A lot of businesses have been negatively affected by the coronavirus pandemic in Australia. The transport and trucking sector might not have the worst of it but in other areas, the negative impact is soaring.
As a result, a lot of truck loan customers are looking for truck loan repayment relief.
Banks and financial lenders have their own guidelines and policies in place with regard to repayment to individual truck loan customers. There isn’t generic information about approvals but here is some information to help out truck loan customers with the help they need.
Truck Loan Repayments: Sourcing Relief
Are you suffering from a significant decline in your business or financial hardship because of COVID-19? Do you have trouble paying your truck loan successfully?
Truck loan professionals Credit Capital says, “This is a difficult time for small businesses worldwide.” They advise, “the first thing to do is visit your lender’s website. Most financial lenders and banks have dedicated websites to address COVID-19 support.”
In some of these pages, you will find information about truck loans or finance. However, some of the information will be listed under general business loans or business equipment finance. The best type of support for business form is deferment of loan repayments. Look for the contacts of the lender and call them to find out more information.
Auto Specialists at Great Rides say, “beware that most phone lines are busy. As such, a lot of lenders are advising people to contact them through email and be patient. When sending an email to your lender, you should include your phone number, email address and customer account number/details.”
Automakers are constructing programs to help borrowers defer loan payments if they have been financially impacted by the recent COVID-19 pandemic. There are a number of automakers that were able to construct policy responses regarding loans during this pandemic which you can easily access through their own websites.
For example, Finance advisors at Hyundai Motor say, “Hyundai Motor Finance are helping out their customers who were affected by the Coronavirus through its Global Health Crisis Relief program. The customers will be able to defer up to three months of their Auto Loan payments if they experienced job loss and medical implications due to COVID-19 between the dates March 14 – May 17, 2020.”
You should mention that you need COVID-19 relief and how long you want the loan repayments to be deferred. Don’t forget to state the size of your business in terms of turnover and the decrease you are expecting because of the pandemic. With this information, the lender will assess the request and give the best response.
Basic Support Information
Different government departments are coming up with support measures and policies for banks, financial lenders and other authorities. Numerous financing companies have different ranges of lenders and banks and each has their own approach to offering COVID-19 support.
As mentioned, there isn’t a broad approach or policy for offering relief for truck loan repayments. However, many lenders are offering 6 month deferment of repayments on business loans. Remember, a deferment is not a waiver of your loan. The financial obligation is still active but you can pay at a later date.
With this deferment plan, you can save the little money you have and pay it back when businesses pick up. Basically, you will be extending the term of your loan to a later date. However, interest will still be charged on your loan. Note that, repayments will still remain the same fixed amount you had agreed to when applying for the loan.
The deferment shouldn’t affect the total repayment amount. However, you need to discuss the specific issue with your lender. A waiver, on the other hand, means that the amount is forgotten, forgiven or deleted. However, it is not applicable for truck loans but might be offered for some charges on the loan itself.
