ultro finance | why use a finance broker

A Truck Finance Broker obtains finance on behalf of their clients, so they can make acquisitions of trucks or heavy equipment. A Truck Finance Broker will collect information from the client and then determine which financial institution is most likely to say yes to the funds required.

Once the loan is authorized and the transaction is settled, the broker receives a fee from the financier that provided the loan for the client.

Now that we have established what a Finance Broker does, let’s talk about some rewards of using a truck Finance Broker.

Ability to Negotiate Complex Transactions
Bargaining Truck Finance Interest Rates It can be quite complicated for customers to deal with financial institutions when applying for finance – particularly if they have not had experiences in this area. A Finance Broker on the other hand, more than likely has worked in the banking sector and is aware of what info finance companies are looking for when evaluating complex loan transactions.

Using a Finance Broker can mean the difference between a financing getting accepted or being rejected. Finance Brokers know what information to provide and how to present the application to ensure the client the most likely chances of an acceptance.

Moreover, some lenders offer financing approvals with over the top conditions that are unjust for the client and could be prohibitive down the track. A good Finance Broker can bargain these approval conditions away – offering the client with a much better end result.

Diversify a Clients Credit Risk
When large businesses start to indulge in numerous loan contracts with the same lender, their ability to borrow and grow the business could become prohibitive going forward. If all financing is with one lender, that customer might reach their peak financing limit.

A Finance Broker has the skill to establish long term relations with their client and place deals to other finance companies over time. This facilitates credit history with other financers, allowing the customer to further get funding for trucks and heavy equipment.

Around the Clock Access
Clients should always have accessibility to their Finance Broker’s mobile phone number. Brokers will generally take calls from customers after office hours and on the weekends.

Having the ability to call your Broker after hours is beneficial if a client is looking at an item of equipment over the week end and is seeking some financing advice or whether they would be able to borrow for the equipment being acquired.

Not often would clients receive the same level of access or services from your local Bank Manager.

Specialists in a Particular Field of Finance
Bargaining Truck Finance Interest Rates Finance Brokers generally specialise in a specific area of finance. For example, a Home Loan Broker specialises in home loan funding and an Equipment Finance Broker specialises in truck and heavy equipment financing.

This means that a broker that is a specialist in one particular field, knows all the tactics when applying for funding for their customers – ensuring the clients receives the best funding options. Finance Brokers also have many connections in their market and are kept well informed of any product of policy changes that are occurring in the finance sector they specialise in.

Access to Private Funders

Most clients in the market place searching for truck or heavy equipment funding, have the ability to deal with the big four banks. A Finance Broker on the other hand, have relationships with Private Funders that specifically lend money for trucks and heavy equipment.

There are countless occasions where the big four banks will not take on certain transactions, whereas these specialist private funders will have a look at these deals in an open-minded approach.

Deals that private funders would give consideration to are as follows:

Low doc loans
Credit impaired customers
New start businesses
Specialised goods
Complex transactions

Clients that use the services of an Equipment Finance Broker have far higher access to financing facilities than if they sourced truck or heavy equipment finance of their own.

Develop Long Term Connections
Truck Finance Specialists All too often have phone calls from new customers indicating that the Bank Manager they used to deal with is no longer around and has moved on to a different area of the bank.

Customers also like dealing with the same person over a long period of time as they feel supported and comfortable knowing they are dealing with the right person for the job.

Credit Representative No. 422631 is authorised under Australian credit license No. 389328.
ABN: 84 374 662 284

This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.