Answers to all your FAQs on Truck Finance

Posted by Saroj Shah on November 3rd, 2022

If you own a manufacturing unit, a transport business or a delivery service, chances are you will require a fleet of business vehicles, preferably trucks. But if you are a new business or small business, buying or leasing those vehicles can weigh down on your finances. Many business owners fall short of the cash flow to make budgetary space for business vehicles. That’s where business financing options like truck finance come to their aid. In this article, we will answer some of the frequently asked questions about business finance.

Frequently Asked Questions about Truck Finance

Refer to the Q&A below to gain clarity about truck finance.

1. What is truck finance?

Truck finance is a type of commercial or business vehicle finance. It helps enterprises fulfil their business goals and obligations by buying or leasing a vehicle through financing. It benefits enterprises, as the truck counts as the company asset. 

2. What is the eligibility of a business to get truck finance?

To apply and get approval for truck finance, you need the following:

• Proof of business ownership.
• An active ABN.
• Usage for business purpose for more than 50%

3. Is it possible to get low-doc truck finance?

It is possible to get low doc truck finance between ,000 to 0,000 depending on lender to lenders. Finance brokers have a network of credible lenders; hence you can access a wide range of financing solutions, even low-doc business financing solutions. Check this out for more information.  

4. Can a business owner get financing for a used truck?

Although there are terms and conditions, a business owner can get financing for a used truck. However, the amount and interest rate will depend on the age, present condition, and functionality of the vehicle. This is a popular option amongst business owners since heavy vehicles tend to cost a lot.  

5.    How much time does it usually take to get approval for truck finance?

This depends on the competency of the finance broker. For a seasoned broker with a wide network of lenders, it is possible to get an approval within 24-48 hours.

6. What to seek in a lender or broker when applying for truck finance?

Your loan experience practically depends on the capability of your finance broker. So before applying, ensure they can offer you:

• Flexible loan terms.
• Competitive interest rates.  
• Multiple financing options, such as operating leases, hire purchases, chattel mortgages, and more.  
• Low monthly repayment plans. 
• Fast approval from the lender. 
• Flexible financing solutions for small and new business owners with a lesser trading history and low documentation. 

Apart from all these, ensure that you have a seamless point of contact with your finance broker; that’s the most important aspect. 

Conclusion

Are you looking for a reliable finance broker to apply for truck finance? Broc Finance is the one to fulfil your needs. It is a leading finance broker in Australia, offering a wide range of financing solutions and facilitating business loans for SMEs struggling to arrange finance for their diverse needs. Reach out for a consultation today!