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Understanding Truck Finance

What Is Truck Finance?

Truck finance refers to a specialised form of finance tailored for commercial or business vehicles. This financial solution is crucial for enterprises in sectors like transport, manufacturing, supply chain, logistics, and eCommerce.

These businesses often need heavy-duty vehicles, such as trucks, to move goods from one place to another. Given the high cost of these vehicles, not every business owner can afford to purchase or lease them outright. This is where truck finance becomes a game-changer, enabling enterprises to acquire trucks and use them solely for business operations.

How Truck Finance Empowers Enterprises

Truck finance is a powerful tool for businesses. It can help you achieve your objectives and meet your responsibilities by facilitating the purchase or lease of trucks through financing. This option is particularly beneficial because it allows the truck to be considered an asset to the company.

Partner with Broc Finance for Your Truck Finance Needs

If you’re considering acquiring a truck for your business through purchase or lease, Broc Finance is here to help. As Australia’s leading finance brokers, we offer unparalleled support to enterprises of all sizes. Our expertise and guidance make the process of obtaining truck finance smooth and straightforward.

What you should know about Truck Finance

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Key Considerations for Truck Finance Applications

Understanding Truck Finance Requirements

When you’re ready to apply for truck finance, it’s essential to know a few critical points:

For new businesses, lenders often require a 20% deposit. Yet, some lenders might offer loans without any deposit for both new and established enterprises.

You won’t need to show proof of income under certain conditions:Having an ABN for two years.

Applying for a loan under $250K.
Purchasing a truck, new or used, from a dealer.
If you’re replacing an asset and the cost doesn’t exceed 25% of the original loan.

If paperwork poses a challenge, both no-doc and low-doc loans are available. We’re here to assist you through these options.

Benefits of Financing Trucks Through Dealers

Choosing to finance trucks through dealers can significantly streamline the process:

Trucks less than 5 years old often qualify for the best financing rates.
Buying through a dealer reduces the amount of paperwork required compared to private purchases.
Businesses operating for two years or more may find more competitive rates and favourable financing deals.

Getting Truck Finance in Australia with Bad Credit

For many business owners, the idea of getting truck finance with bad credit can seem tough. But, it’s important to know that having a not-so-great credit score doesn’t mean you can’t finance commercial trucks. Companies like Broc Finance offer special programs designed to help businesses with bad credit. These programs focus on your business’s future money-making potential instead of past money issues, giving a helping hand to those needing commercial vehicles to grow or maintain their business.

How to Secure Commercial Truck Financing with Bad Credit

Finding the right financial partners who get the specific challenges and needs of businesses with bad credit is crucial. Broc Finance is good at creating financing plans that look at the big picture, offering flexible terms that work for businesses with different credit backgrounds. By showing a strong business plan, including how the trucks will be used and make money, businesses can boost their chances of getting the financing they need.

Steps to Get Truck Finance

1. Check Your Financial Health: First, understand your current money situation, including your credit score and financial history.
2. Get Your Documents Ready: Make sure you have all the documents you need, like your business plan and financial statements, ready.
3. Look at Your Options: Research different lenders and financing options, focusing on those experienced in commercial truck finance and bad credit programs.
4. Talk to Experts: Thinking about talking to finance brokers like Broc Finance can be helpful. They can guide you through the process and find the best truck financing for your situation.

Understanding Truck Finance Rates

Truck finance rates depend on various things, like how trustworthy the borrower is, the loan’s term, and the type of truck. Although rates might be higher for businesses with bad credit, working with a broker can help you overcome these challenges and find competitive rates.

It’s also a good idea to compare offers from different lenders to make sure you’re getting the best deal.

Exploring Commercial Truck Finance

Commercial truck finance includes different financing options to meet the needs of businesses that need vehicles for their operations. Knowing the details of all your commercial truck finance options is key to making the right decision that fits your business’s money situation and goals for the future.

Truck Finance Options

We specialise in a variety of truck finance solutions, including but not limited to:

Lease Agreements: Ideal for businesses that prefer to use the truck without the commitment of ownership. This option allows for lower monthly payments and flexibility at the lease’s end.
Chattel Mortgages: A popular choice for businesses looking to own the vehicle outright at the end of the finance term. This option offers the benefit of claiming interest and depreciation.
Hire Purchase: This option allows your business to hire the truck for a fixed period, with the intention to purchase at the end of the term. It combines the flexibility of leasing with the path to ownership.

Low Doc & No Doc Loans: Designed for businesses struggling with traditional documentation requirements. These loans are a solution for SMEs with minimal paperwork, bad credit history, or those newly established.

How Broc Finance Supports Your Business Financing

Get Fast Funding with Broc Finance

Broc Finance specialises in offering quick financing solutions for businesses in need of truck finance or any other equipment financing. We partner with top lenders and truck finance companies across Australia, ensuring we match your financing needs with the right lender. Our team, composed of seasoned professionals, is committed to securing the best loan options for our clients.

We take pride in assisting businesses of all sizes, with a special focus on supporting SMEs, which often encounter challenges like limited documentation, poor credit history, or a short trading history.

Why Broc Finance?

Trusted Reputation: We boast an impeccable track record and a stellar market reputation.
Competitive Terms: Expect fixed rates and flexible loan terms, tailored to your needs.
Wide Lender Network: Our broad network opens up access to numerous lenders for truck finance across Australia.
Growth-Oriented Solutions: We provide solutions that fuel business growth and enhance cash flow.
Quick Funding: Gain access to funds within 24 hours, ensuring your business doesn’t miss a beat.
Low Credit & Minimal Docs: Even with a low credit score and minimal documentation, we can help secure your financing.

For any questions or to start your journey towards easy truck finance, reach out to our experts. We’re eager to guide you through the financing process, making it as smooth and straightforward as possible.

Why should you choose Broc Finance?

In a short tenure, Broc Finance has helped Australian businesses, especially the SMEs to secure diverse financing options and facilitate the same via credible lenders. We have a robust network that comprises the top lenders in the country. Our accessibility to varied business loans makes it easy for businesses to get the kind of financing that’s best suited for them.

Tailor made options

Being a small business owner, many of our clients are not sure of right loan product for their businesses. Our lending specialists understand their needs and recommend tailor made options.

Personal Consultation

Unlike business loan marketplace websites which use AI based algorithms to match your requirements, we provide obligation free personal consultation as every business is different and an AI based algorithm may not provide them the optimum solution.

Competitive Pricing

We endeavour to achieve the optimum business loan solution for our clients at the most competitive pricing possible.

Clear communication

We understand the essence of time so don’t believe in wasting our customers time by giving false hopes. Transparent and clear communication is in our DNA.

Real results with real people.

55+ customer reviews

5.0

Niteesha Nagowah

We had an incredible experience working with Saroj from Broc Finance. He is incredibly knowledgeable, responsive, and guided us through the purchase of our company vehicle with expertise. The attention to detail and commitment to finding the best possible options truly set him apart. Highly recommend his services for anyone navigating the complexities of obtaining a finance. Thank you again for outstanding assistance.

Manpreet Kaur

Our sincere thanks to Saroj ji & his team for their invaluable assistance in securing the loan. We are extremely greatful for his exceptional service & support throughout the process. Highly recommend!

Matthew

Broc Finance were awesome…really responsive and solutions focussed. We especially appreciated having a broker who was an advocate for our interests when engaging with lenders.

Ibrahim Alpay

Saroj and his team is amazing have been using him for business funding for over a year he has found surprising solutions when others couldn’t make it happen very skill full with negotiating high loan amounts that I would never expect at wonderful terms and rates look no further I recommend broc finance for your business lending purposes look no further and don’t think twice much appreciated won’t go to any other broker at all many thanks to his team !!!!!!

vishal srivastava

We have used Broc Finance over last 2 years for various business line of credits and vehicle loan. Broc finance have been very professional in this journey. They have understood our needs as business and catered the solutions as per requirement . They look around in market and get one the best financial solution for the business be at vehicle of line of credits . I would strongly recommend the business for there services

Nasir sabiry

Thank you very much in helping me with financing a car SAS. You have been very professional and responsive every time I needed information. Fully recommend to any looking to finance a car.

Ajay Kanumuri

I would strongly recommend. Saroj Shah helped to get my loan with in span of three days. He was very supportive and clearly explained the loan process.

Scott Filby

Excellent experience with the service of Saroj! He did all the hard work and helped me find what I required. Saroj offered excellent suggestions and went the extra mile with his advice, which won my respect and helped in achieving the outcome required.

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Frequently asked questions

You can use truck finance for both used and new trucks, as per your preference and convenience. However, the overall functionality of the truck will be taken into consideration while approving the loan.

It varies from one business to another, depending on multiple factors. Rest assured; we can get 100% financing with good rates for businesses that fit the eligibility criteria. You can gain more clarity on the matter by consulting with our experts.

We are often approached by enterprises that want to buy a fleet of trucks using the financing options. So, to answer your query; yes it is possible to buy more than one truck with a line of credit for asset finance. business financing.

No, there is no age of truck as such. However, the loan amount is dispersed, judging the overall condition of the truck.

Yes, of course, you can. We have a history of facilitating truck finance for new businesses with a trading history of even 1 day.

The requirement for financials and documents varies in each case. Once you reach out to us with the loan request, our experts will expedite it guiding you through all the technicalities.