Commercial Vehicle and Equipment Finance
Commercial vehicle finance or business vehicle finance, is a type of financing that is specifically designed for businesses or individuals looking to purchase vehicles for commercial purposes. It is a loan or leasing arrangement provided by a financial institution to help a business purchase or lease commercial vehicles such as trucks, buses, vans, trailers, and other vehicles used for commercial purposes.
Compare Business Loans has access to the best business vehicle finance NZ. We are commercial vehicle and equipment finance experts who can assist your business purchase 1 vehicle or an entire fleet. We have relationships with multiple commercial vehicle and equipment finance lenders throughout New Zealand and can help you prepare your application + help negotiate you the best interest rate from our panel of lenders.
Chat with us today to discuss your vehicle finance options, we’ll help you with approved funding from the right commercial vehicle and equipment finance lender.
Topics on this page:
- 1. What is commercial vehicle finance?
- 2. Does my business qualify for commercial vehicle finance?
- 3. Applying for commercial vehicle or equipment finance in New Zealand
- 4. Commercial vehicle finance for a startup business
- 5. Using a broker for commercial vehicle finance
- 6. No deposit commercial vehicle or equipment finance
1. What is commercial vehicle finance?
Commercial vehicle finance, for example truck finance, is a crucial tool for businesses that rely on transportation to run their operations. This type of financing can help businesses to acquire the vehicles they need to transport goods or provide services without having to pay the full cost upfront.
It can also help businesses to manage their cash flow by spreading the cost of the vehicle over time through regular repayments.
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2. Does my business qualify for commercial vehicle finance?
Any business can apply for commercial vehicle or equipment finance, whether you are an established business or a startup business.
Established businesses will be assessed on their income, overall business health and personal/business credit history.
A startup business will need to provide a business plan, 12 month cashflow forecast and possibly a deposit as well. A contract or letter of intent will also help strengthen your application by showing the lender you have an income source that will allow you to meet your loan repayment obligations.
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Using our instant quote technology, we can email you a vehicle or equipment finance quote in less than 60 seconds with your expected interest rate, monthly payments, and full payment amount.
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3. Applying for commercial vehicle or equipment finance in New Zealand
In New Zealand you can apply for commercial vehicle or equipment finance through your bank or a non-bank lender.
Having good banking history with your bank can help your chances of approval as they will know your account conduct history and spending habits.
Often the application process through a bank can be slower than non-bank lenders so depending on your timeframe this will be something you should take into consideration.
Compare Business Loans have several non-bank lending partners and can help your existing or startup business secure finance from the right lender. A five minute phone call is all it takes to understand what your business needs, what will be required for the application and which lender is right for you. Contact us today to discuss your commercial vehicle or equipment finance options.
4. Commercial vehicle finance for a startup business
If you are starting a business and require truck finance or van finance to operate, you are eligible for commercial vehicle finance.
You will need to prove your business is viable and you have relevant industry experience or prior business experience by completing a business plan and including it with your application.
You can complete a business plan online through the Compare Business Loans website, just contact us and we can arrange access to the business plan form.
A cashflow forecast for 12-36 months will also be required to show your monthly income and expenses. The cashflow forecast will demonstrate to the lender you have the ability to repay a loan.
A deposit may be required, however no deposit vehicle finance is available through some lenders. If a deposit was requested, it could be anything from 5% to 20%, you could use a larger deposit if preferred however.
Additional security may also be required for commercial vehicle finance, it will depend on the age of the vehicle you are purchasing and the estimated resale value.
5. Using a broker for commercial vehicle finance
The benefits of using a broker for commercial vehicle finance is we are partnered with multiple vehilce finance lenders and can make sure you get the right information in your application to the right lender.
For example if you are looking for truck finance, we have access to lenders who will offer you the best rate and are vehicle finance specialists.
We can supply business plan and cashflow forecast templates for the application as well.
A business loan broker can assess your business, help you gather the required documents and put your application together in the correct format for each lender. This means your application is completed right the first time and increases your chances of success.
5 Minute Business Health Check
Complete a no-obligation, free business health check over a 5 minute phone call that includes:
- What kind of lending you should be applying for
- How much you will be eligible for
- Which lender would be the best option for your business situation.
6. No deposit commercial vehicle or equipment finance
We have access to lenders who require no deposit with vehicle finance. To qualify you will just need to make sure you have all required documents for the lender to complete a full assessment.
The age of the vehicle you are purchasing, the overall health of your business and your personal/business credit history will determine if a deposit is required.
Business loan lenders in New Zealand
We are partnered with multiple business loan lenders throughout NZ. Each lender provides different types of business loans and will offer different rates for small business loans depending on your business’ financial situation and financial history.
Heres a few lenders we work with and their basic lending criteria.