how to apply for
Securing Truck finance in NZ can be a simple process providing you have the right information for a lender to assess your application. If you have not applied for a business loan before and are considering starting a business that requires securing truck finance we can help you prepare and submit your application, giving you the best chance of approval.
If you are an established business wanting to purchase additional assets to grow your business and are looking for the right lender to partner with we have strong relationships with multiple lenders and can match your business to the best option.
Ready to apply for truck finance now?
1. Truck finance for new business
If you are a new business, truck finance can be secured by providing a written contract and/or letter of intent showing your expected hours per week or month + hourly rate. This in turn means you can build a cashflow forecast based on your contract.
A lender wants to see that you’ll be earning enough to pay your expenses, wages and truck loan each month without putting too much strain on your cashflow.
The cashflow will need to demonstrate enough profit to make the lender comfortable that in the case you breakdown and miss 1 or 2 days work and/or need to pay for repairs you’ll have enough profits to cover those unexpected costs and keep your business running.
A business plan and previous industry experience can also boost your chances of securing approved truck finance.
TRUCK FINANCE INSTANT QUOTE
Get a truck finance quote in 60 seconds
Using our instant quote technology, we can email you a truck finance quote in less than 60 seconds with your expected interest rate, monthly payments, and full payment amount.
2. Truck finance to expand existing business
If you are an existing business looking to expand a good way to increase your revenue and keep your monthly costs down is to secure truck finance with monthly repayments that allow your business to still operate efficiently and not put any pressure on your cashflow.
An existing business will generally be assessed on their financial report or a recent 12 month profit and loss report. Your business will struggle for approval if you are not in profit most months however this is assessed on a case by case basis.
As with new business, if you have a new contract that will increase your revenue this will help strengthen the application, as will a cashflow forecast to go with the contract.
3. Equity release truck finance
If you own a truck outright and are looking for cashflow finance, working capital or a deposit/funds to purchase a new asset, tools, stock etc you can apply for an equity release off a vehicle you own.
The amount you can borrow will depend on the asset type and its age but generally you can borrow between 50%-80% of the assets value.
You may be asked to provide an asset valuation prior to loan settlement and the lender will require full comprehensive insurance with their company name noted as an interested party. This gives the lender the security that in the case your business fails to make monthly repayments the lender has the legal right to recover funds by selling the asset they have given you funds to purchase.
5. No deposit truck finance
No deposit truck finance is available through a small number of lenders in NZ.
As a business loan broker with strong relationships with multiple lenders, we can help you submit your application to the right lender.
Your credit score will need to be reasonable, with no outstanding defaults and preferably no judgements or court orders.
Some lenders will accept an asset you own outright such as a car, van or truck and use that as additional security rather than a cash deposit.
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.
5. Truck finance lender NZ
There are several specialist truck finance lenders in New Zealand who all offer slightly different terms and criteria to businesses in varying stages of growth.
Some truck finance lenders will only lend to businesses who have 12 months behind them while others will lend to new business.
Some can offer no deposit finance, some 10% and some a minimum of 20% deposit finance.
Compare Business Loans can help assess your business and get your application to the lender most likely to approve your application, and at the best rate.
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.