In the midst of a global pandemic, economic recession, and rolling restrictions affecting our everyday activities, there are moments when the broader picture becomes secondary. When personal matters like getting a truck loan or understanding the nuances of Truck Refinancing | Cheap Truck Loan Rates take precedence.
Navigating the demanding situations in your business might be a forte—handling challenging customers, scheduling intricate delivery routes, adhering to regulations and compliance, or troubleshooting vehicle issues. But there are scenarios, such as difficulties surrounding a No Deposit Truck Finance or deciding between Commercial Van Chattel Mortgage and Rent-to-Own/Rental Commercial Van Finance, where expert guidance becomes essential. This is where Jade Truck Loans comes into play.
But when it comes to dealing with tough circumstances in regard to a truck loan, it could be time to call for assistance from a professional in truck finance - Jade Truck Loans.
Imagine this scenario:
- You’ve contacted the bank for a loan on a new truck and they’ve rejected your application.
- You don’t have all the documentation to tick all the boxes on the loan application.
- You’re wondering what to do next.
- You need that new truck to get work happening.
Situations like these are not uncommon but that’s cold comfort when it’s you facing the problem and you’re running out of options. You don’t want lip service you want a solution. A workable way to secure a loan to purchase a truck so you can get on with your work.
Jade may have a solution for you. As professional truck finance brokers, we provide a wide range of finance services for businesses in both great trading conditions and when they’re facing challenging scenarios.
For businesses with insufficient documentation to meet the standard loan requirements of banks and some lenders, Jade Truck Loans has two resources which may deliver a solution:-
- Access to our large number of non-bank lenders.
- Source a Low Docs or No Docs truck loan offer from one of our many lenders.
Non-Bank Lenders
As a finance broker, Jade Truck Loans is accredited with many banks and lenders including some that work only through brokers, not directly with borrowers. Many of our non-bank lenders may be more amenable to making you a truck loan offer than our bank contacts.
Low Docs and No Docs Loans
Low Docs and No Docs truck loans are categories of business finance which are designed for business that do not have all the docs, that is financial documentation, required in a standard loan application. Low Docs and No Docs differ slightly in their requirements.
- A current ABN is a mandatory requirement for both loans.
- If the ABN is newly-obtained and in cases where no other security can be offered, the lender may request a larger deposit be paid.
- Proof of identification is mandatory.
- If your business is not registered for GST, this may impact your loan options.
- If your business is registered for GST, presentation of BAS statements is required.
- Due to the higher risk assessment of these types of loans, they attract a higher interest rate than standard truck loans.
- While presentation of full financial documents is not required, as denoted by the name of the loans, including any financials in your application may improve your chances of being offered a loan and improve the loan offer. These financials may include bank statements or other accounts that you have compiled, not necessarily by an accountant, to show trading history.
- As a general indication, the more documentation that can be provided to support your application, the better the interest rate and the overall loan offer.
- These loan types may be achieved for the full range of commercial finance facilities including Rent to Own, Truck Leasing, CHP and Chattel Mortgage for truck & trailer financing.
Sourcing a Low Docs Truck Loan
Your Jade Truck Loans consultant is highly trained and skilled to assist by handling the loan offer sourcing process. They will discuss your individual situation with you and explore the possible options. We will use our full resources to source the best offer available from our range of lenders that meets your circumstances.
This is quite a specialised loan type and each application is assessed by lenders on an individual basis. If we source you a quote which is suited to your situation and meets your approval, your Jade consultant will assist with much of the paperwork to ease your workload, save your precious time and a lot of hassle.
Applying, unsuccessfully or successfully, to multiple lenders for quotes on the same loan may have a negative impact on an individual’s credit profile. Having a Jade finance broker handle the process of sourcing an offer across multiple lenders does not have the same negative impact.
So if you find yourself in the situation of not meeting the standard guidelines and requirements for a truck loan, contacting Jade Truck Loans as early as possible in the process may have many benefits.
If you’re having issues sourcing a truck loan, contact Jade Truck Loans on 1300 000 003 to discuss how we may be in a position to assist you.
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