R.H.A.-U.D.T. Form Finance Co.
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AFINANCE company to provide money for the purchase of trans-c port units is to be set up by the Road Haulage Association and United Dominions Trust, Ltd. Its title and its date of .incorporation have not been finally settled. The facilities will be generally available, and will not be limited to members and ex-members of the Association.
"Attractive rates of interest are to be charged on loans for the purchase of buildings and other assets, such as vehicles and plant," the R.H.A. said this week, but it would not divulge the amounts. Subject to the necessary Government consents, advances for assets other than buildings will normally be repayable over a period of three to five years. Loans specifically for buildings will be repayable over a longer period.
"The Road Haulage Association understands, from inquiries, that advances will also be available through other normal channels," an official announcement stated. An Association spokesman was unable to elaborate the statement, but it is assumed to mean that the Government will allow banks and other finance houses to lend money for the purchase of transport units.
United Dominions Trust, Ltd., will, "The Commercial Motor" understands, administer the new company, but the R.H.A. will be represented on the board of directors.