If you’ve read our page about Truck Financing, here’s something closely related to it— Business Vehicle Finance. For farmland and farming operations, trucks, though integral in the business cycle, isn’t the only type of vehicle you’ll need.
There are other automobiles that have specific features and uses that will help in allowing activities and transactions to run smoothly. Farming and its immense proceedings warrant such vehicles so that you, the owner, and your enterprise can reach heights in terms of growth and expansion.
There are several vehicles that have their functions in the agricultural cycle. ATVs and UTVs, tractors, harvesters, spreaders, seeders, harrows, wagons, we could go on and on but we won’t. You already are well-versed with these, along with the categories that fall under each one.
So then we go back to the point of this post, how can you get a hold of these vehicles without ruining your cash flow? And what to do in a scenario that demands more than one because business needs have suddenly increased?
The answer? Business vehicle financing.
What Is Business Vehicle Financing?
It’s an approach towards compensating for business vehicles in a manner that’s convenient for and beneficial to you, the business owner. Your farming enterprise can be further developed with the right tools, the right machines, and the right vehicles.
But all of these require allocating payments so for you to either lease them or purchase them at the onset. Yet reality dictates that startups and small businesses may not have the luxury to dispense cash whenever they need to.
There’s the boundary, or should we call it the hindrance of budget allocation. If the stability of your revenue is a priority as of now, then it will be difficult to shake this and finance hefty-priced business vehicles.
This is where business vehicle financing comes in. These loans are to be reimbursed towards business needs, and precisely business transports and carriages at that. Here are reasons to consider vehicular loans.
Benefits Of Business Vehicle Financing
1. Versatile Repayment Electables
The advantage of business vehicle loans is that they are less stringent, less grab-you-by-the-neck rigid when it comes to repayment options and interest rates. This is also the reason why it’s recommended that you go through business vehicle lenders instead of to a commercial bank.
With the first, you’ll be offered an array of repayment alternatives, each one, with terms and conditions that are meant to be well within the confines of the conditions that revolve around business.
Unlike other types of loans, the prerequisites you’ll encounter in a business vehicle loan works even if your farming business is still in the premature stages. At the same time, small enterprises will not be impeded by business size as well.
Plus, because the world of business, no matter the industry, has fluctuations in supply and demand, profit and sometimes expenditures, there are clauses in the said conditions that take these into consideration, too.
2. Short Notice Loans
The second benefit of agricultural vehicle financing is that as long as you have a good credit history, short-notice loans can be disbursed to you the soonest possible. If you come across an issue in your farm that warrants a replacement of vehicles or upgrading of sorts, you can promptly apply for a loan and cash it out right there and then.
3. Instant Approval
Very similar to number 2, these loans won’t mandate that you jump through fiery hoops in order to get approved. The process is simple and isn’t time-consuming at all. Most lenders, if not all of them, have application forms posted on their websites.
Though qualifications may slightly vary per lending company, you’ll find that the major stipulations are the same. Documents that reflect your credit history, business and income flow and the like will be required of you. Best be prepared with all of them at the onset.
With no more than 24 hours, for some 48, and for the majority, less than a day, you’ll already be contacted to inform you that your loan application has been processed and is accepted.
4. Upgrades And Innovations
When you go scouting for agricultural business vehicles on your own, you may end up looking at the less upgraded kinds if you aren’t too knowledgeable about which ones are new releases or have been enhanced from their original versions.
When you go through a business vehicle financier, they’ll lay the cards down and give you range upon range up-to-date vehicles in terms of their build. It’s not only that your budget requirement will be taken into account, but you can also inquire about models, vehicle type, and more.
Lenders’ connections with distributors and manufacturers allow them a full view of the best agricultural vehicles in the industry. Hence, whether you’re buying farming vehicles or discarding them in place of more technologically advanced models, seek counsel from your lending specialist.
DISCLAIMER: This information has been provided as General Material for your deliberation. Any data with regards to Government Policies have been taken from official Australian Government resources. No liability shall be accepted in the event of errors or misrepresentation of said facts, and the commentary and analysis of the same which can be found in the public domain. It is advised that you seek counsel from your financial advisors or accountants for specifics.