Question 1

What is the function of a truck finance broker?

Accepted Answer

The function of a broker is to source financing on behalf of a customer. The broker has accreditation with lenders which gives them permission to work those lenders to secure financing for their clients. The broker handles all negotiations and dealings with the lender for the customer.

Question 2

Can owner-drivers us a broker service for truck loans?

Accepted Answer

Yes. All types and sizes of commercial enterprises can use brokers to arrange their financing. To be eligible for commercial credit, an owner-driver must have an ABN and identification. Applications then require a range of documents on the finances and credentials of the business operation.

Question 3

What is the process for applying for a truck loan with a broker?

Accepted Answer

The process for applying for financing through brokers may vary with individual brokerages. The general process is to brief the broker on the requirements. The broker may source initial quotes from their lenders based on initial details. Businesses will need to complete the application form for that lender. The lender assesses the application to make a confirmed offer. The broker handles lender liaison but the customer makes all the decisions.

Question 4

Can I get a loan for a used truck through a finance broker?

Accepted Answer

Most brokers will handle financing for both new and used heavy vehicles.

Question 5

What is the procedure to engage with a finance broker?

Accepted Answer

Most financing brokers are accessible directly by businesses. They may be contactable online or by phone services. A referral is not usually required but some accountants may refer their clients to brokers and/or act on their behalf in dealings with brokers.

Question 6

Are finance brokers a finance company?

Accepted Answer

No. Brokers are not finance companies. They have accreditations with finance companies which gives them the lender’s permission to source loans from those lenders on behalf of their clients.

Question 7

How do I decide what bank or finance company I want to apply to when I use a finance broker?

Accepted Answer

When applying for financing through brokers, the brokers will usually source the best quote from across their lender base. The customer then decides to accept that offer or not. If a business specifically wants a loan from a certain bank or lender, they may request brokers to act on their behalf with that lender.

Question 8

Does a finance broker decide on proceeding with my loan?

Accepted Answer

No. Brokers will present customers with quotes and offers that they have sourced. The decision to proceed with any loan is always up to the business customer.

Question 9

My commercial fishing business is in Port Lincoln, will I have to go to Adelaide for finance broker meetings?

Accepted Answer

Most brokers operate via remote services – online and phone. It is very rare for a customer to have to attend the broker’s office as part of the sourcing financing.

Question 10

What types of loans do finance brokers provide for heavy vehicles?

Accepted Answer

Brokers offering asset acquisition financing will typically provide customers with a choice of Chattel Mortgage, Lease, Rent-to-Own or Hire Purchase. Brokers may also offer other types of commercial credit to cover other business expenditure.

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