The coronavirus pandemic is affecting businesses around Australia and while the trucking and transport sector is experiencing some busy times in some areas, most businesses are doing it tough. Truck Loans is a major part of our business and with many, many truck loan customers, it’s not surprising that we have been contacted by many or our truck loans customers enquiring about truck loan repayment relief.
Each bank and lender will have their own policies and guidelines in regard to repayment support to individual truck loan customers, so we are not in a position to provide you with specific approvals. However, we have compiled this general information to assist our truck loan customers to source the assistance they require.
Sourcing Relief for Truck Loan Repayments
- If you are experiencing a significant decrease in business or financial hardship due to COVID-19 and are having trouble meeting your truck loan repayments we recommend that you go directly to your lender’s website.
- Most banks and lenders have already set-up dedicated websites or web pages within their sites to address COVID-19 support.
- Some web pages specifically mention truck loans or truck finance, some may come under business equipment finance or general business loans.
- The most common form of support for business finance is deferment of repayments.
- Contact details for the lender will usually be displayed.
- Phone lines are very busy and many lenders are advising us that our customers should contact them via email and allow time for individual requests to be addressed and responded to.
- When emailing your lender, include your current contact phone and email details; customer account details/number; state that you require COVID-19 relief; state how long you would like your truck loan payments deferred for, eg 3 months or 6 months; state the size of your business in turnover and what decrease you are experiencing.
- The lender will assess your request and respond to you accordingly.
General Support Information
- Understandably there are a raft of different support policies and measures being offered by many government departments, banks and lenders and other authorities. Jade Truck Loans is accredited with a wide range of banks and lenders, each with their own individual approaches to COVID-19 support.
- There is no broad-based agreement or blanket policy around relief for truck loan repayments. Though most lenders are offering a 6 month deferment of payments on most business loans and business finance.
- A deferment is not a waiver. With deferred payments, the financial obligation still exists, but is due for payment at a later date. By deferring repayments your essentially take a holiday from payments for that set number of months then resume repayments at that time.
- Deferment extends the term of loan to a later date.
- Interest is usually still charged.
- Repayments should remain at the same fixed amount that your Jade consultant arranged for your truck loan. Deferment should not affect the repayment amount unless you discuss that specific issue with your lender.
- A waiver means a payment or charge is forgiven/forgotten or deleted for a set time period. This usually does not apply to truck loans but may apply to some other fees and charges you face from other authorities.
Truck Loan Lender Contacts
We have compiled contacts for some banks and for lenders not listed, please go to their website and look for the COVID-19 support page.
If you have a truck loan with Westpac, go to https://www.westpac.com.au/help/disaster-relief/ for business support policies
If you have a truck loan with ANZ, you can access information on relief at https://www.anz.com.au/support/covid-19/
If you have a truck loan with CBA go to https://www.commbank.com.au/latest/coronavirus.html?ei=hp-ban-cvp-default-coronavirus for information on support for business
If you have a truck loan with Macquarie Bank, go to https://www.macquarie.com.au/financial-assistance/coronavirus-support.html for information on business finance support.
Government Assistance for Business
The Australian Government has announced several stimulus packages for business and you can find the information on you may be eligible for at various government websites including https://treasury.gov.au/coronavirus/businesses
At Jade Truck Loans we’ve moved to work from home arrangements but will be providing continuity of service throughout the COVID-19 crisis.
DISCLAIMER: THE INFORMATION PROVIDED SHOULD BE USED AS A GUIDE ONLY. ALL INDIVIDUAL LOANS AND ARRANGEMENTS WITH SPECIFIC LENDERS SHOULD BE MADE DIRECTLY. JADE BOAT LOANS IS NOT IN A POSITION TO PROVIDE SPECIFIC ADVICE ON ANY SPECIFIC TRUCK LOAN.