Heavy Equipment and Truck Finance Broker verses The Bank - Heavy Vehicle Finance Australia
Heavy Equipment and Truck Finance Broker verses The Bank
Heavy Equipment and Truck Finance BrokersThe Bank
Consultants that specialise in one area of finance – heavy equipment and truck financeBank Managers work on home loans, overdrafts, insurance but don’t specialise in heavy equipment and truck finance
Clients relationships are groomed for the long term and are given a dedicated Relationship Manager. This means the history of the client’s business is well known and can help them grow by financing additional equipmentBank Managers generally last in their role for 12 months before moving on – bank customers are not able to develop long relationships with their Bank Manager
Promotional activities and competitions offered to customersBanks give you nothing for free
Smaller client base which means better service deliveryBank customers are just a number to the Bank and do not receive the service they deserve
Given high level of expertise in the transport and heavy industry, fast approvals and turnarounds can be providedToo much red tape for Banks to offer fast turnaround times
Competitive Rates – Heavy Vehicle Finance base interest rates are 4.95%Little negotiation is given by Banks on interest rates to customers based on their lending policy
Clients have access to many different types of products to suit their individual needsA Bank Manager can only offer their own product
Heavy Equipment and Truck Finance Brokers work to get the best deal for the clientA Bank Manager might only offer a client a deal that will ensure they hit their set sales targets as opposed to providing impartial financial advice
Clients can call to ask questions after hoursThe Bank will not take calls from clients after Bank operating hours
Customers will have the direct phone number of their Relationship Manager and can easily gain access to informationIt is very difficult to get through to a Bank Manager as clients will generally need to call through to a national phone number
Both low doc and full doc truck finance offeredBanks need to see a financial statements for the last two years when offering Equipment Finance for either trucks or heavy equipment
New start ventures are considered with limited information requiredBanks do not view new start ventures very highly and will request a client to jump through many hoops in order to even consider financing a new start business
Customers can get finance pre-approval online.Customers have to go into a Bank branch to obtain pre-approval.

*The information in this article expresses the opinion of the writer only and may not be representative of all Banks or their employees.

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