Truck financing tips part two–how to get truck finance and truck loans
In part one of my truck financing tips, we looked at how to pick the right truck. The tips below are to help you get the money to pay for your rig.
Ultimately, you need to sell your business confidently and make your potential financier feel comfortable you’re not a big risk. A lot of that is about being prepared:
- Ensure your tax returns are up to date.
- If your business is new, prepare a cash flow projection to show how you’ll generate the money to repay your loan (an accountant can help).
- If you already run a business, a finance company will need detailed work history, company director details and a clear understanding of your business.
- If you’re buying a 2nd truck or adding to your fleet, what will the trucks be used for?
- Know what truck you want to buy and take into consideration the tips listed above.
- Have an independent valuation of your assets on hand.
- Present your information in a professional looking document prepared by an accountant.
Then, of course, there are things like how much money you need, when you need it, your previous borrowing history, existing commitments etc. Have answers for these questions.
Truck finance tips part one and two in a nutshell
In short, whether you are looking for a loan to buy your first truck, a new truck or boost your existing fleet numbers, put some time into truck model research and financial preparations upfront.
You’ll have a much better chance of getting the truck finance you want – and gain a much clearer picture of your business and what you need to do to grow it.
Oh, and I should mention that both George and Barry are very happy with their new 12 and 18 wheeler babies.