantly reduce the need for parked regens.

For weight-sensitive applications, the Cummins L9 and X12 engines are available for the 47X.

The 47X is also offered with the all-new DT12-V transmission, which is built on the proven DT12 and has more than 35 million miles of vocational-specific testing. The DT12 includes three work-ready mode applications: Rock-free mode, Off-road mode, and Paver mode for the challenges of specific applications.

Standard for any 47X equipped with the DD13 Gen 5, the Detroit Assurance suite of active safety systems brings industry-leading active safety solutions to the vocational segment, including active brake assist, side guard assist, adaptive cruise control and more to keep operators, workers at the job site, pedestrians, and other motorists safe.

“With the addition of the 47X to the X-Series line-up, Western Star is offering fresh, modern trucks with purposeful technologies to enable all vocational customer’s success. The wide breadth of segment coverage means that there’s a Star for every need,” Mr Carson concluded.

 

READY TO GET ON THE JOB FASTER

Western Star partnered with leading truck equipment manufacturers (TEMs) to ensure the X-Series supports fast and efficient upfits. The 47X’s mid-chassis packaging has a number of clear back-of-cab configurations while unobstructed frame rails provide more efficient body integration.

The QuickFit Interface System offers ready access to electrical architecture and was designed for easy TEM interface, programming and access to power.

The CHEC Tool from DTNA enables TEMs and dealers to view and modify electrical configurations, giving them the power to customize inputs and outputs and change parameters within minutes.

“With the 47X and the 49X we can offer our customers different options covering many different applications. Whether their work be heavy-haul, logging and timber operations, or construction, we have the right Star for our customers,” says Carson.

The 49X remains an unmatched workhorse ideally suited to heavy haul and logging operations. Both models – depending on spec – are also ready to tackle oil field, towing & recovery, bulk haul, crane, and dump applications.

 

 

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