If you have set your mind on purchasing a truck for your business, then here are some of the basic steps this process involves on securing your Truck Loan. Whilst this process can be quite daunting, the YAKKA Finance team do this every day and will be with your every step of the way!
When it comes to securing truck finance, banks & non-bank lenders usually take a similar approach to lending and they usually take the following aspects into consideration:
Business Background
Banks and lenders usually will want some basic background on your business. These include:
- How long have you been trading (ABN’s to be trading a minimum of 2 years and registered for GST).
- What kind of industry experience do you have? (how long have you been working within the industry?).
- What are you usually transporting?
- Why is this specific required for your business? E.g. New work contract, upgrading your fleet or getting a replacement truck.
Have an idea of how much finance you require
It is best to discuss with your broker, an estimate sum of money (or the exact truck price, if you know what truck or trucks you are looking to purchase). Are you wanting to put in a deposit or no deposit? This will allow us to provide you with a quote with proposed repayment options and your loan term.
Determine the truck you wish to purchase
It is important that you do your research around the truck or any other asset you wish to buy. Stating the exact truck, you have in mind will help us as the broker liaise with dealers and our seller network to find the perfect truck to achieve the best outcome for your business.
State of Credit File
When evaluating you and your business, the lender will take into consideration the state of your personal and/or company credit file. At Yakka Finance we will always know which abnks and lenders to play with before submitting an application as we know exactly what your Credit File looks like before a submission.
Repayment History
In this day and age banks now take into consideration your repayment history with any other bank you have used in the past. Why? To make sure you have a good repayment history before they approve you again for another loan.
Do you have No Financials or Completed Financials?
At YAKKA Finance we will always ask whether you have financials or no financials. There is no issue either way for us. Why? We are able to secure truck finance without having to provide financials to the banks. We have developed key relationships over the years with numerous lenders that give us access to great finance products without having to provide financials which makes securing a truck loan fast and easy.
At Yakka Finance, we are experts at helping businesses navigate their way through finding the best Truck & Equipment Loans that will suit their business needs with very competitive rates starting from 3.75%.
Want to know more? Please feel free to call Scott Rumble on 0401 214 427 or email at scott@yakkafinance.com.au to find out more.
