5 handy tips when starting a truck removalist business

Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
Our authors
, updated on November 25th, 2021       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

Getting your removal business up and running can be possible, but being able to get that boost you need to purchase your first truck requires the right financing. A commercial loan can be one of the finance options that you can use to get the wheels of your business moving. These five handy tips will help you finance your business the right way.

Know what type of truck you want

Before you start the process of getting a loan to finance your rig, it is vital to know what type of truck you want and whether it will be suitable for your business. For example, do you want a new or used truck? Consider the benefits of having a new or used truck and how this will affect the overall performance of your business.

Do you want to buy your truck or lease it?

When it comes to choosing some of the ways to get your truck business off the ground, you could be faced with the options of buying or leasing. Buying will give you the advantage of having access to your truck at all times. It will also be beneficial in terms of the potential tax benefits that you will be able to access.

However, leasing also has the benefit of low initial upfront costs, fewer maintenance costs, and the ability to upgrade your trucks at no costs.

Compare your finance options

commercial loan is just one of the many ways in which you can use to finance your truck business, but it is important that you check the features that come with the loan as all loans are not created equal. Comparing loan features such as the comparison rate, fees, and charges can help you know whether the loan will be affordable over the term of the loan. It can also prevent you from biting off more than you can chew.

Running costs

Budgeting for the running costs of your truck can help in many ways such as finding out how much you need to borrow to ensure that the expenses such as fuel, maintenance, and repair costs are taken care of for the first couple of months. If you are planning to run a seasonal business, check that your loan comes with features that work with your cash flow. This can help you stay on top of repayments without defaulting.

Keep updated with the rules and regulations

Starting any business generally comes with rules and regulations that protect consumers and business people to ensure that there is fair conduct all 'round. The same goes for the removal industry. Checking the government regulations that are relevant to your business. For example, if you are planning on starting a furniture removal business, it is advisable that you approach the Australians Furniture Removers Association.

Seeking professional advice from a financial adviser can help you know what can work for your business and they could also highlight any blind spots that you may have missed.

Compare commercial finance quotes today

All equipment, aircraft, technology, agriculture, plant & machinery and truck finance. See how you can compare and save with us.