Finding it hard to get a truck Loan? There are a myriad of reasons why operators may find it difficult to get a loan to buy a truck. They may not have the time to devote to doing due diligence on the finance options. They may not have the all the financial records that the bank has demanded for the application. They may have credit issues. The truck they want to buy may not meet bank loan guidelines. They may be starting a new business as a sole trader. They may not be confident in their understanding of the lending market. They may not know where to turn to for assistance. They may not fully grasp the different loan products available.
Yes, ‘hard-to-get truck loans’ can mean different things to different people. To Jade Truck Loans, it just means one thing – customers need our expert assistance to source them a truck loan. We explain how to get that hard-to-get truck loan for your business.
Hard to find time to get quotes
Sorted. For starters, you’ll find a number of self-serve truck finance calculators right here on our website. They are provided for truck buyers to calculate quick repayment estimates on the prices of different trucks they are considering.
The loan comparison chart shows you the different truck loan interest rates we are currently achieving for the different types of truck loans and the truck loan calculator allows you to include a balloon/residual and change the interest rate for the loan type you want.
When it comes to obtaining quotes for a truck loan, you can rely on your Jade consultant to handle the legwork on your behalf. Simply reach out to us, and we’ll take care of sourcing the most affordable quote from our network of both bank and non-bank lenders. Notably, a few of our lenders exclusively cater to the industry, making direct access a bit challenging for businesses. However, you can tap into this specialised segment of the lending market through intermediaries and lenders like Jade.
Hard to understand the different loans
You’re not alone with this one. There are a number of loan products available for the purchase of trucks and each has a different set of features and benefits. Truck loan products are broadly categorised as commercial finance facilities and include:
- Chattel Mortgage also known as Equipment Loan by some banks and lenders
- Commercial Hire Purchase
- Truck Leasing
- Rent-to-Buy loan
The suitability of a specific loan type depends on various factors such as your business structure, chosen accounting method, approach to GST, balance sheet, income tax strategy, and overall financial goals. While all these business loan types include a tax-deductible component, the way and timing of realizing this tax benefit vary across products and accounting cycles.
Recognizing that the previous explanation may not have been entirely clear, we have taken the initiative to provide detailed explanations of each truck loan product on dedicated web pages. However, it's important to understand that our role as your lender does not extend to offering guidance in determining the best-suited product for your business. This task is better undertaken by your accountant or financial advisor, who possess a comprehensive understanding of your unique financial circumstances.
If you're facing time constraints to engage in these discussions directly, you can authorize them to communicate with us on your behalf. This collaboration enables us to work together effectively to make a well-informed decision tailored to your needs.
Hard to get docs to meet requirements
This issue often poses a significant challenge for numerous truck buyers – the absence of all the necessary financial documents and records that banks typically demand for approving a truck loan. Certain banks might even necessitate that businesses have been operational for a period of 12 to 24 months before they qualify to apply for a truck loan.
If you’re starting a new business, branching out as sole trader/contract owner-driver, then there is a very probability that you won’t have the docs or the longevity required.
Jade has this one sorted as we have access to lenders that offer Low Docs and No Docs Truck Loans. These are loans that are structured to sort businesses that do not meet all the criteria often required by banks including the financial information.
Securing these loans at our prominently advertised competitive interest rates is indeed attainable across the entire spectrum of loan types. However, it’s worth noting that lenders commonly impose supplementary conditions in such cases. These conditions may differ from one lender to another but frequently encompass maintaining a favorable credit report and the stipulation of offering additional assets as collateral. Rest assured, your Jade consultant will meticulously guide you through all the intricacies and efficiently communicate with the lender on your behalf. Thus, there’s no need to fret over the specifics—at least not until we present you with an offer worthy of your consideration.
Hard to sort the paperwork
Not many business individuals find joy in dealing with paperwork. Thankfully, the trucking industry has implemented electronic diaries to simplify that aspect of your administrative tasks. When it comes to streamlining the paperwork associated with a truck loan, your Jade consultant is here to offer assistance. A pivotal aspect of our role as your lender is to manage the truck loan paperwork. While you’ll need to furnish us with details about your business and the specific truck you’re acquiring, we’ll take care of the intricate paperwork procedures. To facilitate a swift purchase, we act as intermediaries between the seller and the lender, orchestrating a prompt settlement process.
Hard to meet credit profile guidelines
If you don’t meet the credit guidelines as established by the bank or even if you have already been rejected by the bank, Jade may be in a position to assist you with a Challenged Credit Truck Loan. We have connections with non-bank lenders that are usually more flexible and prepared to negotiate on loan terms and conditions.
To discuss getting that hard-to-get truck loan speak with Jade Truck Loans about finance on 1300 000 003.
DISCLAIMER:THE DATA, POLICIES, INFORMATION, CONTENT AND REFERENCES AS PRESENTED IN THIS ARTICLE IS FOR GENERAL PURPOSES ONLY, IS SOURCED FROM RELIABLE SOURCES BUT NO LIABILITY IS ACCEPTED SHOULD THERE BE ERRORS OR MISREPRESENTATIONS OF DETAILS IN THE CONTENT. THIS INFORMATION IS NOT INTENDED AS THE SOLE PURPOSE OF MAKING FINANCIAL DECISIONS. READERS SHOULD REFER TO A FINANCIAL ADVISOR OR ACCOUNTANT IN THE EVENT THAT THEY REQUIRE PROFESSIONAL GUIDANCE AND CONSULTATION ON THEIR INDIVIDUAL FINANCIAL POSITION.