Applying for Truck Finance

Whether a business is big or small, a common way to afford transport and equipment is through financing. The process of applying for a loan can be overwhelming so we have put together some helpful tips on how to to prepare for your application.

How Financing Works

There is certain criteria that a finance broker will take into consideration when evaluating an application.

This criteria helps the broker understand the situation of the applicant and allows them to make an evaluation on the business making sure they meet the obligations of repayments and doing so on time.

Specific information they will be looking at is how long the business has been running, their credit history and income/cash flow.

The longer the business has been in operation, the more likely it will be approved.

The history of the business helps the broker determine the repayments for the business and the best term for the loan.

If the business has a history of at least two years, the applicant can get their accountant to create a cash flow forecast to present to the broker, increasing your loan needs.

However, this does not mean a new business or one that has a short trading history will be declined.

If the business has a high credit history with little negative fluctuations, this will help increase a business’ chance of obtaining a truck finance loan with an affordable interest rate.

It is important that the applicant is aware of their own credit score, make sure it is up to date before applying for finance and having relevant information such as detailed income reports and tax information.

Be organised! By demonstrating a low credit risk and providing accurate information from the start will prove competency to the broker and help your application run smoothly.

Yes.com.au specialises in truck finance. Our experience and understanding of trucks means we assess loans accurately, including any risks that would be involved.

If an applicant has bad credit or is a first time buyer, we can still help tailor a finance solution that will meet your needs and the requirements.

With over 50 lenders, there are more options and opportunities to negotiate an affordable package for the truck purchaser.

Types of Truck Financing

• Semi truck finance

• Commercial truck finance

• First time buyers truck loans

• Heavy truck financing

• Bad credit truck loans

• Commercial truck start up financing

and more..

Finance Product Range:

• Chattel Mortgages

• Finance lease

• Low Doc Loans

• Full Doc Loans

• Rent to own

• Sales/Leaseback

• Invoice/Debtor Financing

• Business Loans

5 Tips on Applying for Truck Finance

1. Truck Finance Calculator

Before speaking with a broker it is advised that you have a good understanding of how much you can borrow and for how long.

Head to the calculator page on our website to determine what would suit your needs and situation.

2. Decide on what truck you would like to buy

List exactly what truck is ideal for you and the price brackets.

By already having a rough idea of what you require will help a broker in considering which finance solution will be best for you.

They will be able to work out options that are suitable and sustainable for the duration of your loan, we also want the asset to reflect positively on your business.

3. Know your cash flow

If your financial records over the past two years of your business are represented accurately it will give our Yes broker great insight on how you will be able to afford and manage the loan. It is recommended that you have an accountant look over your finance and create an accurate cash flow forecast for your business. If it is done right it will helpful tool in your loan process.

4. Assets and Liabilities

Your assets and liabilities will be something considered when evaluating your business’ finances. The best way to provide this information is to have an A&L statement that will include current repayments, debts and investments your business has.

5. Loan type

Working out which loan type is suitable for you can be confusing.

At Yes.com.au there are several options listed on our product page.

Dedicated to truck finance our Yes broker will evaluate your situation and recommend flexible options for you.

Have a read through each product to get an idea of what product might suit your needs, from there our friendly staff can help you decide on what is right for you and answer any pending questions.

If you are unsure, not to worry, that’s what we are here for.

YES. I am ready to apply!

At Yes we’re all about more “Yes” and less “No” when it comes to your finance requirements. We understand when looking for truck finance the options and choices may sometimes seem a little overwhelming.

As Australia’s fastest growing, dedicated truck and trailer finance brokers, we have access to 10 different types of finance products and over 50 lenders comprising banks, finance companies, private lenders and rent to own providers to help you with making the best choice for your business.

With so many options, we make it our business to get you the best possible deal.

Ready to apply? Contact us today!