Finding it hard to get a truck Loan? There are a myriad of reasons why operators may find it difficult to get a loan to buy a truck. They may not have the time to devote to doing due diligence on the finance options. They may not have the all the financial records that the bank has demanded for the application. They may have credit issues. The truck they want to buy may not meet bank loan guidelines. They may be starting a new business as a sole trader. They may not be confident in their understanding of the lending market. They may not know where to turn to for assistance. They may not fully grasp the different loan products available.
Yes, ‘hard-to-get truck loans’ can mean different things to different people. To Jade Truck Loans, it just means one thing – customers need our expert assistance to source them a truck loan. We explain how to get that hard-to-get truck loan for your business.
Hard to find time to get quotes
Sorted. For starters, you’ll find a number of self-serve truck finance calculators right here on our website. They are provided for truck buyers to calculate quick repayment estimates on the prices of different trucks they are considering.
The loan comparison chart shows you the different interest rates we are currently achieving for the different types of truck loans and the truck loan calculator allows you to include a balloon/residual and change the interest rate for the loan type you want.
To source truck loan quotes, your Jade consultant does all that for you. Just give us a call and we’ll source you the cheapest quote from across our lenders of banks and non-bank lenders. Some of our lenders operate on an industry-only basis making them ‘hard-to-get-to’ directly for businesses. You need to access this area of the lender market through brokers and lenders like Jade.
Hard to understand the different loans
You’re not alone with this one. There are a number of loan products available for the purchase of trucks and each has a different set of features and benefits. Truck loan products are broadly categorised as commercial finance facilities and include:
- Chattel Mortgage also known as Equipment Loan by some banks and lenders
- Commercial Hire Purchase
The suitability of a loan type will depend on your business set-up, accounting method you use, approach to GST, balance sheet and income tax and overall financial goals. All these business type loans include a tax deductible element but that tax benefit is realised in different ways and at different stages of the accounting cycle for different products.
OK, so that was not that clear so we have detailed the features of each of these truck loan products on a special web page for each one. It is not our role as your lender to advise on which product is the better one for your business. That is best handled by your accountant or financial advisor. If you don’t have time to have the discussion with them yourself, you can give them your authority to discuss the issue with us on your behalf.
Hard to get docs to meet requirements
This can be a big sticking point for many truck buyers – not having all the financial documents and records that the banks require to approve a truck loan. Some banks may also require businesses to have been operating for 12-24 months in order to be eligible to apply for a truck loan.
If you’re starting a new business, branching out as sole trader/contract owner-driver, then there is a very probability that you won’t have the docs or the longevity required.
Jade has this one sorted as we have access to lenders that offer Low Docs and No Docs Truck Loans. These are loans that are structured to sort businesses that do not meet all the criteria often required by banks including the financial information.
These loans can be achieved at our advertised cheap interest rates and for the full range of loan types but will usually have some additional conditions applied by the lender. These conditions will vary across individual lenders but often include having a good credit report and the requirement to provide additional assets as security. Your Jade consultant will go through all the details and will liaise with the lender on your behalf, so don’t lose sleep over the details – at least until we source you an offer to consider.
Hard to sort the paperwork
Very few business people like doing the paperwork. At least the trucking industry has electronic diaries in place so that will ease that side of your paperwork. To ease the paperwork involved in a truck loan, your Jade consultant will assist. An integral part of our role as your lender is to handle the truck loan paperwork. You’ll have to provide us with the information around your business and the truck you’re buying, but we’ll do the heavy paperwork lifting. To expedite your purchase we liaise between seller and lender to arrange prompt settlement.
Hard to meet credit profile guidelines
If you don’t meet the credit guidelines as established by the bank or even if you have already been rejected by the bank, Jade may be in a position to assist you with a Bad Credit Truck Loan. We have connections with non-bank lenders that are usually more flexible and prepared to negotiate on loan terms and conditions.
To discuss getting that hard-to-get truck loan speak with Jade Truck Loans about finance on 1300 000 003
DISCLAIMER:THE DATA, POLICIES, INFORMATION, CONTENT AND REFERENCES AS PRESENTED IN THIS ARTICLE IS FOR GENERAL PURPOSES ONLY, IS SOURCED FROM RELIABLE SOURCES BUT NO LIABILITY IS ACCEPTED SHOULD THERE BE ERRORS OR MISREPRESENTATIONS OF DETAILS IN THE CONTENT. THIS INFORMATION IS NOT INTENDED AS THE SOLE PURPOSE OF MAKING FINANCIAL DECISIONS. READERS SHOULD REFER TO A FINANCIAL ADVISOR OR ACCOUNTANT IN THE EVENT THAT THEY REQUIRE PROFESSIONAL GUIDANCE AND CONSULTATION ON THEIR INDIVIDUAL FINANCIAL POSITION.