Cost of financing trucks ‘creeping up’
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THE COST of financing trucks through traditional banks is increasing, said Peter Collins, joint MD of MAN Financial Services (MFS).
“Recent weeks have seen rates creeping back up,” he said. “Equally concerning for operators is the continuing reluctance of the big banks to consider finance at all for a great many operators.” MFS funds around 60% of all new MAN truck sales and around 40% of used vehicle sales. “We are now seeing increasing numbers of operators taking up the five-year package as a means of hedging against the arrival of Euro-6 legislation,” said Collins. “They just don’t want to be changing vehicles in 2014 and looking for new finance. Right now, MAN’s enquiries for Euro-6 vehicles are virtually zero.” • MAN has struck a deal with TWT Logistics at the CV show, with chairman Trevor Taylor (above, left) ordering six TGMs from the manufacturer.