In times past, people would visit their local Bank Manager in order to apply for Equipment Finance relating to the purchase of Trucks or Heavy Equipment. This would mean that the applicant would need to take time out of their busy schedule to meet with a Bank Manager in order to discuss their funding proposal.
However, now that technological advancements are improving mobile and computer download speeds, customers have easier access to online services when looking to finance a Truck or other types of Heavy Equipment.
Below are a few factors that could motivate a customer to facilitate Financial Services online;
Clients can now apply for a Truck Loan Online using their pc or mobile phone by completing a quick and easy online pre-approval form. This means they save time by not having to go into the local Bank to discuss their proposal with the Bank Manager and then make more time to go back in to sign finance documents. The whole process of making an appointment with the Bank (at a time that suits client and Bank Manager) having the deal approved and then having the client go back in to sign finance documents, can take a couple of weeks. Not only is this turnaround time slower than online finance, but the client has incurred lost earnings through not working in their business.
The Online Truck Finance process means client can apply for a loan from their Truck whilst at a Truck Stop. This means they are able to continue working without taking time out see the local Bank Manager. Truck drivers and Heavy Equipment operators spend a lot of time out on the road or on a job site which means their time is precious – time is money to people in these industries.
A client may not have access to a local Bank due to the location in which they reside. For instance, a farmer on a large property in a rural location may be 500 km’s away from their local Bank. In this instance the Bank application process is even more time consuming for the customer and would take up more of the client’s time than usual.
If a farmer was to apply for Tractor Finance Online, they would not need to leave their property and could therefore spend more time managing the day to day operations of the property. All communications with the Finance Company in a big city can now be done over the phone and via emails.
Applying for Truck Finance Online provides consumers a convenient way to facilitate the purchase of their next Truck or item of Heavy Equipment. The application process can be completed online from the convenience of the job site, home or office – allowing them to free up more time to deal with the stresses involved in running a successful business. The process of applying for Online Truck Finance means that a customer does not need to take time out of their busy schedule to go to the bank. Online Truck Finance means that the whole process is as simple as applying online, a short conversation over the phone and then finance documents sent via email. It is this convenience that operators in the Heavy Equipment Industries are finding so appealing.
Technological advancements are one of the biggest drivers towards changing the way consumers access financial services for Truck and Heavy Equipment. Firstly, mobile phone coverage in Australia is improving with faster download speeds and greater mobile coverage now becoming apparent. New smart phones have allowed consumers the ability to quickly find and navigate multiple websites, that specialise in Heavy Vehicle Finance.
Moreover, the rollout of the National Broadband Network around the country means that customers now have better access to online services compared to what has been available in times past. For instance, if someone was accessing the internet via a telephone cable with limited download speeds, their ability to efficiently navigate the internet had been diminished. Now that fibre optic cabling is being installed in many areas throughout the country, access to online services are now more readily available. Importantly, the NBN will give those in rural communities access to online financial services like never before.
Shifting Social Mindset
Traditionally, customers have purchased goods and services from Bricks and Mortar Businesses. However, recent trends have seen a larger move to online services by Australian Consumers. With respect to financial services, the norm has been for consumers to go to their local Bank Manager when looking to finance a Truck or Heavy Equipment. But now, data is showing that people are becoming more and more comfortable sourcing financial services online.
By accessing financial services online, customers have access to financiers that do not have a physical branch. With respect to Truck Finance and Heavy Equipment Finance, there are lenders in Australia that some customers have never heard of as they can only be accessed online or via specialist Heavy Equipment Finance Brokers.
Customers clearly have access to Banks that have local branches such as, National Australia Bank, Commonwealth Bank, Westpac, ANZ, Suncorp, Rabo Bank and Bank of Queensland. However, there are other non-bank lenders without local branches such as Capital Finance, Leasewise Australia, Commercial Equity Group, Selfco Leasing, Macquarie Leasing, Service Finance and Austfin Group.
A customer may not be able to source a finance approval through one of the big four Banks, but there are specialist Heavy Equipment Lenders that would be able to offer a suitable loan package. Therefore, accessing online services for Equipment Finance opens a whole new avenue for consumers that previously weren’t available to them.
Having access to online financial services means an applicant can undertake more research on competing finance companies or different finance products – compared to just dealing with their local Bank. An applicant can use the internet to better educate themselves about Equipment Finance products and Equipment Finance Companies allowing them to make the most informed decision possible.
Clients can read online reviews relating to the Equipment Finance Company they are thinking about dealing with to see what dealings other people have had with this company. Moreover, customers can access numerous Equipment Finance related news articles or various Equipment Finance web sites so as to compare various products and services.
Heavy Vehicle Finance is one of those non-bank Equipment Firms specialising in Truck and Heavy Equipment Finance. We have a strong online presence and have a simple online pre-approval form that our customers can complete for instant online finance approval.
Given our strong online presence, we deal with customers literally all over the country across all Heavy Equipment Industries.