Ray Iqbal • Feb 12, 2020
First off, you should understand what a finance broker does. A broker searches for finance and applies for it on your behalf. They take into account your financial situation, including your cash flow, to find the best finance option for your business. A good broker will guide you through the whole process, including after the finance has been approved.
It’s not as simple as finding a loan, applying for it, and being approved. A finance broker understands how to navigate and negotiate with different financial institutions and lenders, which most people haven’t done before. They know what information lenders want to see in finance applications, and how to negotiate better loan conditions that are more suitable for you. You could apply for a loan yourself and be denied, but engaging a broker significantly improves your chances of being approved for that same loan.
Like you have mortgage (or home loan) brokers, there are brokers that specifically deal in financing for trucks and other heavy vehicles. Part of their job is to stay up-to-date on changes in the truck finance area so that they can always offer the best deal and negotiate certain terms and conditions. They’ve often got industry contacts as well, which opens up more financing options for you. They know all the specific industry tips and information, which you wouldn’t otherwise have access to.
Unlike with a bank manager, you’re likely to have a lot more access to your finance broker. They’ll often give you both their office and mobile number, and answer your calls outside of normal business hours. This means you don’t have to wait until Monday morning if you want financing advice, which is useful when you’re looking at trucks on a Saturday.
When you build a long term relationship with a broker, they’ll get to know and understand your business in a much more comprehensive way. The more they know, the better they can customise finance to suit your needs at any given time.
If you’re looking for advice on truck and heavy vehicle finance, get in touch with our team today. One of our expert brokers will help you and your business with any of your truck finance requirements, providing personalised advice and giving you the best chance of approval. We work with a large network of lenders, allowing us to get special deals and interest rates you won’t get elsewhere.