Mirroring real life, trying to find partners in business that you would like to work with long-term is especially hard. As with dating, everyone is on their best behaviour early on, trying to show their best side, but as the relationship continues the true self emerges, and this leads to the question – is this the right one for me?
This question can be the same when it comes to considering potential finance providers. It certainly pays to do your checks, unlike modern dating, where you are trusting the process and the person! This means that it is important to do more than just trusting your instincts.
Choosing the right truck finance package is a critical factor in purchasing a truck that will become an essential part of your overall business success. Here are some methodologies to check if a loan\finance provider may be right for you:
Do your providers understand the nuances of the trucking industry, and can work closely with you\understand that business circumstances can change quickly and that you may need some help? Flexibility is a critical matter.
Not One Package Fits All
Your needs can vary greatly; perhaps you are replacing an old truck, adding to your fleet or finally taking the leap of faith to become an owner driver, it is important that the finance offering can be modified to suit your exact needs.
Ability To Shop Around
The advantage of dealing with the right partner, is that they understand there is a process involved in relationship building. Therefore, they will know that their relationship is work more than getting maximum profit out of you every time a financial package is chosen. They need to provide you with the right rates, which may include them working with third party lenders in their wider network to provide you with a better deal.
The right partner will certainly understand the need to move fast. Just like in real life, where you see a bargain on clearance at the local hardware shop and ‘you just need to buy it’ (and you put it on your credit card), you need your finance partner to work just as quick. If you see that dream truck you want, labouring through several days of discussions and back-and-forth with a provider really decreases the likelihood that you will be the one driving out of the yard with that truck you want.
Low Document Financing
Having that great quality relationship with the right lender means that they know that you don’t have heaps of documentation at your fingertips. Your lender should have low doc finance that will be simpler for you to organise if you are an owner operator.
Finding the right finance provider is much more than listening to that friendly face on the phone, and it is important to dig deep, beyond the surface, to learn about how you can work best together. Just as in real life, you may come across a few people you don’t think are right for you, but if you keep searching you’ll find exactly what you need.