Timelines
Applying for commercial vehicle finance involves several stages, each with its own timeline. Here is a typical rundown of the process and the approximate time you can expect each stage to take
1. Initial Consultation (1 day)
This is our first meeting, where we understand your business needs, financial situation, and borrowing requirements.
2. Proposal Development (1 day)
Based on our initial consultation, we develop and present a bespoke finance proposal tailored to your specific needs.
3. Application Preparation and Submission (2 days)
Once you've agreed on the chosen lender, we prepare and submit the application on your behalf. This stage includes gathering the necessary documentation and ensuring all lender requirements are met.
4. Lender's Assessment (1 week)
The lender will review the application, which may involve credit checks, financial analysis, and possibly additional queries. This is typically the most time-consuming stage.
5. Negotiation and Approval (1 day)
Upon receiving initial approval from the lender, we negotiate to secure the best possible terms and rates. Once the final terms are agreed, formal approval is given.
6. Documentation and Settlement (2 days)
After final approval, the finance agreement is drafted. We review and explain the documentation to you. Once you sign the agreement, the funds are released for the purchase of your vehicle.
7. Vehicle Acquisition (Varies)
The time taken to acquire the vehicle can vary widely depending on the vehicle's availability. It could be immediate if the vehicle is readily available, or it might take a few weeks if it needs to be ordered.
The entire process from initial consultation to funding can typically take anywhere from 3 to 4 weeks, but this can vary depending on the specifics of the application and the lender's timelines. At Red Fox Finance, we strive to expedite this process wherever possible, ensuring you can get your commercial vehicle finance arranged swiftly and efficiently.
Get A Quote
Acquiring commercial vehicle finance involves various stages, each with its own timeframe. Our guide offers insights into what you can expect from application to vehicle acquisition. If you're new to this finance type, acquaint yourself with the diverse finance types available. For a comprehensive understanding, consider our 12-step qualification checklist. To cap it off, identify the best funding option for your needs with Red Fox.
Find out the best funding options for your business, enter your number and our team will call you back.
