Do you own a freight company? Whether you’re spearheading an enterprise large or small, your success ultimately depends on delivering the services you promise to your clients. As a freight company, your responsibility lies in getting goods and products from point A to point B in a safe, timely manner. Building a reputation for excellence in your industry depends on a few factors: devoted truck drivers, well-crafted systems, and top of the line equipment.
To be sure, a significant investment is needed to get a freight business of the ground, and continual upgrades and improvements will keep it going strong. In short, you need capital. Chances are you’re not a millionaire, so quality truck financing will factor into your business plan. You might be surprised, however, to learn that the right truck finance can have a greater impact on your future prospects than you ever reckoned. Here are 5 ways the right truck finance can make or break your success.
MAKE: A range of truck financing options to suit all purposes, budgets, and needs
Options are key for any business seeking finance solutions. When you work with an individual bank or other lender, your options are limited to what that institution offers. Want your freight company to succeed? Choose a finance provider with variety at their fingertips. This ensures you get the best deal for your particular financial situation, and gives you flexibility with things like repayment terms, interest rates, and more.
BREAK: Impersonal service that doesn’t match up with your business goals
A big problem for your freight company is when you work with lenders that don’t prioritise your business. Such impersonal service comes at a price; you miss out on the valuable benefits a true partnership affords, and you can end up feeling lost and alone in the world of financing. Without the confidence of a solid Australian financing company behind you, your actions and decisions are far more likely to be impulsive and result in errors or loss.
MAKE: Partnerships that care about your ultimate success
When you work with loans officers who care about you and the success of your freight company, the outcome is incredible: better financial products that align with your goals and secure financing that lets you purchase the trucks and equipment you need, when you need them.
To truly make your freight company, a real partnership between finance institution and your business must be built. For instance there are lenders and freight factoring companies that caters specifically to the trucking industry and would know your business the best.
Choose a team that prioritises and values that relationship, and knows you by name. This will make all the difference in the world.
BREAK: Banks and financial institutions that put themselves first
Without such a partnership, you’re virtually on your own. Many small business owners choose to source their loans and financing from banks or other lenders. While these can seem like straightforward options, the truth of the matter is, these institutions will always put their own needs before yours. Banks will push their own lending options on you, without concern for whether or not the financing truly meets your needs. In a situation where you need additional flexibility or support, a bank isn’t going to be there for you. The right truck finance provider will be.
MAKE: Fast approvals that get you on the road faster
Think you have to jump through hoops just to secure a loan? It shouldn’t be this way and it doesn’t have to be. The right truck finance can be obtained more easily, with options for low-doc financing (so you don’t have to produce countless documents) and faster pre-approvals for a range of credit situations.
As you move forward in starting or maintaining your freight company, keep these considerations in mind as you search for truck finance. Top financial service providers do exist, you will bring you the right truck finance that fits just right. And that will surely ‘make’ your success!