Truck Finance

When it comes to truck finance (especially for those who are new to the business),the key is presentation. There are a several things that a lender is likely to want from a borrower – and if you can show them that you fit their criteria in your application, you may have an improved chance that you’ll get an approval.

On the other hand, if the lender isn’t convinced that you’ll be able to pay them back, they’re unlikely to give you a loan. But how much are your payments likely to cost, and will you be able to keep on top of them? If you want to finance a truck and learn more about doing so, you’ve come to the right place.

 

What will you need?

If a lender doesn’t think you’ll be able to keep up with your payments, they aren’t likely to give you a loan. Because of this, almost all lenders will want to know:

  • The age of the vehicle you want
  • What deposit you can offer them (which can be cash or assets)
  • Identification documents, such as your passport or drivers licence
  • Your business plan and projected cash flow
  • The number of existing clients and regular income you receive
  • Your main business activities
  • Property ownership and equity
  • Your credit score
  • How long you’ve been running your business
  • Cash flow statements, or your average saving pattern on your trading account
  • If you have adequate income to keep up payments for the loan

 

If, for example, you have a bad credit history or an unsteady source of income, you may not have much chance of getting your application for truck finance approved. However, with good credit and everything a lender needs to see that you’re trustworthy and likely to pay them back, they may be more inclined to give you a loan.

 

Disclaimer

This newsletter does not necessarily reflect the opinion of the publisher or supplier. It is intended to provide general news and information only. While every care has been taken to ensure the accuracy of the information it contains, neither the publishers, supplier, authors nor their employees, can be held liable for any inaccuracies, errors or omission. Readers are advised to contact their financial adviser, broker or accountant before making any investment decisions and should not rely on this newsletter as a substitute for professional advice.

Your full financial situation would need to be reviewed prior to acceptance of any offer or product

 

Disclaimer -This page/article provides general information only and has been prepared without considering your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

Credit Representative Number 496186 is authorised under Australian Credit Licence Number 389328.
ABN – 63 007 814 458. Member of MFAA.

Ph. 1300 418 811
Email – info@truckfinanceonline.com.au