What information do I need in order to apply?

By completing a simple application form and supplying us with your financial accounts/statements, and three months bank statements we will generally be able to provide an answer within 24 business hours.

Can I get a loan for a new truck?

We provide secured loans for new or used business assets, whether they are trucks, vans, tractors, trailers, excavators or other plant & machinery. We have extensive transport industry experience. Whether you are looking to purchase a truck or van we can offer tailored solutions to make the process easier.

What’s a credit score?

A credit score is a single number between 0 and 1,000 that many lenders use to decide if they lend to you, how much they lend to you, and what interest rate they offer you. Basically, it’s your ‘grade’ as a borrower. The better your previous borrowing behaviour, the better your score.
You aren’t born with a credit score. It’s slowly built over a long period of time. Every time you take out a loan, make repayments, miss a payment, switch providers, and so on, your credit score may change.

Do I need a deposit?

We can often finance 100% of the purchase price inclusive of GST, the need for a deposit depends on a range of factors including your circumstances, credit history, the security you can provide, the loan amount and capacity to pay.

How much can I borrow?

The amount will depend on your income level, your ability to be able to repay the loan and security offered. Dependent on these and the credit lending criteria of our lenders, we can arrange loans for most business needs.

How long can I borrow for?

Typically, a secured loan can be provided over anything from 12 to 60 months. In certain circumstances for brand new assets, we can look at terms up to 84 months. We normally structure the finance term to match the likely time you will keep the asset

Can I get a loan for any purpose?

We provide secured loans for new or used commercial vehicles, trucks, trailers, vans, plant and equipment and much more. All applications for finance are subject to usual credit and lending criteria, a lending decision will be provided after we have received your full application and it has been assessed.

What is the interest rate?

Business loan interest rates do vary dependent on factors including the amount borrowed, what business assets the funds will be used for, the industry the business operates in, how long the business has been running, whether the business has sufficient cash flow to support the loan, and the overall ‘health’ or creditworthiness of the business.
Once set, the interest rate is fixed for the term of your loan. Loan repayments are made up of principal and interest over the set term of your contract.

Why use a finance broker?

As a broker, we work with our bank of strong New Zealand based lender relationships to get you the best loan to suit your business wants and needs. For you, having one broker contact means you don’t have to explain yourself many times over, and with our access to many different NZ lenders, your chances of approval are higher.
We have access to very competitive loan rates, a growing list of satisfied clients, and a friendly personal service to provide the right finance package for your business needs, and to suit its financial revenue flow. Minimise your capital outlay, maximise your tax benefits, and still have immediate use of your new asset using a separate line of credit so you don’t have to use existing bank facilities.

How can you help my business?

We have extensive finance industry experience. Whether you are looking to purchase a truck, commercial trailer, van or other business asset, we can offer tailored solutions to make the process easy. With many clients in the transport, civil works, construction, logistics, traffic management and roading industries, we are geared up to help you reach your business goals. Feel free to look us up on Google, or see out client testimonials on our
website.

Can I get an approval before I know which asset I am buying?

Yes, we can work to get you a pre-approval in place, ready to go out and purchase as soon as the business dictates. This will allow you to draw down for some vehicles today, but also leave some capacity to draw down on more vehicles in a few months.
During the application, we ask you what the loan is for. If you need a pre-approval you can just tell us basic details about what you intend to purchase.

What is a guarantor?

A Guarantor is a person who supports the business in gaining finance. They will be required to sign the same contract and agree to make payments if the business does not meet their commitments.

How do I apply for finance now?

You click this link to arrange a no-obligation chat, or give us a call on 09 884 0999 if you have any questions.

Do I need a good credit history?

A clean credit history/report helps you to get a lower interest rate, but if you have had any bad debts against your name it helps if these are now paid or at the very least, under some payment arrangement. Bear in mind, if you have had credit issues in the past and they still show on your credit report, this will tend to attract a higher interest rate.

How much will the repayments be?

We have a handy Loan Calculator that will show you how much your repayments will be. Click here

Can I get a loan if I’m already paying one off?

Very often, yes, it depends on your income whether you can service another loan or not, it is best to talk directly with one our finance experts so we can get a better understanding of your situation and how we can help. You click this link to arrange a no-obligation chat or give us a call on 09 884 0999.

What information do I need to apply for a loan?

A fully completed application form, three months business bank statements, your latest financials and, once you are ready to sign up, we will require a copy of comprehensive insurance to the value of the purchase.

You can apply for finance now, just give us a call on 09 884 0999 or submit an enquiry here​

If your question is not answered above, please either call us on 09 884 0999, or email us at loans@bfltd.co.nz, and one of our friendly staff will be more than happy to assist you.