Boston Capital understands that as a professional, it's important to choose the correct finance option for your truck, transport and heavy equipment assets.
Summary of truck and equipment finance options listed below:
Chattel Mortgage
Finance Lease
Chattel Mortgage Key Points
You hold title of the goods at the start of the contract.
Repayment schedules are flexible, generally two to five years.
A residual balloon payment can be factored in to reduce the monthly payments or the loan can be fully amortised (nil residual balloon).
Applicable to new and pre-owned trucks and equipment.
Deposits and/or trade-ins can be used to reduce the loan amount.
Finance Lease Key Points
Option to purchase leased goods at end of contract term or upgrade to a new truck.
Repayment schedules are flexible, generally two to five years.
A residual balloon payment can be factored in to reduce the monthly payments or the loan can be fully amortised (nil residual balloon).
Costs are known in advance with fixed monthly payments.
No Deposits and/or trade-ins can be applied to a finance lease.
