Weakness's;

- No Financials due to recently started company

- Unpaid Default more than $20,000 (Under dispute)

- Company only 6 months old at time of application
Strength's;

- Property Backing

- Reputable work source

- Good Explanation about default

Funding Solution;

- 100% Funded (No Deposit)

- Chattel Mortgage

- 5 Year Term with No Balloon Payment

- Low Doc. We used 3 months bank statements as proof of income.

The Non-bank funders that we use, consider the Strength's and Weakness's of each deal and if the clients plans make sense overall , they will approve the deal.

Engaging The Finance Group Parramatta as your preferred Truck Finance Broker, we will present your situation and clearly explain any mitigating circumstances to justify negative aspects about your financial situation and emphasize the positive points about your situation and how you plan to ensure you new business or business growth will be a success.

We have over 20 Lenders on our lending Panel and many of the non-bank lender's give people a second chance.

Detailed Background on the deal;

Our Client was looking at borrowing approx $110,000 to purchase another truck for their fleet.

With 2 trucks already working under Toll and having been offered additional work with another large reputable company, since the first 2 Trucks were very profitable, our client was keen to put on more trucks and grow their business.

They found the perfect truck at a well known Melbourne dealership which was both within their budget, and met the requirements of the contract.
However they were unable to get approved through the Dealership finance (Mercedes Finance) because they were not able to obtain a work source letter~ and one of the Guarantors of the loan who was also a share holder actually had an unpaid default of over $20,000. He was disputing the issue with the credit provider, however it was still showing up as "Outstanding" on the credit file.
Furthermore the business was only open for 6 months at the time, which is difficult for most lenders to approve.

On the positive side, the business did have healthy income flows and $20,000 working capital was available in the company account to help them with their Fuel and wages costs for the additional truck.

One Director was a property owner, and both directors of the company had clear credit history, however one of the shareholders had the bad credit.
Victor at The Finance Group was able to lodge an application with a Lender who was happy to accept the short tenure of the business and lack of work source letter. The lender also treats each application on it's own merits and understood the circumstances around the unpaid financial default over $20,000 that was under dispute.

As a result the loan was Settled efficiently and the client was able to pick up his truck before the work contract was given to a competitor.

No matter if you have a good or bad history, we are here to provide assistance as your reliable Truck Finance Broker, please call one of our Team on 1800885626 or 180088LOAN 7 Days per week and we will aim to take your call 24 hours per day. Australia wide.

Alternatively, you can complete the form below and tell us a bit about your goals and requirements.

~ Some very large transport companies won't provide contracts or work letters until the Driver has the truck available for work. Having a wide selection of lenders enables us to use the right lender, based on each clients circumstances and who they are getting work from.