Truck and transport operators are under increasing pressure from customer scheduling demands, rising fuel costs and other operating expenses. Securing the cheapest truck loan to purchase a new truck is essential to continued success. Knowing what loans are available is important and knowing which loan type offers your business the greatest benefit is essential.
But even more important is having streamlined access to truck finance when you need it. During the COVID-19 crisis the transport sector was hailed as an essential service in ensuring supermarket shelves were stocked and critical goods and equipment was transported to the locations required.
However, truck operators wanting to buy new trucks to expand their services to fill gaps in their fleet to meet market demand, in many cases faced roadblocks when trying to access truck loans during that period. Banks tightened lending guidelines and with their phone lines with callers seeking other assistance, many businesses found it impossible to even have a discussion with their bank.
Using a Finance Broker
This scenario brought into clear focus the importance of the role of the finance broker in securing truck finance for business. An independent finance broker, accredited with many banks and lenders including industry-only sources, has direct lines of communication with their contacts. They also know which lenders are lending during even difficult times and can, in most cases, continue to source cheap truck loans for their customers.
Developing a good working relationship on an ongoing basis with your finance broker can prove to be a valuable resource for your business success.
Finance for truck purchases is available for all types of businesses including sole traders, owner-operators, SME’s and large fleet operators. Selecting which particular commercial finance product will deliver the best outcomes for your business is critical and best made in consultation with your accountant.
Most lenders and banks offer the standard range of commercial finance facilities including Chattel Mortgage, CHP, Truck Leasing and Truck Rent to Own. But it is a finance broker that can add the flexibility and broad-based sourcing that allows them to structure your loan to specifically meet your requirements.
Brokers are also well-placed to assist individual and businesses who are experiencing credit issues and seeking no docs and low docs loans. Brokers can source loans beyond the banks which have strict guidelines for such loans.
Structuring your truck loan based on the cheapest interest rates is critical to you achieving your projected ROI. But having a clear pathway, through a finance broker, is equally important to your business growth and viability.
We know people that operate as finance brokers with specific truck finance expertise. If you would like their contact details, please get in touch with us.