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As a service truck owner or operator, maintaining your vehicle is crucial for optimal performance, longevity, and safety. Regular maintenance prevents breakdowns and costly repairs and ensures your truck operates at its best. This guide explores 10 must-know service truck maintenance tips that will help you keep your vehicle in top shape for years to […]
Having the right tools and equipment is crucial for business. When it comes to service trucks, you have a big decision to make: should you buy or rent? Both options have advantages and disadvantages, and your choice will depend on various factors, including the size of your business, budget, and long-term plans. In this blog […]
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Picture this – you’ve just won a mining contract and are now looking to assemble an additional fleet of heavy-duty service trucks. Your current fleet is deployed on another project, but you need them for this new opportunity. What’s the best way to finance the additional equipment required?
When acquiring new capital equipment, you should always consider finance options that will allow the payments to be factored into your revenue calculations. Plantman’s “Truck Finance” option is a smart way for business owners and managers who need help preserving cash flow while they repay their loans.
Why go through all the trouble of raising capital when you can get it from finance companies and banks? These financial institutions offer equipment financing to help business owners acquire their required assets. Whether operating alone or as part-time partners, these small business loan providers ensure that everything is accessible without any traditional red tape involved with large corporate lenders who often take days (or even weeks) before processing your request for funds.
Before diving into the benefits, let’s first check out why service truck finance is essential.
Choosing to finance your service truck and any other mining and construction equipment ultimately gives you more flexibility. Of course, there’s always an argument for buying trucks and equipment outright. But this is often not a financially clever way to go about things unless you’re sure you want to maintain the vehicle for a significant portion of its working life.
To buy a service truck outright when you may only need it for a two-year contract means that you end up with a used asset that has depreciated in value and may also be challenging to sell. It makes much more sense to finance your truck using one of the many flexible options available. This way, you can ensure you always have the fleet of vehicles and equipment you need without the enormous upfront cost.
So, here are 3 significant benefits of getting your service truck financed by utilising various solutions available.
Whether you’re a startup or an already established business, you know how important it is to preserve working capital to sustain your enterprise’s continual operation. This is what new or used truck financing allows you to do. Simply put, by making monthly payments toward your service truck loan, you can pay for the service trucks and equipment required without drawing down from your company’s cash reserves.
Keeping up with your working capital will help you maintain the solvency of your business by providing an uninterrupted flow for all aspects that are vital to running it. The most critical use case would be salary payments and other day-to-day commitments, which keep employees happy and ensure they work efficiently. It’s brilliant because you maintain consistent productivity levels in general and enhance your profit margins.
Preserving working capital will enable your company to make prompt payments to your suppliers and service providers, which will help create and maintain your company’s goodwill throughout the industry.
Proper management of working capital isn’t only essential for your company’s fundamental financial health but is a hallmark of good business management to maintain a solid balance between growth, profitability and liquidity.
Another significant benefit of service truck finance is that the trucks’ loan or rental terms can be set up to match your existing work contracts. Here are our lending providers who can help you swiftly acquire the required equipment and get your projects moving.
Ledge Finance offers a range of different finance solutions, including:
Ledge’s financing is particularly beneficial if you want to maintain equipment for most of its useful life. Financing leasing through Ledge gives you the flexibility to ultimately buy the equipment outright, continue leasing or even sell to a third party at the end of the lease term.
Yellowgate offers a Rent Now, Buy Later agreement, which lets you rent the equipment you need for a period of 12 months or more with easy-to-manage, regular payments. At the end of the loan term, if your work contract is extended, you have the option of purchasing the equipment from us.
Unlike other rental systems, Yellowgate allows you to use your previous rental payments to contribute to the equipment cost. So, there’s no more dead rent money if you decide you want to buy.
The benefit to you is that you can quickly get the necessary equipment without waiting for loan approval to finance an outright purchase. Simply align your rental period to your work contract, and you’ve got flexibility down the track.
Incorporating service truck finance through financial companies is beneficial because you can reduce or save your capital expenditure through “Capex Relief”. Simply put, this means reducing the funds that are usually meant for acquiring, upgrading, and maintaining physical assets like property and equipment to improve your company's balance sheet.
Since capital expenditure is attributed to purchasing assets whose usefulness or value to your company exceeds one year, taking a service truck loan from a finance company allows for special rental agreements that enable you to keep this expense off your balance sheet. It will not add up as capital expenditure for your company.
These finance companies are committed to helping you expand your fleet of service trucks required for your business and provide a good service offering without hammering your balance sheet. Additionally, this lets you better plan the capital expenditure for your company and take advantage of the Capital Allowances Super-deduction.
Truck finance brokers or truck finance companies don’t work for banks, and they can help you find the right finance that suits your needs, allowing you to lower your company’s capital expenditure. A finance broker company will help you with their guiding experts in the financial field. You can get all the knowledge needed for your situation and recommendations on the loan that best suits your current circumstances.
Not only will they do all the hard work of finding the right loan, but they will also look after the loan application and produce documentation to speed up the approval process. They will make all the necessary calls and then see it right through to the settlement of the loan and finally help you gain that Capex Relief on your balance sheet!
You absolutely can buy service trucks outright and all other machinery you might need for heavy construction or mining jobs. For instance, here at Plantman, we offer vehicles and equipment for sale covering various use cases, such as service trucks, crane trucks, diesel fuel tankers and much more. There is a second-hand/used option available also.
Buying outright can be an attractive option if you know that you’ve got a long-term use for the product. As mentioned above, second-hand vehicles that have been custom-built for mining and construction operations don’t have the largest market going around. As such, selling a truck after only a year or two of use can take some time. Plus, there’s no guarantee you’ll get the price you want for it.
Hence, while you can definitely buy service trucks and other mining or construction vehicles outright, this practice is usually reserved for well-established businesses looking to expand their permanent fleet. We’re always available to discuss your needs if you want to consider outright purchases.
Plantman has partnered with reputable and experienced lending providers, Ledge Finance & Yellowgate, to make it easy for you to finance your service trucks and other capital equipment.
Ledge Finance and Yellowgate have successfully put together some great business minds in the construction and finance sector to offer the industry something it direly needs — more flexible funding solutions, unlike traditional funding to back businesses into their fleet purchases. They are one of the best options in Australia for providing flexible asset finance solutions to the civil and mining construction industry.
These finance options provide a more flexible, cost-effective machine and equipment financing solution that the industry needs to enable ambitious operators and business owners to adapt to the short-term and long-term peaks and troughs of working in construction and mining.
Plantman is your leading provider of service trucks and all types of vehicles used in the mining and construction industry. All of our vehicles are impeccably maintained and available for hire, purchase, or through our unique Yellowgate and Ledge Finance truck financing offers.
We can customise any vehicle to suit your specific needs; this is just one way to receive better value. With years of industry experience and a sound understanding of mining and construction projects, you gain access to the right advice and guidance for all your vehicle and equipment needs.
If you’re unsure whether to finance your truck, purchase it outright, or simply hire it for a designated period, we’d love to hear from you. Our industry experts can provide you with various options to make the right decision for your business.Reach out today to discuss in further detail how we can put together a deal that gets you and your business to the next level whilst providing the guarantee of solid and reliable financial backing.
13 Oct, 2022
Everything You Need to Know About Renting a Wheel LoaderWheel Loader
Now that I’ve found Plantman and they’re local which is a bonus, I won’t need to look elsewhere. They also have an extensive range of equipment that suits our requirements for servicing the mining industry. I have no hesitation in recommending Plantman to any of our clients. Well Done!!!
Steve Kuklinski Owner Operator
From the start working with Frank regarding setting up a different style of service body was more than helpful, and this enabled us to get a truck that meets our requirements. Pricing was good and there were no issues when we made changes when they were requested. The response was excellent, I have made multiple requests to have other things added and modified from learnings here on-site and these were done to a great standard. The delivery was good even due to the Covid restrictions. We were very happy with the result and will be recommending Plantman if requested and hopefully dealing with Plantman in the future when we upgrade trucks again. Thank you again for the work put into the truck and body.
Rob Mclean Mine Maintenance Foreman
The flatbed has been very well received across the MEM department. As expected it was delivered in a clean and ready-to-go condition as promised and all facets of the truck have been put to good use. Overall everyone is impressed with the truck and having it on-site has allowed for work to flow a lot smoother.
Steven Nixon Field Supervisor
Happy to getting Plantman involved in Future opportunity.
Eugenio Martinelli Mine Services Utility Superintendent