Transport Finance
The transport industry is one of the most vital and complex in Australia. The industry facilitates the movement of goods and people between different cities in Australia and is the heartbeat of many businesses. The transport industry has continued to grow over the years, but with the hefty investment required to increase the fleet, many businesses have been slow to catch up with the growth rate. At Key Factors, we provide financing solutions that target the transport industry, ensuring you get the cash flow support you need to maintain and improve your fleet to keep up with the times. Our financing solutions are ideal for starting transport businesses, those just establishing themselves as successful businesses, and even those looking to reinvent or evolve themselves to newer and better heights.Instant QuoteNo Hidden Fees
Average monthly accounts receivable
Funds in 4 hours
Up to 80% of invoice value
Fees for the first 14 days
1.4% for the first 14 days & 0.1% per day thereafter for up to 90 days
Benefits of Transport Finance
Additional cash flow for business growth
Bridge the gap of slow payments
Working capital for start up companies
Meet operating expenses
Get on top of ATO obligations
Pay wages on time
Finance In Depth With Key Factors
Here at Key Factors, we understand that having a steady cash flow is fundamental for business owners. However, there are some things you can’t control, like late payments. If your clients are taking up to 90 days or more to pay their invoices with you, this can lead to poor cash flow finance. Our team is here to help you, by being your flexible financial partner, working with you to tap into your accounts receivable, and turning those invoices into liquid cash. We can help bridge the gap of late payments, improving your cash flow. Once you have that important additional cash flow, you can then use it to facilitate growth within your business, stay on top of any ATO obligations, take care of your operating expenses, and pay your business wages on time, every time.
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What is Transport Finance?
Cash flow in the transport and haulage industry in Australia is crucial. Rising fuel prices and high operational costs mean the business consistently has to maintain positive cash flow or quick access to funds to remain fully operational and deliver on time.Transport financing is one of the options that transport businesses can turn to when looking for quick financing to keep their trucks and loads moving.
Transport finance is a way for the business to release working capital held up in invoices for an extended period and use it to run the business. Transport finance can also be likened to equipment finance because the funds obtained can be used to buy new trucks or revive old ones by buying new parts.
At Key Factors, we have various transport finance solutions that can help transport businesses of all sizes and help them capitalise on the growing market.
Types of Transport Finance
Transport businesses have various financing options they can look into depending on the nature of their financial needs. Common options include:
Business Overdraft
Business overdrafts are a quick and easy solution to source for small, short-term loans. Transport businesses can run a negative balance on their standard business transaction account and get charged interest for the amount they use. Business overdrafts are pre-approved, so you can access the money you need.
This option only covers small financing loopholes, and the amount available to you will vary depending on the lender, how long you have been with them and the amount that goes through your account. Although the pre-approval might be small, it can be used for emergency repairs or fuelling.
When opting for business overdrafts, it’s important to note that regular fees may be attached to the account even when you’re not using the facility and have a positive balance.
Overdrafts are an ideal solution for maintaining cash flow, but they are only available to businesses with an excellent financial record with the bank.
Online Unsecured Business Loan
Alternative lending has been a relief for many transport businesses that don’t meet the stringent requirements of traditional banks and are without the necessary assets. Online unsecured business loans are a great transport finance option.
They are easier and faster to obtain and don’t require you to complete vast paperwork. The lender only checks your recent bank transactions and creditworthiness and determines the amount you qualify for. The approval process can take about 24 hours or longer, depending on the lender. Once approved, the funds are credited to your account immediately.
This transport financing option is ideal for young businesses that haven’t yet secured any assets they can use as collateral. But usually come with very high interest rates.
Invoice Financing
Invoice financing is where we excel. This unique alternative financing option allows your transport business to unlock funds tied up in unpaid invoices and use them to grow the business or cover cashflow loopholes.
Unlike other transport finance options, with invoice financing, your business doesn’t take on any debt. It provides a fast and easy solution to your cashflow challenges by getting an advance of up to 80% on your due invoices and the balance when your clients clear the invoice[s] with us. Less our fee.
How Does Transport Finance Work?
Transport financing through Key Factors is straightforward. We keep the process short so you can focus on running and growing your business. You can access transport financing on Key Factors by following these three steps:
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Application
Complete our online application form. We will ask for a few details about your business and some scanned documents of financial records that will help with the pre-approval process. This also helps us to understand the needs and nature of your business.
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Approval
A team member will review the application and any documents submitted and verify them. We will provide you with a response within 48 hours after the initial submission.
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Settlement
After getting approved, the facility is documented and set up. You can then send us copies of the invoices you want to finance. We can then have the cash advanced of up to 80% of the value of the invoice deposited in your account in as little as 4 hours. The fast payout of our invoice financing makes this an excellent transport finance method for emergencies and to stay cash flow positive.
Why We Are the Leading Transport Finance Company in Australia
Choosing the right transport finance partner is crucial to the survival and growth of your business. At Key Factors, we understand funding is essential for every business., We also know that you need to focus on running and growing the business, so we provide practical, quick and easy funding solutions that don’t require follow-ups and won’t distract you from running your business.
We are also the leading transport finance company in Australia due to:
- Simplified Processes: You only need to follow a few quick steps to get the funds you need at Key Factors. There are no follow-ups, and everything is online, saving you travelling time. You should be able to complete the application process in a few minutes and get a response within 24-48 hours.
- Flexible Financing: We provide flexible financing. Companies can choose when they want to factor their invoices and how many invoices they want to factor. You don’t always have to finance the invoices. This gives you control of your business and your finances.
- No Asset Collateral Required: No property security is needed. You only leverage your unpaid invoices. New transport businesses without any assets can also benefit from our financing services.
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