Are you in need of financing for a new truck for your business? The process of financing a truck can seem overwhelming, but it doesn’t have to be. Our team of finance experts makes the process simple and straightforward. Here’s a step-by-step guide on how the process works when financing a truck.
Step 1: Pre-Approval
The first step in financing a truck is to complete our online pre-approval form or have a short 5-minute conversation with one of our finance experts. During this conversation, we’ll ask about your business, what type of equipment you’re after, and how long you’ve been in business. You’ll need to provide application particulars relating to your business and the business owners.
Step 2: Assessment
Once you’ve provided the necessary information, our finance broker will assess your capacity to repay the debt. This includes reviewing any financial statements and business bank statements for the last 3 months. If financial statements are not available, the broker will determine if the deal can be a low doc with no financials or if a cashflow projection needs to be prepared.
Step 3: Formal Approval
With all the necessary information collected, our broker will package a submission and offer a formal finance approval that best suits your specific situation. In most cases, clients are offered conditional approval within 24 to 48 hours.
Step 4: Invoice Requested
Once you’ve received conditional approval, we’ll request an invoice from the supplier.
Step 5: Document Preparation
We’ll then prepare the necessary documents and send them to you for signing, either via email or in person.
Step 6: Settlement and Delivery
Once the documents are signed, the deal is referred for settlement and the supplier of the truck is paid. You can then take delivery of your new truck! Funding to the supplier is usually completed within 24 hours.
Step 7: Post-Settlement Pack
After the settlement, we’ll send you a post-settlement pack, including a copy of the supplier tax invoice and the contract. This will help you provide your accountant with the necessary information at tax time.
Make the Process Easy
To take advantage of our simple and straightforward financing process, input your details into our online pre-approval page on our website. If you’d rather speak to someone in person, you can also send us a quick quote request and we’ll get in touch to take down your details.
Don’t let the process of financing a truck overwhelm you. With our team of experts, we make it easy to secure the financing you need to keep your business running smoothly.
