The coronavirus pandemic has caused impacts and changes through all sectors of the Australian economy. For some in the trucking and transport sector this has meant an increase in business activity. An increase driven by maintaining the supply chain for essential items, delivering parcels to customers and stock to warehouses as a result of the upsurge in online shopping and in the construction, mining and other key sectors through just ‘getting on with the job’.
Many operators have been looking to purchase new vehicles to handle the increase in business, but their efforts to source finance have been hampered by other factors. As the economic impacts of COVID-19 spread quickly, individuals, businesses and landlords all looked to their banks for relief on the continued encouragement of authorities. But the responses they have been receiving have not been necessarily what they had expected.
Some banks and lenders have been taking a far more cautious approach, even for new truck loans. Many tightened their guidelines, especially for low doc and no doc applications, some paused all new lending and others implemented other restrictions. This has presented a very challenging scenario for our Jade Truck Loan consultants as we have continued to provide our truck finance service throughout the crisis.
But as the flattening of the curve has continued to move in a positive direction and the number of new coronavirus cases continues to go down, the Federal Government is expressing optimism for the success of its suppression strategy and we’re hearing a lot more positive talk. State governments have started to ease their restrictions on movement, many businesses that had been closed are reopening and the messaging is now focussing on the recovery phase.
Eased Finance Lending Restrictions
That ‘recovery’ sentiment appears to be resonating with some areas of the lending sector, to a degree. We are seeing some positive changes in the finance market which is welcome news for our consultants but more importantly for you, our customers.
The restrictive lending measures were especially impacting businesses and sole traders wanting a truck loan but having no docs or low docs. With the easing we are seeing, our consultants are finding more positive ways forward for no doc and low doc truck loan customers.
Whether or not you’re in the low doc no doc truck finance category or have full documentation, if you have had a recent application for a truck loan rejected by a bank or finance company, we encourage you to contact us to discuss your requirements.
The whole COVID-19 situation is extremely fast-moving. The pandemic seemed to hit fast, policies and progressions are changing on an hourly basis with every press conference and the finance market situation is also changing – not quite at such rapid rates, but we’re seeing changes.
The guidelines your application may have been assessed against a few weeks ago and the cause of your rejected application, may not be in place today or next week. But that’s not to say that simply re-applying to that same lender yourself will deliver the results you want. Using the services of a specialised truck loan broker in Australia such as ourselves can deliver better outcomes, especially for low docs and no docs customers.
Finance Broker Benefits Highlighted
Under normal economic conditions the benefits of using Jade Truck Loans to source your truck finance are quite clear and being realised by our customers day after day. But during these tough finance conditions and especially for low docs and no docs customers, using a finance broker is pretty much a non-negotiable.
Your Jade Truck Loans consultant knows which banks and lenders are offering the best deals on truck finance, we can use our strong bargaining power to negotiate for a better deal for you and we take a lot of the hassle and stress out of sourcing truck finance.
We’ve been supporting truck owners and operators with great truck loans for well over 20 years and during these tough times, we’re fully committed to continuing our service.
If you are in the market for a truck loan please give us a call 1300 000 003