The purchase price of brand new heavy vehicles can be well beyond the budget for many operators even with our low rate funding. Buying second-hand vehicles is the preferred and more affordable option for many businesses and truck auctions can be the perfect place to pick up a quality vehicle at a great price.
Many fleet operators including rental companies, governments and councils, have policies to upgrade vehicles at a set mileage or age, regardless of condition. This can bring quality vehicles onto the second-hand market regularly and many will be sold at auction. Individual operators may sell quality vehicles made redundant due to the end of a certain contract or project through sale houses.
There are numerous reasons why quality vehicles are listed at sales events and that presents cost-effective opportunities for buyers to secure a vehicle that meets their requirements, at a price that will work with their cash flow. For those interested, Pickles have an event in Sydney coming up in early February and Grays have current online events.
While these sales events are extremely popular and can be deliver great value buys, they can present a different approach to sourcing financing than when buying from a dealer. We provide buyers with this overview of ways to secure funding, considerations when buying used vehicles and how we can assist with many aspects of the process.
Ways to Secure Finance to Buy at Truck Auctions
Buying vehicles at sale events may require a different approach to the way an operator sources funding when purchasing through a dealer. It’s quite common for operators to wait until they have confirmed pricing and availability with a dealer before coming to us to arrange their funding.
When buying at a sale event, greater certainty can be wanted around being approved for funding, specific funding for the vehicles of interest and if any credit limits apply. Certainty that allows the buyer to bid confidently to the limit they have received approval for. When bidding is strong for exceptional lots, any doubts or hesitation may result in having to withdraw and miss out.
We assist bidders with pre-approved vehicle funding. Buyers can peruse the lots coming up in the auction house catalogue and inspect where possible to obtain all the information on the vehicle required to include in the application for used vehicle credit.
The credit application is submitted to our brokers and we proceed to source the lowest rate quote and have the application approved to the total advised by our customer. With the knowledge of credit approval and with a quote based on an estimated total, buyers can confidently bid to their limit.
Pre-approved funding not only allows bidders to bid to a set limit, but also provides the assurance that they can settle on the fall of the hammer.
If a decision to buy at a sale is made more spontaneously, such as on the day spotting a suitable vehicle, our 24 hour approval process can assist with fast post-sale confirmation of credit. Buyers can also use our finance calculator for trucks at the event to get credit estimates on different priced vehicles.
Finance Options for Used Heavy Vehicles
Vehicles purchased at a sale event will be usually be second-hand. While the same funding products suit both new and used vehicles – Chattel Mortgage, Rent-to-Own, Truck Leases, CHP, the interest rate and terms and conditions applied by lenders can be different for used goods.
A key factor will be the lender accepting the vehicle as acceptable security for the funding. For much older vehicles which are not accepted as collateral for asset acquisition funding, our Unsecured Loans can be a workable solution.
Whether buying new or used, our brokers will be working equally hard to secure the lowest rates from across our large lender panel.
When Buying Used Vehicles at Truck Auctions….
For operators that have not purchased at a sale event before, and to sum-up, here are a few factors to keep in mind to ensure a cost-effective, workable outcome:-
Different rates and conditions may be applied to funding for used vehicles. Having as much detail on the lot can assist lenders arrive at their best assessment of the asset being funded including its suitability as collateral.
Consider the working life of the vehicle when establishing a balloon, buy back or residual amount. Ensure it reflects the expected value at the end of the term when due.
Securing funding prior to the event can provide confidence and assurance for bidders.
When planning to buy at truck auctions, contact Jade Truck Loans prior to the event to secure low rate pre-approved funding and provide confidence in bidding.
Contact Jade Truck Loans on 1300 000 003 for pre-approved vehicle finance to purchase at truck auctions.
DISCLAIMER: THIS INFORMATION IS ISSUED PURELY FOR THE PURPOSE OF GENERAL INFORMATION PROVISION. IT IS NOT TO BE TAKEN AS THE ONLY SOURCE OF INFORMATION FOR BASING FINANCIAL DECISION-MAKING. THOSE REQUIRING FINANCIAL GUIDANCE AND ADVICE SHOULD CONSULT WITH THEIR FINANCIAL CONSULTANT OR ADVISOR. NO LIABILITY IS ACCEPTED FOR ANY MISREPRESENTATION OF POLICIES, DATA OR ERRORS IN THIS CONTENT.
