Numerous business owners and operators often exhibit confidence in their negotiation abilities, particularly when haggling over prices, terms, schedules, and other aspects of business transactions with clients and suppliers. However, when confronted with the task of negotiating more affordable truck loans from banks and lenders, a significant portion – if not the majority – are met with a stark reality check.
Going it alone to source and negotiate truck finance may seem like a sensible and quick way to proceed. However, using Jade Truck Lending to handle business finance including negotiating truck loans can be far more successful than operators tackling the process themselves.
The business finance sector encompasses a wide range of institutions, including various banks, finance companies, and non-bank lenders that are actively engaged in the truck loan market. To secure more affordable truck loans, operators must initially comprehend the dynamics of the market and then formulate a successful strategy to attain their desired outcomes.
Lender Guidelines and Criteria
The major banks are the predominant source of lending in Australia due to their widespread presence, reputable status, and widespread trust among consumers. Many businesses maintain their transaction accounts with one of the Big 4 banks, making them a logical choice when seeking a truck loan.
However, these banks, as well as large finance companies, operate under strict lending guidelines and corporate procedures to ensure consistency and integrity across their operations.
Negotiating special deals for individual businesses is often not feasible due to the organizational structures and guidelines of these large institutions.
On the other hand, specialist non-bank lenders, particularly smaller ones, can exhibit more flexibility and willingness to negotiate interest rates and loan terms. Yet, direct access to many of these specialist lenders can be challenging for business operators, as they often work exclusively through a network of finance brokers.
This is where the advantages of engaging with a finance broker-style lender, such as Jade Truck Loans, become apparent for informed truck businesses and owner-operators.
Although some businesses may assume that their transaction banking accounts with a bank will grant them bargaining power, this is not always the case. At Jade Truck Loans, we leverage the volume of lending business we conduct with the lenders we are accredited with to negotiate more favourable interest rates for our customers.
Interest rates are a major driver of all loans. The RBA sets the official cash rate and from that each lender evaluates their costs and what rates they will charge across their different lending markets. Getting a cut on the advertised interest rate offered by a lender can be a non-negotiable in many circumstances.
Lenders evaluate individual loan applications based on factors such as risk and the ability to repay the loan. Businesses can enhance their chances of securing a more affordable loan by maintaining a positive credit profile.
While securing a lower interest rate is often the primary goal for a cheaper loan, there are strategies that can contribute to obtaining a more suitable truck loan. This involves obtaining a loan that aligns with your cash flow and financial objectives.
For instance, this might entail opting for a longer loan term to lower monthly repayments or securing approval for a higher loan amount to attain a no-deposit truck loan. This way, you can preserve your cash for other uses instead of making a deposit on a new truck.
For those seeking Low Docs and No Docs Truck Loans, achieving a cheaper or workable truck loan can require navigating and negotiating through the lending scene to find which lenders will approve that category of loan.
Another crucial consideration is the time commitment required when business operators take on the task of sourcing and negotiating their own loans. This process often involves substantial time spent on making phone calls, completing loan applications, obtaining multiple quotes for comparison, and coordinating the loan settlement. Unfortunately, all of this time spent on administrative tasks could otherwise be devoted to the more productive and income-generating activity of being on the road and driving.
Engaging a Professional Negotiator WITH Bargaining Power
Opting to work with Jade Truck Loans for your truck loan sourcing and negotiation has been consistently proven to be a highly successful decision by numerous customers across many years of our operation. Our team is composed of adept professional negotiators in the realm of truck loans. We hold direct access to the most suitable lenders, those we are confident will offer the most affordable and feasible loan solutions tailored to the unique needs of each of our customers.
The task of negotiating for a cheaper and more manageable truck loan can be arduous, fraught with challenges, and at times seemingly insurmountable. However, it can also be streamlined and efficient. The straightforward approach is as simple as making a single phone call to us, initiating the process without delay.
Contact Jade Truck Loans on 1300 000 003 to discuss sourcing a cheaper truck loan.
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.