26 Jun Tips For Getting A Truck Loan
Look carefully at the future of your business. Do you need short-term or long-term funding? And more importantly, how are you going to generate the money needed to repay the loan?
Sell your business confidently when you’re seeking a truck loan. You’re convincing the lender they’ll make a profit from lending you the money – so you need to convince them you’re not a huge risk. It’s a good idea to have a plan in place to show how you’d cope with repaying the funds if a risk arises.
Lending you money often depends on the securities you can offer. You may need to get independent and realistic valuations of assets offered. Often if the truck you’re buying is new or near new it can be the security for the loan.
There are a number of items you’ll need to consider for your application:
- How much money you need
- What type of loan you want?
- When will you need the money?
- What you will use the money for?
- How will you repay the loan? Have copies of any contracts you have negotiated. Detail your projected income and all your costs.
- How long do you want the period of the loan to be?
- What security can you offer in return for the loan?
- List your assets and liabilities, bank balances and other deposits or investments.
- What is your previous borrowing history? What other commitments do you already have? List loans, hire purchase and leasing agreements.
Present your information clearly in a document if you can. If your accountant prepares the document for you, make sure you get an explanation of everything that’s included so you can answer any questions.
At Finance EZI we have access to a wide range of lenders, ensuring we find you the best loan available. If you’re ready to apply for truck finance you can contact us on 1300 003 003, or just apply online to get things moving today.