Question 1

How can a truck loan broker assist me more than my accountant?

Accepted Answer

The specific role of a broker is to source loans on behalf of clients. The primary roles of an accountant is to prepare the accounts and handle tax and related matters. The broker has connections with lenders that most accountants would not have. Accountants do not typically source loans for their clients. Often an accountant will refer a client to a broker.

Question 2

Can new operators use finance brokers?

Accepted Answer

Yes. All business entities requiring heavy vehicle financing can use broker services. New operators may benefit greatly as specialist brokers have connections with lenders that offer financing to operators without complete financials.

Question 3

Will a Sydney truck finance broker tell me the best type of loan for my business?

Accepted Answer

The role of a broker is to the find and negotiate the best loan, based on the briefing from the customer as to their requirements. The broker will typically advise a client to refer to their accountant for advice on which is the best credit facility for their business. Accountants typically know the structure and set-up and financial objectives of their clients in-depth. As such they are best placed to provide this direction.

Question 4

What is a truck finance broker?

Accepted Answer

Truck financing brokers are specialists in the commercial lending field. Their role is specifically to source, negotiate and structure financing from their lender base on behalf of their customers.

Question 5

What is the eligibility to use finance broker services?

Accepted Answer

Most business operators can use finance brokerage services. Some brokers may focus on specific industries or types of lending, while others can offer a more broad-based range of services across many industries to many different business set-ups.

Question 6

Will a truck financing broker find me the right vehicle to purchase?

Accepted Answer

Financing brokers focus on the lending side of a truck acquisition, not on sourcing vehicles for customers. A truck sales broker has that role.

Question 7

If I source a truck loan through a Sydney finance broker, who decides what lender to use?

Accepted Answer

When using a financing broker, they will cover off on their large lender base to find the most suitable loan offer for the customer. They will present the offer to the customer for consideration. Where a customer wants a loan from a specific lender, the broker can contact that lender on the customer’s behalf to arrange the loan.

Question 8

What types of heavy vehicle financing is available through finance brokers?

Accepted Answer

Financing brokers offer a full selection of credit facilities including Chattel Mortgage, Lease, Rent-to-Own and Hire Purchase. Some may also offer refinancing, repairs finance and loans for other business purposes.

Question 9

How much longer will it take to get a loan through a broker compared with handling it myself?

Accepted Answer

Brokers typically work very quickly to source quotes. On acceptance of the quote, they process applications with their industry-level connections. It can be significantly faster to use a broker than for a business owner to contact multiple lenders for the best offer.

Question 10

What is the obligation if I contact a finance broker for a truck loan quote?

Accepted Answer

The standard procedure when contacting a broker for a quote is that there is no obligation to proceed with any offer. The obligation commences when an offer is accepted.

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