Everyone in general is not much aware of commercial vehicle loans and the purpose served by them. People engaged in the business of transportation generally borrow this kind of loan. There are plenty of commercial vehicle loan companies scattered throughout Australia. So, based on your need and convenience, you can approach any of those companies.
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| Commercial Vehicle Loan |
Who can avail commercial vehicle loan?
Commercial vehicle loans can be taken by anyone who owns and runs vehicles for commercial purposes. Generally, the companies with more than two years of business experience get loans easily. The commercial vehicle loans are available for any heavy or lightweight commercial vehicles. It can be availed by
- An individual
- Any trust
- Any firm
- Business person
- Private Limited Companies
- Public Companies
In case you are buying your first vehicle or expanding your existing fleet, there are innumerable commercial vehicle loan companies which offer tailor-made financing solutions as per your convenience and requirement. If you browse through the internet to find out the names of these companies, you will find that they offer loans at very competitive rates for a wide range of vehicles that includes bus, truck, tanker, trailer, light and small commercial vehicles.
Steps to follow for getting commercial vehicle loan
In some cases, getting the capital required for borrowing a vehicle for commercial purpose may seem to be notoriously hard especially for the small business owners. The steps to go through before applying for a loan are the following
(I) Determine why do you need a commercial vehicle loan: Before you start researching the internet for the commercial vehicle loan companies or the structure of the loan, what you require most is to think why you require the loan for. This is not only for your own purpose but also for the lenders, as they need this information before sanctioning your loan application. So, you must have a clear-cut idea as to why you want the loan and how you are going to repay that.
(II) Know about the lenders who provide with commercial vehicle loans: The next logical step is to search for suitable commercial vehicle loan companies and check their terms and rate of interest. Term loans are the first thing to consider while you envision a commercial loan. There are basically 3 term loans available: Traditional -term loans, medium-term loans and short-term loans.
(III) Check if you are qualified for the loan: The credit score matters while getting a loan and there is no exception in case of commercial vehicle loans too. The commercial vehicle loan companies scrutinize the credit score to determine how much loan you can get. If you had a good history of paying your debts, then you are in the good books of the lender. Apart from the previous loan history, the tenure for which you are running your transport business and the yearly turnover of it will also be the deciding factors based on which, you will be considered for the commercial vehicle loan.
(IV) Get the commercial vehicle loan application ready: You must be ready with the application and the following documents before approaching the commercial vehicle loan companies
- Business and personal bank statements
- Business tax ID
- Business and loss statement
- Balance sheet
- Business debt schedule
- Business financial statements
- Legal documents
- Use of loan
- Business plan
- Personal resume and experience in the field of transportation.
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| Commercial Vehicle Loan |
After going through the above-mentioned steps, the commercial vehicle loan companies will decide if you are eligible for the loan or not and how much loan you can get. The tenure of these loans varies from 12 to 60 months in general, depending upon the deal and nature of repayment.
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