Use our expert services to unblock one of the major constraints when setting up a new enterprise – securing affordable financing. When vehicles are integral to the new venture, enthusiasm, drive and ability can only take operators so far when they are unable to get affordable truck financing for new business.
As specialists in commercial lending, we overcome the barriers to new business truck finance presented by the strict approval guidelines adopted by some financial institutions. Providing access to specialist non-bank lenders with greater flexibility to approve applications without full documentation and financials.
Our vast lender base, experience and expertise is available to operators of all types and sizes, across all industry sectors, to source competitive rates on new business truck loans. If your efforts to secure affordable vehicle funding are blocked, contact us to ease the constraints on truck financing for new operators.
Truck financing for new business is the provision of loans for the acquisition of vehicles by businesses in the initial, or early stages of operation. Businesses may be in the process of planning to establish a new enterprise or have been operating for less than 12 months.
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The vehicles requiring financing may be new or used, light, medium or heavy-duty trucks. The vehicle may be the primary piece of equipment for the enterprise such as operators in trucking and transport, excavations, removals, general freight, construction, mining, forestry, and owner drivers in many sectors.
Alternatively, the vehicle may be for use in carrying out the services offered by the business such as growers delivering produce to markets, maintenance crews, tradespeople, repair service teams, and vehicles to deliver customer orders for a wide range of enterprises.
Business structures may be single person operations such as sole traders and self-employed, or larger concerns including partnerships, SMEs, and private companies. Small enterprises may have the personal financials of the owner requested and personal credit scores checked. Some applicants may be required to provide additional collateral.
The determining factor or obstacle preventing securing finance is not having the financial records or the trading time to meet criteria as set by some financial institutions. The operator requires what is referred to in the lending market as low doc or no doc financing. This type of financing can be sourced primarily through brokers such as Jade Finance, connecting with their specialist non-bank lenders.
Specialist lenders that we are accredited with, and can source financing from on behalf of our customers. Tailoring solutions to individual requirements. To discuss your specific new business truck loan requirements, contact us by phone or via our online systems.
Our guides offer quick comparisons and simple explainers to help you cruise through the financing process with confidence.
Low Doc and No Doc new business truck financing are categories of applicants that require credit with no or very little financials or documents. These docs refer to business credentials such as income tax returns, annual business accounts, BAS returns, turnover figures for minimum 1-2 years, profit and loss statements, assets and liabilities schedules, and bank statements.
These are the standard requirements for commercial credit application approval by many major banks and some lenders. Within the commercial lending market there are lenders with more flexible requirements that will approve new business finance applications based on less or no financials, and with turnover figures for the first 6 months of trading.
Give us a call to discuss suitability for your new business.
While new ventures without financials require specialist lenders and special consideration for application approval, once approved, they have the choice of the same heavy vehicle finance products as fully documented loan applicants.
New operators can select the credit facility which will work best for their business from Leasing, Rent-to-Own, Commercial Hire Purchase and Chattel Mortgage. These facilities vary in: compatibility with different accounting methods; ownership of the vehicle during the financing term which relates to the balance sheet entries; how tax deductions can be realised; and interest rates.
All the features and benefits of the selected facility, including options for a balloon, are available to new operators. All facilities can be used for the purchase of both new and used heavy vehicles. We source all loan types with the lowest available fixed interest rates, over fixed terms of up to 7 years, with a fixed repayment schedule.
For a quote on your preferred credit facility for your chosen vehicle, speak with one of our brokers.
Interest rates on new business truck financing vary across the commercial lending sector. Lenders set their rates based on their own guidelines and costs. Rate offers to individual applicants are primarily determined by the creditworthiness of the business and the operator, and the strength of the application.
Access to the right lenders can be critical to new operators securing truck finance at the best interest rates. Competitive rates which can provide affordable, workable repayments which set the business up well from the get-go. That is our specialty – connecting operators with the right lenders and securing the best available new business truck loan interest rates.
We have accreditations with over 80 lenders, including those all-important non-bank lenders that specialise in heavy vehicle loans and have more flexibility with approving new business applications. For the best interest rates we may source for your vehicle acquisition, request a quote.
As specialists in commercial lending, we provide new operators with a comprehensive truck financing service. A service based on securing the best rates, flexible terms and affordable solutions which are sourced specifically for that business.
Taking a very personal approach, we assign a broker to each customer, ensuring their specific objectives are clearly understood and form the basis for the loan solution. Every truck finance solution is individually sourced, negotiated, and structured to best meet those objectives. Repayments negotiated to work with cash flow, tax benefits optimised, and terms secured to suit the investment strategies of the business.
Operators benefit with having access to new business truck loan lenders, having experts handle the entire process of sourcing their finance, saving them considerable time and angst, and unblocking the constraints of achieving affordable vehicle finance.
All operators can directly access our expertise, without a referral, by phone or via our online systems. Have a no-obligation initial discussion with one of our brokers today.
Our streamlined application process makes it quick and easy to apply for new business truck finance. Applicants must have an ABN and ID. We encourage operators to prepare and present as much information on the financial position and prospects of the enterprise to strengthen their application. Credit scores will be checked. Some applicants will be required to present personal financials also.
To apply for new business truck finance, operators simply provide their details to one of our brokers by phone or online. We handle the processing, sourcing offers and getting approvals – many in 24 hours. Apply today and you may have your loan tomorrow!
Compared with taking on a partner and ceding control of the business, taking on a personal loan at higher rates, and using savings, our new business truck loans can present an extremely attractive and affordable option.
To make comparisons and plan vehicle acquisitions, use our new business truck finance calculator to obtain estimates. Or call for a quote.
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THE INTEREST RATE IS CALCULATED ON A SECURED LOAN PREDOMINATELY FOR BUSINESS USE, EFFECTIVE 19/09/2024 AND SUBJECT TO CHANGE. WARNING: THE INTEREST RATE IS TRUE ONLY FOR THE EXAMPLES GIVEN AND MAY NOT INCLUDE ALL FEES AND CHARGES. DIFFERENT TERMS, FEES OR OTHER LOAN AMOUNTS MAY RESULT IN A DIFFERENT INTEREST RATE.
New operators approved for financing without financials can select from Rent-to-Own, CHP, Leasing and Chattel Mortgage.
The minimum requirements for commercial credit are an ABN and ID. Where no doc finance is required, minimal financial documentation is required.
A balloon is optional with CHP and Chattel Mortgage for all operators.
Where an operator does not have full financials, they may contact a broker to source low doc funding through specialist non-bank lenders.
Leasing is one of the commercial credit facilities available to finance heavy vehicles.
Most commercial credit uses the assets being acquired as the collateral. Some new and smaller operators may be required to provide additional collateral, subject to individual lender guidelines.
When approved for financing, new operators are entitled to the tax deductions relevant to the selected credit product.
Approval for financing can be given prior to purchase, based on an estimate of the loan total and an indication of the vehicle being considered.
Commercial credit facilities have variations with suitability to accounting methods, different approaches to the balance sheet and tax. Applicants are advised to speak with an accountant for guidance on which facility is best suited to their structure and objectives.
Online truck finance calculators are readily available for operators to calculate their own loan estimates.
