Question 1

Will a finance broker arrange my truck loan with fixed or variable interest rates?

Accepted Answer

Brokers source the most suitable financing options, including the best interest rates for customers. Interest rates for asset acquisition financing is typically secured at a fixed rate. Unsecured business loans which may be suitable for older trucks, may attract a variable rate. This is subject to individual lender products.

Question 2

I’m setting up as an owner-driver contract courier. Am I eligible to use a finance broker for my loan?

Accepted Answer

Yes. Once a new operator obtains their ABN, they are eligible to apply for commercial credit using a broker. The operator is required to provide business financials as part of the application process. Where these financials are not available, they may seek no doc financing products which a broker should be able to source.

Question 3

Will my broker tell me what credit facility is the best option for my business?

Accepted Answer

It is not the function of a broker to advise business owners on the most suitable commercial credit facility for their business. This is usually better advised by the accountant for the business who is more familiar with the financial objectives of the business owner.

Question 4

What is a truck loan broker?

Accepted Answer

A heavy vehicle financing broker is a specialist role in the lending sector. Brokers source loans on behalf of customers utilising their accreditations with banks and finance companies. They typically handle all communications, negotiations and arrangements with the lender and present quotes and offered sourced to customers to consider.

Question 5

What types of trucks do brokers handle loans for?

Accepted Answer

Most brokers will handle financing for all types of heavy vehicles used in all applications. Some brokers may specialise only in vehicles for certain industries.

Question 6

Do truck finance brokers sell heavy vehicles?

Accepted Answer

No. Financing brokers are engaged by businesses to source loans for vehicles. They do not sell trucks.

Question 7

What is the process for deciding the bank or lender when using a finance broker?

Accepted Answer

Brokers will find the best loan offer for their customer from their selection of lenders. They match the guidelines used by lenders to approve loans with the credentials of the customer. They then present offers for the customer to consider and approve or reject. Customers can nominate a particular bank or finance company if that is their preference.

Question 8

What loan products are offered by truck financing brokers?

Accepted Answer

The selection of loan products offered by brokers can vary but typically include Chattel Mortgage, Lease, Hire Purchase and Rent-to-Own to finance purchases, and a selection of business loans for other purposes.

Question 9

Do finance brokers arrange loans for used trucks?

Accepted Answer

Used trucks can generally be financed through brokers. Some brokers may only finance new vehicles but most will cover all types of heavy vehicles.

Question 10

If I ask for a quote from a finance broker, am I obliged to accept it?

Accepted Answer

No. There is no obligation to proceed with any quote sourced from brokers or direct from lenders until a contract is signed.

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