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How It's Financed

@howitsfinanced

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How trucks, utes & machines get financed.
For Aussie tradies & operators with an ABN.
General info, not advice.
DM 'checklist' for the free checklist

POSTS STORIES REELS TAGGED

Same excavator. Three ways to pay for it. And they're not the same deal.

Chattel mortgage, finance lease and hire purchase change who owns the gear, how the GST works and what happens at the end of the term.

Save this before your next buy. 📌 Free finance-ready checklist: comment or DM the word CHECKLIST.

General info only, not financial, credit or tax advice. Talk to your accountant or broker about your situation.

#equipmentfinance #truckfinance #tradies #smallbusinessaustralia #chattelmortgage by @howitsfinanced

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18 days ago

Paying out a machine loan early sounds like a straight win. Usually it's a payout figure: the balance owing, an early termination fee, and a partial discount on the interest you haven't used yet. Whether it's worth it depends on how far through the term you are and what else you'd do with the cash.

Ask for the payout figure in writing. It's a number, not an opinion.

Have you ever paid a loan out early? Worth it, or not?

Free checklist: comment or DM the word CHECKLIST.

General info only, not financial or credit advice. Terms vary by lender and contract.

#equipmentfinance #truckfinance #tradies #cashflow #smallbusinessaustralia by @howitsfinanced

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3 hours ago

Your credit file gets read before your application does. Enquiries stay on it for five years, repayment history for two, defaults for five and serious credit infringements for seven. If you're a sole trader, your personal file is the business file; if you're a company, the directors' files get looked at too.

You can get a free copy of your report from each credit reporting body every three months. Read it before a lender does.

When did you last check yours: this year, or never?

Free checklist: comment or DM the word CHECKLIST.

General info only, not financial or credit advice. Retention periods from OAIC credit reporting guidance.

#creditscore #equipmentfinance #tradies #smallbusinessaustralia #soletrader by @howitsfinanced

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a day ago

A $60k work ute is about $281 a week over 5 years at an 8% p.a. example rate. Put a 30% balloon on it and the weekly number drops to about $224, but $18k is due at the end and the total interest goes up by roughly $3k.

Neither is wrong. One suits a steady book of work, the other suits a tight year. Just know which one you're signing.

Example figures only: monthly repayments shown per week, fees ignored.

Which would you take: $281 flat, or $224 with the balloon?

Free finance-ready checklist: comment or DM the word CHECKLIST.

General info only, not financial or credit advice.

#utes #tradies #equipmentfinance #smallbusinessaustralia #balloonpayment by @howitsfinanced

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2 days ago

Two quotes can show the same rate and cost thousands apart. The difference lives in the fees, the term, the balloon and the exit terms, not the headline number.

Ask every lender for the total amount repayable over the term, fees and balloon included. That's the number to compare.

Which one has caught you out before: the fee, the term or the balloon?

Free finance-ready checklist: comment or DM the word CHECKLIST.

General info only, not financial or credit advice. Fees and terms vary by lender.

#equipmentfinance #truckfinance #tradies #smallbusinessaustralia #interestrates by @howitsfinanced

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3 days ago

With equipment finance, the machine is the security.

That's why the lender asks about age, condition, what it's worth and how easy it would be to sell. Newer, mainstream gear is usually easier to finance. Older or specialised kit might need a shorter term, a deposit or a valuation.

Buying something unusual? Ask the question before you pay a deposit.

What are you running: newer mainstream gear, or older specialised kit?

Free checklist: comment or DM the word CHECKLIST.

General info only, not financial or credit advice.

#equipmentfinance #earthmoving #tradies #truckfinance #machinery by @howitsfinanced

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4 days ago

Your bank statements tell a lender a story before you say a word.

What they usually look for:
✔ Regular money coming in
✔ A balance that isn't always scraping zero
✔ No dishonoured (bounced) payments
✔ No surprise debts you haven't mentioned

If the last few months are messy, it can pay to tidy them up before you apply.

Be honest: do you read your statements before you send them, or just hit send?

Free finance-ready checklist: comment or DM the word CHECKLIST.

General info only, not financial or credit advice. Lender requirements vary.

#tradies #smallbusinessaustralia #equipmentfinance #truckfinance #abn by @howitsfinanced

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5 days ago

Before it moves a single load, a truck has a weekly number.

Example: $200k prime mover, 5 years, 8% p.a. example rate.
No balloon: about $936 a week.
30% balloon: about $747 a week, then $60k due at the end.

That's before fuel, tyres, insurance, rego and maintenance. Work out the weekly figure first, then check the work covers it.

Example figures only: monthly repayments shown per week, fees ignored.

Balloon or no balloon on a prime mover? What would you do?

Free checklist: comment or DM the word CHECKLIST. General info only, not financial or credit advice.

#truckfinance #primemover #truckies #transportaustralia #equipmentfinance by @howitsfinanced

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7 days ago

Sole trader, company or trust: the lender asks for different things with each.

Sole trader: your ID, ABN and personal credit file. Company: an ASIC extract, director ID and usually director guarantees. Trust: the trust deed, trustee details and usually guarantees.

Switched structure recently? Tell the lender your full trading history, not just the new ABN.

Which one are you: sole trader, company or trust?

Free checklist: comment or DM the word CHECKLIST.

General info only, not financial, credit or legal advice. Lender requirements vary.

#soletrader #smallbusinessaustralia #equipmentfinance #tradies #abn by @howitsfinanced

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8 days ago

No deposit doesn't automatically mean no.

For an established business, plenty of lenders will fund the full price of the machine. A deposit tends to come into it when the ABN is new, the gear is old or specialised, or the credit file has a few marks.

Money down still lowers the repayment and the interest, and keeping cash in the business has value too. Worth weighing both with your accountant.

Did you put money down on your last machine? Yes or no.

Free finance-ready checklist: comment or DM the word CHECKLIST.

General info only, not financial or credit advice. Lender rules vary.

#equipmentfinance #tradies #truckfinance #smallbusinessaustralia #earthmoving by @howitsfinanced

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9 days ago

Your repayment isn't what goes on the tax return. What you can claim depends on how the gear is financed.

Own it (chattel mortgage, hire purchase): usually depreciation plus the interest. Rent it (finance lease): usually the lease rental. GST timing changes too.

Save this for your accountant chat.

Which one is your gear on: chattel mortgage, lease or hire purchase?

Free checklist: comment or DM the word CHECKLIST.

General info only, not financial, credit or tax advice. Your accountant can tell you how it applies to you.

#equipmentfinance #tradies #smallbusinessaustralia #chattelmortgage #taxtime by @howitsfinanced

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10 days ago

Private sales can be good buying. They can also come with someone else's debt attached.

Before you pay a deposit: check the seller owns it, run a PPSR search, get it inspected, and make sure the invoice will satisfy your lender.

Save this for your next Marketplace find.

Last machine you bought: private sale or dealer?

Free checklist: comment or DM the word CHECKLIST.

General info only, not financial, credit or legal advice.

#tipper #truckfinance #ppsr #tradies #smallbusinessaustralia by @howitsfinanced

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11 days ago