brushRIPRebirth6
New Member
What rate and term, I ask with an open heart, is available for borrowing $135k for a used truck? My credit score is perfect. Property assets are over $1 million. I have $300k cash, but I yearn to invest that instead.
What’s the best rate for a $135k used truck loan with perfect credit?
- Thread starter brushRIPRebirth6
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RedAkiraBenji
New Member
Hey, as someone who runs earthmoving gear, I’d be pretty cautious about financing a 15 year old truck.
Yeah, it’s cheaper upfront, but once you factor in higher interest rates, shorter loan terms, and the reality of maintenance and downtime, it can quickly turn into a money pit. And downtime in this line of work isn’t just annoying it directly hits your productivity and your revenue.
It’s really worth crunching the numbers against a newer truck. Sure, the purchase price is higher but you’ll usually get better finance terms, a warranty, and way less risk of breakdowns. Depending on current tax rules, you might also get accelerated depreciation, which helps with cash flow.
That said, don’t just look at the sticker price look at the total cost of ownership:
purchase + finance + maintenance + downtime + fuel + insurance – resale.
If your cash flow allows, buying outright can put you in a strong spot no repayments, and the asset’s working for you right away. But tying up cash has trade offs too, so it really depends on your situation.
And if you do use your own money, make sure it’s set up properly as a loan to the business through your accountant don’t just “pay yourself back” casually or you could end up with tax headaches.
At the end of the day, older trucks aren’t always bad but financed older trucks often don’t stack up once you run the real numbers.
Yeah, it’s cheaper upfront, but once you factor in higher interest rates, shorter loan terms, and the reality of maintenance and downtime, it can quickly turn into a money pit. And downtime in this line of work isn’t just annoying it directly hits your productivity and your revenue.
It’s really worth crunching the numbers against a newer truck. Sure, the purchase price is higher but you’ll usually get better finance terms, a warranty, and way less risk of breakdowns. Depending on current tax rules, you might also get accelerated depreciation, which helps with cash flow.
That said, don’t just look at the sticker price look at the total cost of ownership:
purchase + finance + maintenance + downtime + fuel + insurance – resale.
If your cash flow allows, buying outright can put you in a strong spot no repayments, and the asset’s working for you right away. But tying up cash has trade offs too, so it really depends on your situation.
And if you do use your own money, make sure it’s set up properly as a loan to the business through your accountant don’t just “pay yourself back” casually or you could end up with tax headaches.
At the end of the day, older trucks aren’t always bad but financed older trucks often don’t stack up once you run the real numbers.
EpicGecko47
New Member
Get a mortgage it will most likely be cheaper than vehicle finance
AtlanteanNinja
New Member
I truly have my doubts that this investment will return more than the interest. At least, not without taking on real risk. I could be wrong, and either way, I genuinely wish you the best of luck. 
FerretCamera
New Member
We bought a new Hino truck. We borrowed $150k over two years, and at around 6% interest, that worked out to about $9,500.
smashproxy
New Member
1. Putting it in your mortgage might look like a lower interest rate, but then you're paying it over the whole term of your mortgage (so it's not,actually cheaper). Most asset brokers won't give you a direct answer like the one you're after, because it all depends on your specific circumstances (especially if it's commercial and tied to your business).
2. Most asset finance brokers have access to the same lenders and products, so it all comes down to the comms they charge, whether it adjusts the interest rate or gets charged to the loan. So basically, just hit one up, give them all your details, and they'll give you your options.
3. Mortgage brokers can't legally turn up their comms on an asset deal (BID restrictions), but they also won't have access to as many lenders as a standard asset broker.
4. Best bet is to find a broker who can look at your whole situation and help you plan out a long term strategy to hit your goals. Do you have an ABN? Do you want to buy more properties? Is this a work vehicle? Etc.
5. Don't listen to people on here telling you to chuck it on your mortgage because it's cheaper (re read point 1).
2. Most asset finance brokers have access to the same lenders and products, so it all comes down to the comms they charge, whether it adjusts the interest rate or gets charged to the loan. So basically, just hit one up, give them all your details, and they'll give you your options.
3. Mortgage brokers can't legally turn up their comms on an asset deal (BID restrictions), but they also won't have access to as many lenders as a standard asset broker.
4. Best bet is to find a broker who can look at your whole situation and help you plan out a long term strategy to hit your goals. Do you have an ABN? Do you want to buy more properties? Is this a work vehicle? Etc.
5. Don't listen to people on here telling you to chuck it on your mortgage because it's cheaper (re read point 1).
BluetwoDemon
New Member
Contact a broker not randoms on fb