We recently facilitated the finance of a Western Star Tip Truck and a Hercules Dog Trailer for a Civil Works Contractor that was referred to us by an existing customer of Heavy Vehicle Finance.
This client was unable to source a finance approval elsewhere, so how did we do it?
One of our Truck Finance experts took the finance application over the phone and then requested financial statements for the last two years. Client then advised that their Accountant was some 3 weeks away from preparing the financials but they needed to move on the Truck and Trailer combo immediately, to take advantage of the below market sale price. In lieu of financials we requested the last three months bank statements on clients business trading account.
Client emailed us the business trading statements that same day and the submission was prepared and sent to our Credit Team by close of business. Credit came back with an approval 48 hours later and client was able to put a deposit down to secure the Truck.
From there, we had one of our representatives complete an inspection on the Tip Truck and Dog Trailer and then documents were prepared. Once documents were signed, our Settlements Department transferred funds to the private seller of the Truck and Trailer and client then took delivery.
Approval conditions of this deal meant that the client was required to put in a 10% deposit and then the GST back into the deal in the fourth month of the contract – once it was received back from the ATO. Client was very happy with this outcome as they had to move on the purchase of the Western Star Tip Truck and Hercules Dog Trailer immediately to take advantage of the good deal they were getting on the sale price.
We often receive enquiry from Transport operators for Truck Finance where no financial statements are available or the financials they do have, show poor net profit due to factors beyond their control. As mentioned above, we still can move forward on these transactions with the last three months bank statements and an upfront deposit (approx 10%). In the absence of the 10% deposit we can take collateral security over an item of Equipment that client owns outright – i.e. another Truck, Trailer or Motor Vehicle.
This funding scenario is just one example of how fluid our Credit Policy is and we will continue to beat big banks with respect to real world Truck Finance.
If you are not sure how much you can borrow or if you qualify, please call one of our Consultants for an obligation free assessment on 130 788 740 or complete our online pre-approval form.
