Heavy Equipment and Truck Finance Broker verses The Bank
| Heavy Equipment and Truck Finance Brokers | The Bank |
| Consultants that specialise in one area of finance – heavy equipment and truck finance | Bank Managers work on home loans, overdrafts, insurance but don’t specialise in heavy equipment and truck finance |
| Clients relationships are groomed for the long term and are given a dedicated Relationship Manager. This means the history of the client’s business is well known and can help them grow by financing additional equipment | Bank Managers generally last in their role for 12 months before moving on – bank customers are not able to develop long relationships with their Bank Manager |
| Promotional activities and competitions offered to customers | Banks give you nothing for free |
| Smaller client base which means better service delivery | Bank customers are just a number to the Bank and do not receive the service they deserve |
| Given high level of expertise in the transport and heavy industry, fast approvals and turnarounds can be provided | Too much red tape for Banks to offer fast turnaround times |
| Competitive Rates – Heavy Vehicle Finance base interest rates are 4.95% | Little negotiation is given by Banks on interest rates to customers based on their lending policy |
| Clients have access to many different types of products to suit their individual needs | A Bank Manager can only offer their own product |
| Heavy Equipment and Truck Finance Brokers work to get the best deal for the client | A Bank Manager might only offer a client a deal that will ensure they hit their set sales targets as opposed to providing impartial financial advice |
| Clients can call to ask questions after hours | The Bank will not take calls from clients after Bank operating hours |
| Customers will have the direct phone number of their Relationship Manager and can easily gain access to information | It is very difficult to get through to a Bank Manager as clients will generally need to call through to a national phone number |
| Both low doc and full doc truck finance offered | Banks need to see a financial statements for the last two years when offering Equipment Finance for either trucks or heavy equipment |
| New start ventures are considered with limited information required | Banks do not view new start ventures very highly and will request a client to jump through many hoops in order to even consider financing a new start business |
| Customers can get finance pre-approval online. | Customers have to go into a Bank branch to obtain pre-approval. |
*The information in this article expresses the opinion of the writer only and may not be representative of all Banks or their employees.
