Can You Get a Truck Loan after a Bank declined?
At Nova Asset Rentals, the short answer is YES!
There are factors why other lenders decline these kinds of loans.
Why Banks Decline a Truck Loan for Business Application?
We fund trucks every day for businesses that banks have declined. The difference is simple; we focus on the truck’s ability to generate income, not just historic financial performance. When the asset earns, solutions open up.
4 Reasons why traditional lenders decline truck loan for business
Traditional lenders often hesitate to approve funding where:
financials are thin, meaning low or no profitability
the ABN is new
past defaults exist
income has fluctuated, either declining or showing high growth.
Whereas a non-bank funder like Nova will assess based on the trucks ability to generate sufficient work, and subsequent income. This makes approvals outside of the traditional banking system much more common.
It’s a simple question: “Will this truck earn from day one?” rather than “Was last year perfect?” if the answer to the first question id “YES!” than the conversation becomes much clearer and the path to an approval easier.
Why truck loans for business are easier to get approved ?
Let’s take a quick look at why trucks are finance favourites
Trucks are easy to understand from a funding perspective for a few reasons, in general they:
● ready to put to work immediately upon acquisition
● produce measurable revenue
● hold resale value
● are always in demand
That combination makes them one of the most sought-after categories in asset funding.
Here’s how Nova can help you with your truck loans
You might be surprised how often we fund first trucks for new operators, additional vehicles for growing fleets, replacements after breakdowns or applicants rebuilding their businesses after adverse credit events
If the work exists and the asset is earning, we get much closer to a viable funding solution.
We understand the transport industry, its utilisation rates, downtime expectations, resale markets and industry pressures. We also know that in this industry speed really does matter. Contracts can’t wait weeks for credit committees and that opportunities can disappear fast.
Our approval process can often happen in days, rather than weeks. To facilitate a speedy response from a funder like Nova, there are a few steps you can take to ensure you get the fastest possible outcome:
Ensure your application is complete, with all the required supporting information provided at the start. This includes:
● details of the truck
● expected work or contracts
● basic business background
● clear contact information
Be clear and complete with the information presented, this will improve the chances of a speedy and positive outcome
So always keep in mind….
If a bank has said no, that doesn’t mean the deal is dead. Your business may simply need a lender who specialises in income-producing vehicles.
And that’s exactly what we do!
Talk with one of our Truck Loan Specialist Today!
Want to know more, get in touch with the Nova Asset Rentals team today
✅ Business Owners – Want to know if yours qualifies.
Call Jodie on 0474 967 320 or Kim on 0438 155 616, or enquire online:https://www.novaassetrentals.com.au/contact
✅ Finance Brokers – Got a client scenario you wish to discuss.
Call Willem on 0427 677 623 or Kim on 0438 155 616 and run the deal past us