Question 1

What is the purpose of having a finance broker if I already have an accountant?

Accepted Answer

The job of a broker is different from that of an accountant. The accountant generally focuses on the preparation of the business accounts, handling the taxation and other compliance requirements in regard to the finances of the business. The job of a broker is to find vehicle financing for the business. The broker focuses on finding the most suitable lender and the most suitable loan solutions.

Question 2

Are new business owners eligible for finance broker services?

Accepted Answer

Yes. All commercial entities with ABN may use brokerage services. Some brokerage houses may specialise in certain types of businesses and/or certain industries. Most will provide services for all business operations.

Question 3

What is required for the loan application with a broker? Is it the same as the bank?

Accepted Answer

When applying for financing with a broker, the broker will source the most suitable lender or bank to suit the business profile. Applicants will be required to complete a commercial credit application. The requirements for the application are similar across the lending market. Similar types of financial documentation are requested from banks and most lenders. The criteria for approval can vary with banks and lenders.

Question 4

Do finance brokers handle loans for second-hand trucks?

Accepted Answer

In general terms, brokerage services handle business financing for all types of heavy vehicles including used models.

Question 5

How do I get a referral to a broker?

Accepted Answer

A referral is not usually required to use broker finance services. Business operators can contact brokers directly with their requirements.

Question 6

Can I apply for a loan with a broker before I buy a vehicle at auction?

Accepted Answer

Yes. Loans can be applied for prior to the purchase or selection of a heavy vehicle. The applicant provides a guide to the description of the vehicle they intend to purchase and to the amount required. Conditional approval can be granted on that basis with final loan specifics confirmed post-purchase.

Question 7

Do I need to stipulate the finance company or bank for my loan if use a broker?

Accepted Answer

Businesses using broker services do not need to stipulate which lender they want for their financing. They can if they wish, but it is not required. The broker will find the most suitable lender.

Question 8

I operate a livestock transport business. Will a broker find me a loan for a road train?

Accepted Answer

Brokers specialising in heavy vehicle funding typically handle funding for all types of vehicles including road trains, B-doubles and other truck-trailer combinations.

Question 9

I’m based in the QLD outback. Do I need to go meet a finance broker in Brisbane?

Accepted Answer

There is generally no necessity to meet brokers in person. Credit arrangements can usually be handled electronically with no in-person meeting required. Documents will need to be signed, but this can now be carried out electronically.

Question 10

What is the selection of loans offered by a truck financing broker?

Accepted Answer

Brokers usually offer all asset acquisition credit facilities including Hire Purchase, Rent-to-Own, Chattel Mortgage and Leasing. Some will also offer refinancing and other business credit products.

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