5 reasons why you should use a truck finance broker

Published on November 19th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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Specialise in financing trucks

Not all businesses are the same and getting someone who gets that is important. The benefits that come with using a broker is that they are specialists in providing finance for various industries. A truck finance broker is someone who has years of experience in providing financing for both big and small truck business to help grow their business. This means you will be getting access to the best tips and tricks when it comes to getting something that is tailor made to suit your business and take it to the next level.

Get the best rates on the market

Financing a truck business doesn’t come cheap, which is why you must be careful that the finance you choose doesn’t cripple your business later. A broker can help eliminate the risk of taking out a commercial loan that is not best suited to your business. Most brokers have access to a wide range of lenders that offer various interest rates, which they then compare, to offer you options with the lowest rate possible. They will also offer a loan that comes with a flexible repayment plan that can also be beneficial to people with seasonal businesses.

It is easier to negotiate

Some financial institutions like banks can offer very little wiggle room for you to negotiate the loan terms. This can also be a daunting process for consumers who want to take out a loan but are not sure what their options are and if they can do this. There are also complex situations that some business may face when it comes to providing extensive paperwork that they may not have to have their loans processed. Truck finance brokers are experts in the industry that know the regulations and code of conducts that can get your loan approved or decline to increase the chances of your loan being approved.

Need access to more than one loan?

Having a truck business that operates in full swing often means that you need the tools to keep it fully operational to get the job done. Therefore, some businesses find themselves needing more than one loan to adequately cover their business expenses. With so many brokers to choose from, it is important to find one that offers you the option to take on another loan to adequately cover your business’s situation. A broker will assess every aspect of your business to ensure that they give you a loan that you will be able to comfortably pay back.

Financing suitable for bad credit

It may be a tight squeeze for you when approaching traditional lenders and bankers with bad credit. A truck finance broker may be the way to go as there are some finance brokers that have created loans specifically suited for people with bad credit. This can be helpful for businesses that need that extra boost of finances to keep their business afloat without taking out financing that could leave them bust.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Approval for commercial loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.

The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

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