Question 1

What is the benefit of using a broker when our accountant handles our finances?

Accepted Answer

An accountant is traditionally engaged to prepare the accounts for a business, handle the taxation issues, and other regulatory matters. A broker has the specific task of sourcing loans on behalf of the business. The business can benefit by having a specialist with vast lender contacts and expertise in structuring loans handle their individual requirements.

Question 2

Is a new start-up business allowed to use a finance broker?

Accepted Answer

All business entities that have an ABN are allowed to contact finance brokers to handle their requirements. Some brokers may offer services in specific sectors or to specific types of businesses. New start-ups should source brokers that offer low doc loans.

Question 3

What is the difference in documentation to apply for a loan through a broker rather than direct with a bank?

Accepted Answer

The documentation required for commercial credit applications are fairly uniform across the lending sector. The broker will be selecting the most suitable bank, or other type of lender, for the customer. The business will need to provide the required documentation to meet that lender or bank’s criteria. In general terms, there is no difference in what documents may be requested from a bank or when working through a broker.

Question 4

Can I get used truck finance through a broker?

Accepted Answer

If requiring a loan for a used vehicle, check with the broker that they do provide funding for second-hand models. Most brokers offering heavy vehicle financing services will cover all types of vehicles, new and used.

Question 5

What referrals do I need to use a truck loan broker?

Accepted Answer

No referral is generally required to use the services of a finance broker. While they do provide a specialist service, a referral from an accountant or other professional is not needed.

Question 6

Can I get truck refinancing through a broker?

Accepted Answer

Heavy vehicle financing brokers may provide a wide range of services which can include refinancing. Operators should check with individual brokers regarding their services.

Question 7

What is the process for deciding which finance company or bank if you use a financing broker?

Accepted Answer

When using a finance broker, their role is to select the lender that best suits their customer. This means the lender with the approval criteria that suits the credit profile and financial credentials of the business and will make the best offer. Where a business wants their loan through a specific bank or lender, most brokers will handle those negotiations and arrangements.

Question 8

I work at a remote resources site. Do I need to go to Perth for a finance broker meeting?

Accepted Answer

In the current lending market, most brokers will provide an electronic service for applications. Signatures required when offers are expected can be handled by email or post, negating the need for a meeting in person at their offices.

Question 9

What is available as credit options through a financing broker?

Accepted Answer

Commercial credit brokers typically offer the full selection of loan products including Lease, Rent-to-Own, Hire Purchase and Chattel Mortgage.

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