Many people think that just because they were once knocked back for a loan of any type or have some negative entries in their credit report history, that they won’t have any chance of securing finance again.
That is not necessarily the case as bad credit doesn’t mean you’ve come to a dead end in terms of getting a great deal to purchase your truck.
You just have to go up the right road, talk to the finance experts for directions and they should be able to assist you with a loan or commercial finance deal for your purchase.
In this current, highly competitive business environment, companies in all types of industries are facing financial and bad credit issues and if that’s your scenario, don’t despair, you just need to consult an expert to discuss the best way to approach the situation and get a great truck finance deal.
Most banks have strict rules in regard to applicants with bad credit that they must adhere to when completing truck loan applications so they may not be in a position to assist you.
Whether you’re a business or an individual with bad credit, the preferred option may be to discuss your requirements with a finance broker rather than going directly to the bank.
Expert finance brokers have the know-how when it comes to matching the right loan with the right person or business, even if you have credit issues.
So why can a broker do better for you than a bank?
Because they have a broader range of products to select from than just one bank. They may have hundreds of options to sort through to find what is best for you.
They have flexibility and they have the know-how to structure your loan, taking into account your bad credit profile but still delivering you an attractive proposal.
When sourcing truck finance with bad credit and you’re comparing the options presented, make sure you compare the entire proposal and not simply the interest rate offered.
The interest rate is just one component of the loan. Many banks will also include fees and charges, some may be one-off set up fees and others may be an ongoing monthly fee.
Also look closely at any special clauses that the proposal may include, look at the length of the loan period and repayment amount.