Question 1

What is the reason I should use a finance broker when I have an accountant?

Accepted Answer

The role of a broker differs from an accountant. Accountants have the main task of handling the accounts for a business, preparing tax returns, and similar activities. Brokers have the main task of sourcing loans for businesses. Some accountants may handle lending for clients, but brokers have that as their sole role.

Question 2

Can I use finance broker services if I’m only in the planning phase of a new business?

Accepted Answer

Yes. All types of commercial enterprises with an ABN, even if only new and setting-up, can use a finance broker service to source financing. With access to specialist lenders that offer low doc and no doc funding, new businesses can benefit significantly from using a broker.

Question 3

What is the difference between applying for a truck with a broker rather than a bank?

Accepted Answer

Similar application requirements apply when applying to a bank or through a broker for truck financing. The broker will identify the most suitable lender, and the customer needs to complete the application form for that lender with the relevant documents. A key difference in the process is that when applying directly to a bank, the business owner handles all aspects of the process. When using a broker, the broker handles the discussions and negotiations on behalf of the customer with the lender.

Question 4

Do finance brokers handle loans for used trucks?

Accepted Answer

Most finance brokers offering heavy vehicle financing services will provide loans for both new and second-hand vehicles.

Question 5

Do I have to get a referral from anyone to use finance broker services in Hobart?

Accepted Answer

Referrals are not required to use financing brokers. Customers can contact brokers directly.

Question 6

I’d like to change my current loan conditions. Will a finance broker look into refinancing a truck loan for me?

Accepted Answer

Most finance brokers handle a range of business financing requirements including asset acquisitions and refinancing.

Question 7

Is it up to me to decide what bank or finance company I want if I use a finance broker?

Accepted Answer

When using a broker, the broker will identify the most suitable lender and source quotes on behalf of the customer. They will present these to the customer for consideration. Customers always make the final decisions about proceeding or not with any offer when using a broker. There is no obligation to proceed until an offer is accepted and a contract signed.

Question 8

I’m busy working on the north-west coast of Tasmania. Will I have to take time out to travel to Hobart for finance broker meetings?

Accepted Answer

Arrangements with brokers can typically be handled by phone, online and email. There is rarely any necessity to meet with experts in person in their offices.

Question 9

We have big repair costs coming up on our vehicles. Will a finance broker arrange a loan to cover those expenses?

Accepted Answer

A loan to cover truck repair costs may be provided through a Secured or Unsecured Business Loan. Most commercial finance brokers will provide this type of finance product.

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