A couple of weeks ago, an existing customer of ours purchased this brand new 2015 Hino 1024 Long Horse Truck. This Truck was an additional unit to complement their existing fleet of Horse Trucks. Heavy Vehicle Finance was fortunate enough to provide the Truck Finance for this purchase and looks forward to the opportunity of assisting in future purchases down the track.
As this Truck was an additional unit to the fleet, the servicing position was tight based on the fact that the client’s financial statements did not show income relating to this additional Truck. To get around this, we prepared a cash flow projection that factored in the total projected income going forward for all Trucks in the fleet. This cash flow projection put the servicing position for this deal in positive territory, which meant that credit was happy to approve the deal with little fuss.
The deal settled through Laverton CMI-Hino dealership a couple of days later, with client sending a driver to pick up the Horse Truck for the long journey back to rural NSW where they are located.
We so often receive enquiry from customers that think they will not be eligible for Truck Finance based on the fact that their financial statements can not service the purchase of an additional Truck. However, when these scenarios are presented to us, we spend time to gather more information surrounding their business – both historical and going forward. From here, the Consultant can then draw up the cash flow projection to ensure that the deal gets approved by our Credit Team.
At Heavy Vehicle Finance, we have some very experienced Consultants that specialise in Truck and Heavy Machinery Finance. These people have the ability to write very complex cash flow projections in a manner that a Credit Manager can understand. We have a very high success rate in getting the harder deals approved for our clients.
Once we get these type of deals through for our customers, the most common response is: “We don’t know how you did it, but thankyou very much for your help.” However, given the fact we do this type of work all day everyday, it does not seem like such a big deal to us in achieving these successes for our customers.
We encourage all operators in the Transport or other Heavy Vehicle Industries to give us a call on 1300 788 740 to discuss what funding option are available.