The coronavirus situation in Australia has taken yet another dramatic turn with the Victorian Government announcing Stage 4 restrictions in Melbourne and Stage 3 in regional Victoria for 6 weeks from early August. In response to the situation in Victoria and parts of NSW, both Queensland and South Australia tightened border restrictions. NSW also acted to require all those entering NSW from Victoria to isolate for 14 days. This has raised concerns among truck operators especially those looking into truck refinancing and seeking cheap truck loan rates.
For truck operators, a range of exemptions are in place in regard to crossing borders and in most instances, permits will need to be applied for and carried at all times. If you are an interstate operator, we advise you continually check with the relevant state websites for the latest requirements as they seem to be changing constantly.
While those in other states may be breathing a sigh of relief that they don’t live and operate a business in Victoria, the reality is, the impacts will likely be felt in many sectors across the nation. Especially for those businesses with a suboptimal credit score, or those considering used truck finance - old truck loan options. The Prime Minister, Scott Morrison stated that the Stage 4 Victoria lockdown could cost the national economy up to $9 billion.
It is anticipated that the impact on truck owners, operators, and drivers may be significant. We’re covering off on a number of aspects in relation to different industry scenarios and also how the situation may impact your Jade Truck Loan situation, especially for those evaluating truck finance and leasing interest rates.
Victoria Stage 4 Overview
Watching Premier Daniel Andrews announce the new restrictions over several days of press conferences, it’s quite clear that this is a very complex procedure and all business operators should be closely following developments as the situation unfolds.
- Many workers and businesses will need to apply for a permit and carry it with them to prove they are permitted to operate and/or travel to/from work.
- For the most part, it appears that the heavy vehicle sector, especially those carrying food and essential supplies has been tagged as an essential service and most operators will be permitted to continue operations, with their COVID-safe plan. But penalties are significant so it is advisable to check the official Government website or the COVID hotline.
- Most manufacturing has been ordered to shutdown which will clearly have an impact on many truck operators. Many others must cut production in relation to the number of workers in the facility, considerably.
- The construction industry comes under different levels of restrictions depending on the size of the project and work site. Construction truck operators will need to check with their site manager re specifics for your work schedule.
- Meat processing plants come under special restrictions and this may impact livestock hauling operators.
- If you are requiring servicing and/or parts for your vehicle, you are advised to check with your supplier or service facility in regard to their operating status so you are not caught unawares. Victoria has a large truck servicing and production sector and some services may be impacted.
Truck Loan Issues
- While we operate nationwide, Jade Truck Loans does not have a physical office in Victoria so we continue to operate as ‘business as usual’ as we have throughout this pandemic. Our consultants are available to assist with your questions and continue to process truck loan applications.
- If you are in the process of applying for a truck finance and buying a new truck, Jade will continue to process your application even if you are in lockdown yourself. We operate a contactless system with communication via email and phone.
- If you are waiting on your new truck to be prepared for delivery, you will need to contact the supplier to see if there will be any delays. If there are delays in taking delivery of your new vehicle and you require a pause on your truck loan settlement, please discuss this with your Jade consultant.
- If you currently have a Jade Truck Loan and your business is being impacted financially, it may be advisable to contact your lender to discuss the possibility of deferring loan repayments. This is done on an individual basis and in arrangement between borrower and lender.
- If you are wanting to apply for a new truck loan with Jade Truck Loans – no problem. Our service is continuing and your Jade consultant can provide you with quick quotes, pre-approved truck loans and our complete finance broking service.
Business Support
In response to the Victorian situation, both the Federal Government and the Victorian Government have announced new support measures for both individuals and businesses.
- Subject to guidelines, a $1500 payment is available through the Federal Government disaster program for people required to isolate for the 14 days. You may be eligible if affected, please check the government websites for eligibility criteria.
- The Victorian Government has expanded their Business Support Fund with grants of $5,000 and $10,000 available for affected businesses. Check VIC government website for eligibility criteria.
- There is also a $300 payment for some workers who are required to self-isolate while awaiting COVID-19 test results.
Jade Truck Loans Support
For information on truck loans in general or specifically in regard to COVID-19, please don’t hesitate to contact one of our consultants for assistance.
To discuss a cheap truck loan, contact Jade Truck Loans on 1300 000 003
DISCLAIMER: ALL INFORMATION PRESENTED IN THESE ARTICLES IS FOR GENERAL INFORMATIONAL PURPOSES AND BUSINESSES AND INDIVIDUALS SHOULD SEEK INDEPENDENT FINANCIAL ADVICE IN REGARD TO THEIR OWN FINANCIAL DECISIONS AND CIRCUMSTANCES. DETAILS ON GOVERNMENT MEASURES, POLICIES AND GUIDELINES AND VEHICLE DETAILS AND SPECS HAVE BEEN SOURCED FROM PUBLICLY AVAILABLE WEBSITES AND SOURCES. LIABILITY IS NOT ACCEPTED FOR ERRORS IN INTERPRETATION OR PRESENTATION OF ANY FACTS AND DETAILS FROM THIRD PARTIES. WE ADVISE INDIVIDUALS TO CHECK DETAILS DIRECTLY AT THE THIRD PARTY SOURCE IF REQUIRED.
