When it comes time to expand your business and are in need of a truck, trailer, equipment or machine then you know that paying for it in full with cash can be a challenge due to their high costs.
That’s where financing it and paying for it over years is a better consideration and especially in the beginning stages of business growth. There’s often no other way to raise the money needed for these foundational expenses. Lenders and brokers are a great resource for entrepreneurs to partner with growing your business.
But truck and equipment loans can be complicated. As a busy entrepreneur, you probably don’t have time to deal with all the rigamarole that comes with finding lenders and determining your borrowing eligibility. That’s why truck and machine finance brokers are here to help you climb over these financial hurdles and grow your business to its desired stature.
Here are several reasons why a truck and equipment finance broker would be an indispensable asset to your trucking business.
1. You’ll Need to Find Out What You Can Borrow
Without first determining the amount that you are eligible to borrow from a lender, you can’t plan your future machinery purchases, seeing as you won’t have a clear idea of your budget. The faster you find out how much you can borrow, the sooner you’ll be purchasing the equipment you need to grow your business.
A truck and machine finance broker can assist you with determining this information. As your broker, they’ll represent your business’s interests–so you can be perfectly honest with them about your needs. They’ll walk you through the process of needs assessment and information gathering, and soon enough, you’ll have the money for your new trucks, trailers, machine or equipment.
2. Truck Finance Can Get Complicated — You’ll Want Expert Advice
As an entrepreneur, your time is precious to your business. You won’t want to waste any of it trying to deal with these financial processes, which might not be your main area of expertise. That’s why finance brokers are so helpful. They understand perfectly how the lending process works and how to cater a plan to your specific needs.
With all the numerous factors that come with taking out a business loan, including rates, repayment years, and balloon amounts, the process can get a bit confusing. You’ll be grateful for the assistance of an expert who will make you feel absolutely sure you’re getting what’s best for you and your business.
3. A Broker Can Get You a Better Deal
The benefits of using a finance broker certainly don’t stop at assistance with paperwork. The connections that a broker has can actually help you get a better deal on your loan.
If you were representing yourself individually to a lender, you wouldn’t necessarily have a competitive edge over other applicants. But by using a broker, the broker’s existing business relationships with different lenders can help you get approved.
As a free agent who isn’t familiar with the truck finance industry, you might not understand which options are really the best for your needs. Your broker’s vast industry knowledge can help you get better rates and save money in ways you wouldn’t have thought of on your own.
4. Enjoy a Smoother Lending Process
Using a finance broker when getting a loan for trucks, trailers, and heavy machinery will make the process move easily.
For instance, lenders are more trusting of clients who are represented by brokers, so applicants using a broker usually get approved for loans faster. With reputable brokers, most applicants get approved in less than 24 hours!
Using a broker also makes any interactions with lenders regarding your loan easier since the brokers and lenders usually already have an established business relationship.
Brokers can also offer you flexible leasing options that you might not be able to take advantage of otherwise.
5. Brokers Have Access to Many Lenders
When shopping around for a loan, a lot of the process involves comparing rates and deals between different lenders to find the payment option that suits you best. This can be a lengthy and complicated process for an individual.
Luckily, brokers normally have access to a wide variety of lenders. Financial brokers have connections with up to 25 different lenders! This means that they can shop around from a wide selection, and the likelihood of finding an ideal loan plan for you is that much higher.
6. A Broker Can Do Most of the Work For You
Using a broker will generally take all the hassle out of applying for a truck finance loan. Brokers can interact with lenders and private sellers of trucking equipment on behalf of their clients. That means they will essentially do all of the work for you throughout the truck loan process, and you can have more time to focus on growing your business.
Conclusion
Truck finance brokers are integral to helping you acquire new trucks, trailers, and heavy machinery so that you can grow your business. When you consult with a broker, you’re more likely to get the equipment you need faster and easier than on your own. If you’re ready to add some new trucks, cranes, or earthmoving equipment to your business’s inventory, talk to a professional business finance broker today.
