How to Qualify for Truck Financing in Ireland in 2024

Truck Financing in Ireland

As an asset finance broker, we use a four-pillar approach to understand our customers borrowing requirement, structure the deal and present the proposal to the most appropriate finance company to give the best possible chance of finance approval.

Captive finance companies such as Scania Finance, Volvo Finance, Renault Finance & Mercedes Finance generally support customer funding for new vehicles through the dealer. They support their own brand and are focussed on providing the dealer with funding options to sell more vehicles.

At Vendor Finance, we work directly with customers and also through dealer introductions to fund the purchase of new and used commercial vehicles. Did you know that some finance companies can take up to a month to make an underwriting decision whilst others can make the same decision in a matter of hours. Not all customers have the patience to wait a month even if the price is right.

Very often, our customers have the vehicle bought and need to have finance papers signed and the vehicle paid for and on the road immediately. Tempus est pecunia = Time Is Money in Latin. Truck Finance can be a complicated business and here at Vendor Finance  we like to make this  as simple as possible for our customers.

Here are the key questions we aim to answer when structuring your truck finance deal:

Rationale

Do you have a new contract in place for the vehicle or is this truck financed as a replacement vehicle or is it an addition to the fleet? Why do you need to borrow the money?

Credit

Is your business generating the cashflow to repay the facility? Is your bank account operating without bounced cheques, unpaid debits or referral charges. Is there a tangible net worth in your business or balance sheet?

The Asset

Is it new or used and what is its potential resale value? Does the supplier operate through a franchise or independent dealership or is it a private sale? i.e. Business to Business? (Quite common for a haulier to buy a vehicle from another haulier) Is the dealer based outside of Ireland?

Track Record

Do you have a clean credit bureau record from the Irish Central Credit Registry? If you have any repayments recorded as missed in the past, what was the reason and is any problem resolved from the past?

Meeting these requirements doesn’t guarantee approval, as lenders have their own criteria and assessments. However, preparing thoroughly and understanding what’s expected can significantly improve your chances of securing truck finance with Vendor Finance.

Contact our expert commercial finance team today. www.vendorfinance.ie/commercial