Should You Use a Truck Finance Broker?
Can’t afford to buy a truck in straight cash, much less take the risks of doing so out of your savings?
Truck finance brokers are the middlemen that figure out a way to give consumers the resources to buy trucks or heavy equipment. Whether it’s for personal reasons or as a business decision, if you need to buy a truck then a truck finance broker can help you figure out a loan to help you with your purchase.
In this article, we’ll go over all the reasons why you should use a truck finance broker.
Scale Your Business Out of Pocket
For businesses who need delivery trucks but can’t afford to take the risk and buy one, finance brokers are the best alternatives.
You shouldn’t limit the profitability and scalability of your business just because you can’t afford to risk your savings. In fact, you really shouldn’t be dipping into your savings anyway, especially if it’s for your retirement. Keep your emergency fund for actual emergencies and get a truck finance broker to quote you a loan instead. While loans are typically associated with negative connotations, investments like a truck or heavy equipment for your business is arguably good debt and will only serve to increase your business profits.
Get Better Deals and Transactions
Truck finance brokers are experts when it comes to asking for loans and finding the best deals for their customers. After all, it’s how they make money.
The typical process of applying for a loan would be sending your identification, payment slips, and having the bank check your credit score. If you’re lucky enough to get past that phase, you’ll still likely get an offer with a sizable interest percentage and some extra conditions. For truck finance brokers, this is simply not the case.
Here at Yakka Finance, our expert brokers are now veterans when dealing with banks, and know what details to provide and how to present the loan application to get the highest chances of approval.
Even more than that, our expert brokers are so familiar with bargaining and working with banks and lenders that they can even waive the extra conditions for you.
They Read The Fine Print
We’re all guilty of quickly accepting terms and conditions wherever we go, yet not actually reading or internalising those terms. This is still true even when it comes to signing loans, especially when the pages are filled with jargon and words we aren’t familiar with.
With truck finance brokers, you get the bottom line upfront and don’t have to worry about having to decipher the contract you’re supposed to sign.
Reduce Your Credit Risk
Keeping up a good credit score is already hard by itself, but keeping that score for years and building a reputation? You’d have to be a millionaire by now to do that.
Finance brokers have not only been in the business for a long time already, but they’ve already built tons of foundations across dozens of lenders over time. If all lending is with one lender, you may be likely to reach their peak funding limit.
One of the best benefits of using a truck finance broker is their ability to establish long-term relationships with their customers and place deals with different lenders over time. This will facilitate credit history with other financers, giving you the opportunity to acquire further funding for trucks and heavy equipment.
Best Customer Support
We’ve all tried being hung up on the phone talking to a bank employee or have spent hours waiting for emails back and forth with your bank’s support system. It’s tough, it’s long, and it’s inefficient for the most part.
With a truck finance broker, you’ll most likely have the number of the broker you’re working with and be able to call or text them anytime throughout the day. This is a crucial benefit you’ll get with using a finance broker, especially if you aren’t familiar with loans in general and need some questions answered along the way.
Long-term Connections
With banks, the saleslady or customer support team you’re talking to will hardly remember you and may even jump jobs after a few years.
This is vastly different compared to truck finance brokers, who are either in the business for decades or are part owners of the company anyway. In general, finance brokers and its employees have a very high-retention rate when it comes to staff. This makes sense too since these brokers don’t deal with tons of people at a time, thereby remembering you much easier. Since they also co-own or have shares in the company, most of the team are more likely to stay there and be accessible to you in the years to come.
Conclusion – Should You Use a Truck Finance Broker?
The definite answer for this would be a resounding yes. Not only can you potentially save money with better loan deals, but you’ll also have a better experience working with a broker than interacting with the entire staff in your local bank.
Truck finance brokers can get you better deals, keep your best interests in mind, and entertain your questions even after you’ve already agreed to a loan from them. Overall, it’s just a much better experience.
If you’ve never engaged a Truck Finance Broker like Yakka Finance to handle your finance, you may not be optimising your opportunities.
Contact Yakka Finance on 1300 842 911 to discuss low interest rate truck loans.
