Once you’ve selected the best finance product, next step is to structure the loan to suit your business. This involves achieving a monthly repayment that suits your cash flow and a loan term that will work positively towards achieving your long term financial objectives. And most importantly you want the loan based on the cheapest interest rates available.
To achieve the loan structure that works for you, you should be working with a lender that is in a position to provide you with the finance flexibility that you need to support your business.
Unfortunately, not all banks and finance companies are prepared to offer businesses such flexibility when businesses approach them directly for finance. An alternative which many operators utilise is the services of a finance broker.
A finance broker is an independent operator who is licensed and while not aligned to any bank or finance company, has access through industry accreditation, with many lenders. A broker is usually in a better position to negotiate terms for their clients and has the bargaining power of the amount of business they write with that lender to bargain down the interest rate.
When selecting a broker, ensure they specialise in truck and heavy equipment finance so you know they will have access to the best lenders for your sector. The broker will handle your finance and have it structured to suit your objectives, as far as possible.
Definitely an option worth considering if you’re serious about securing the best vehicle finance deal.