Truck Finance For A New Operator or No Financials
Truck Finance, particularly if you are new in business requires expert presentation. There are 6 major requirements you will need to meet to be assured an approval. Failure to convince the lender on only one will almost certainly end with the answer No!
Many of our clients cannot meet these conditions and need another option.
If you have thought out your new venture or have no financials but can clearly show you are making money (bank atements are a good indicator of how your business is doing) then an approval somewhere is very possible.
The real question is how much will it cost, what your payments will be.
So where will you fit in. The truth is usually the approval picks you rather than you picking the approval.
Who Is Getting Approved and Where?
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- Bank Approvals – Late Model Truck, Deposit, Fallback Money, Home Buyer or Proven good credit, Written letter of offer from known company.
- Finance Companies, Tier 1 – Truck can be older, everything else as above
- Finance Companies Tier 2 – Truck can be older, letter of offer or bank statements showing good turnover, Fallback money, paid small defaults OK
- Rent to Buy Companies – Very good option for new start businesses, approvals are easier and you can upgrade to better deals at certain periods in the contract. You need to be making your payments for at least a year on time. A letter of offer is preferred. Bad Credit assessed by individual application.
- Finance Companies Tier 3 – Everyone has said no !! – You need to be realistic on tuck price (under $100,000)
If you are serious about getting truck finance, you need to be talking to us! We will tell you the way things really are, not just what you want to here. Our goal is an approval that meets your expectations. Want to know more, Call us now 1300 859 890 or fill out one of enquiry forms or read on.
Lets look At The Options In More Detail. (Easiest Option First)
No financier is going to approve your finance if you can not show them you are serious.
Minimum requirements for all lenders
- Heavy Truck Licence
- Cash-flow Projections or Letter of Offer (Verbal Contact name can be used in some cases)
- Pricing appropriate to your situation (If you have nothing, don’t expect anyone to lend you lots of money)
- Some Experience
- Tier 3 – Finance Companies
- Choose your own truck and or trailer, pay between 5% & 10% (The dearer the truck the lower percentage) of the purchase price to cover a bond, application fee and first weeks payment.
If your application is weak in nature, our funder may give you an approval to take a vehicle from their stock. All of these vehicles have been reconditioned and are work ready. They also come with registration. This option will be attractive to most, as the starting costs are minimal.
What Paperwork Will You Need
- An ABN number.
- An Australian Drivers Licence
- A Medicare card or Passport
- A Bill or Bank Statement With Your Address On It
- We need to work out what you will earn. (We’ll work with you on this)
Fast Truck Finance For New Start Businesses
Our 12 month product solves the problem that the majority of new start truck businesses have. You can get up to $100,000 to fulfill your dream.
Most new businesses struggle getting mainstream finance for a number of reasons, but the most common is that banks won’t look at your future earnings. They want Financial Statements and Tax Returns to prove what you earn. You can overcome this with a good size deposit, proof of money available to solve any problems you may encounter and a guaranteed work contract. Who has all of that.
In one short year you will have solved this problem in many ways. You will have, a good credit rating, Financial Statements and Tax Return and a Truck with some equity in it, removing the need for a large deposit.
In Applying for Truck Finance With Us, You Can Expect
- A professional consultant, with a proven track record of success and the experience to help you all the way with your application
- Expert presentation of you application to a prospective financier, that convinces them that your business will be successful and that you are a quality loan candidate
- Our obligation free service is designed with your expectations in mind. However we will be frank with you. If you are in a “Dream World” we will quickly let you know
- The goal is to get you into the truck that is best for your business needs. The costs you incur must leave you with a profit level that you find acceptable, for the time and risks you are taking.
- A word of caution. Financiers rarely lend $300,000 for a truck, for a new business or first time borrower. They will lend you money for a truck that genuinely meets your needs. Some flexibility is a genuine advantage
Mainstream Truck Finance Applications!
Not everyone is a new business and some new businesses do get approved in the mainstream.
To get a mainstream approval particularly for a new business you will need to be well organised and prepared to be asked a lot of questions along the way. These questions in the main will need to be backed up with supporting paperwork.
If you are talking to someone who tells you it will be easy. Unless you have good financials, previous good credit and are a property owner, you should hang up immediately. After 25 years looking at truck loans we can assure you 100% there is serious work to be done.
There are some rules that need to be adhered to;
- Is the truck suitable for the work required?
- Is the amount to be borrowed suitable?
- If something goes wrong, do you have access to cash as a fallback to meet your responsibilities
- What’s your credit history like?
- Is the truck value acceptable, for the amount to be lent?
- Is the business you have or will have financially sound?
Things that will really help your application are.
- Do you own a property asset (home or investment)?
- Have you had credit before for a similar amount?
- Will you contribute a deposit (Trade In or Cash)?
You can check out the Truck Finance Frequently Asked Questions that we have compiled over the years and financial approval criteria that financiers are looking for.
Your Approval Will In Many Cases Will Come Down To The Knowledge And Skills Of Your Finance Broker
What Our Clients Say About Us
About Truck Finance Loans Broker
Truck Finance Loans Broker is powered by Harley Finance – An Australian’s leading Finance Broker Business. The Principals have 30+ years, 25+ years and 10+ years’ experience. Our Knowledge and expertise has been gathered over a long period of time. We have seen the good times and the bad.
We pride ourselves as being genuine experts in our field. All our consultants are fully qualified as per A.S.I.C requirements, but more importantly genuinely want to help our clients and prospective clients get finance approvals that meet their wants and needs.
As further proof of our expertise, more than 25% of the business we write, comes from other Finance Brokers who realise that our Professional Presentation’s and Knowledge and our desire to make approvals happen, is what clients are looking for. Having access to a large quantity of Financiers and a daily working relationship with many of them, we know who the best fit for your application is.
If you are looking for your best chance of approval, call us today!
“We Keep It Simple”