Where do you go for truck finance?
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An increasing number of operators are looking to manufacturers to finance trucks
Words: Kevin Swallow AVAILABILITY of finance, high rates of return and providing secure guarantees top the list of operators’ concerns when it comes to acquiring trucks.
MAN TopUsed sales director Rael Winetroube says the cost of finance is a major factor, with some lenders charging extremely high rates to higher-risk businesses. “The length of [the repayment] term is a concern for operators,” he says.
Operators worry about entering longterm finance agreements without their customers committing to long-term contracts. He adds: “Many operators are further stretched by banks increasing the cost of overdraft facilities, while reducing limits at the same time.” Operators tend to enquire about the availability of MAN’s finance. “We finance 50% of the trucks that we retail through our in-house finance arm MAN Financial Services. Hire purchase or finance lease remain popular, but more customers are opting for operating lease on newer trucks because of lower monthly rentals.” ■