Loans to buy a vehicle/Equipment could be personal as well as for commercial use. We can provide a loan for both these causes.
Vehicle/Car/Equipment Loan – Personal
This type of loan could be a secured or an unsecured loan. For example an old car/equipment valued at $5000.00 may not be a suitable security to the lender and hence the lender may feel comfortable with an unsecured loan to buy a car. However, in a similar situation where the car/equipment is brand new and being bought for $30,000.00 the lenders feel more confident about being able to recoup their money, in case of a default by the borrower, hence this would be a secured loan.
Vehicle/Car/Equipment Loans – Commercial
While the same rule as above applies, the most important criteria determining whether such a loan will be approved or declined, when considering a Vehicle for business use is the strength of the business that is to support the repayments of the vehicle. On a personal loan the individual’s assets liability position is determined, in a Vehicle loan (commercial), the business’s assets & liability and income & expense position is determined to check the feasibility of such a lend.
Vehicle Loans – Truck, Courier Vans & Ute’s
Truck loans are a specialized area where the determination of whether to lend or not depends on the serviceability of the loan through the income generated from the use of the truck/Van. Hence a cash flow projection is used, which is prepared from the supporting documents to arrive at an understanding of the situation and see whether such a lend is suitable or not. We know how the banks think and we can help you understand, how to get such loans approved.