CLIENT SUCCESS STORY
Keeping Business Moving in Transport
Brett Chilcott and his wife approached their bank for a loan but, because they were still paying off their truck and trailers, the bank considered them overcommitted. Within hours of talking with Ziploans they were able to secure the $14,000 they needed to keep their business running smoothly.
After running a seasonal business for 13 years, Brett Chilcott is used to peaks and troughs in business. His company, Bullant Transport, moves grain, fertiliser, lime and wool for local farmers in the central wheat belt of Karlgarin, WA. However, after two costly vehicle breakdowns resulted in lost income and high repair costs, Brett and his wife urgently needed help to weather the quiet period until harvest time.
“When we’re going five days a week we turn over a good weekly income, but there’s four to five months of the year where we really don’t make any money. That’s our biggest challenge,” says Brett.
“Until a couple of years ago we always had a backup truck sitting in the yard but we couldn’t afford to keep it. We had to sell it and that really cost us when we had a breakdown. Last year the harvest also got frosted so we didn’t get anywhere near the grain we should have gotten either. It’s been really tough.”
Not only did the breakdowns cause the business to lose $70,000 worth of work, not including the costs of fixing the truck, but they also had to hire other truckers to do their work during an exasperating four-week wait for their vehicle to be repaired.
“The speed was great, the customer service was awesome. Nothing was a problem. It was very, very quick and very, very easy!
I could choose the day of the week that the repayments started coming out of my account—the choice was mine, and they were happy to work with me.”
Owner - Bullant Transport
The couple approached their bank for a loan but, because they were still paying off their truck and trailers, the bank considered them overcommitted. “Also, because we live in a little country town, they value the house we live in as being worth ridiculously little, even though it is a four-bedroom house on five acres, which is really frustrating,” Brett says.
“We talked to them about refinancing the house but they weren’t that interested. They said they’ll look at it but that was nearly three weeks ago and I haven’t heard anything yet.”
“The speed was great, the customer service was awesome. Nothing was a problem. It was very, very quick and very, very easy”
A faster solution
In the meantime, Brett found the process of applying for, and receiving, a $14,000 loan from Zip Loans, powered by Prospa to be, “Absolutely fantastic, quick and easy”.
“It’s a big weight off my shoulders. I was getting really stressed. Even though my kids are 20 and 22, we still support them a fair bit and we also have a grandchild who possibly has ADHD and autism, so we try to help them out as much as we can.”
Brett also appreciates the flexibility of the loan: “I could choose the day of the week that the repayments started coming out of my account—the choice was mine, and they were happy to work with me.”
The loan has enabled the couple to keep their heads about water through the quiet season and be ready to work again come harvest time.
“We can buy fuel now. It was getting to the point that we couldn’t and without diesel we can’t cart anything, so that was a huge relief. We’d already repaired the truck but it nearly broke us, so now we have some money leftover in the bank for bills and food.”
“After the truck broke we knew we had work coming but it left us really short of money for the quiet time. Having funds during those months without income has really helped us a lot.”
*Some stock images have been used at customer request.
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Deferred payment offer is available on new loans only. For business loans settled between Monday 14 May 2018 and Thursday 31 May 2018 inclusive, no loan repayments required from the loan settlement date to 1 July 2018 (inclusive); loan repayments begin on Monday 2 July 2018. For business loans settled between Friday 1 June 2018 and Saturday 30 June 2018 inclusive, no loan repayments required from the loan settlement date for a period of 4 weeks (inclusive); loan repayments begin the day after the four-week deferral ends. Total loan repayment term will be extended by the period of time equal to your loan payment deferral; offers only available to customers with connected electronic bank statements; offers not available to partner loans on a partner red-hot offer rate; not valid in conjunction with any other offer; offer may be withdrawn without notice; standard approval criteria and terms and conditions apply. **Subject to Prospa’s standard credit approval criteria. Terms and conditions apply.
1. As at 7 May 2018.
2. This is not tax advice. Check with your tax advisor before you buy an asset to ensure you and the asset are eligible. See the ATO website for more details.