Vendor Financing Programs
“We Arrange Specialty Truck Vendor Financing Programs For Canadian Specialty Truck Resellers”
Having a Specialty Truck Vendor Financing Program in place is going to be key for any vendor, dealer or truck reseller to maximize their potential sales over the course of a year.
Especially when you consider that many specialty trucks are well over $100,000 in cost, the need for customer financing through equipment loans and leases is even more pronounced as compared to smaller ticket equipment items.
And even if a vendor or dealer has a vendor financing program available to their customers, is it doing a good job helping you close sales? Its not uncommon for vendors to loose out on sales due to the customer not being able to get suitable financing arranged, and suitable financing within a short enough period of time. Without timely approval and funding of a customer, you run the risk of the deal being lost to a competitor that does have a more dynamic and market appropriate financing partner.
This is where we come in.
Our primary goal in setting up and managing a Specialty Truck Vendor Financing Program for you is to help you close sales and maximize your sales opportunities. This is accomplished through fast approvals, great service delivered to you and your customers, and the ability to handle a wide variety of requests including new trucks, used trucks, truck units that require assembly, great credit, weak credit, bad credit, new in business, owner operators, companies with larger truck fleets, and so on.
The reality is that every vocational truck financing request is somewhat unique so you need a financing professional that can quickly figure out the best financing options and get one in place before the customer is lost.
Specialty Truck Vendor Financing Models
As a specialty truck dealer or vendor, there are basically two different approaches you can take when setting up a vendor finance program for your customers.
One approach is to work with a single source of financing that administers vendor programs. This can work really well provided that you have a very homogenous customer base and their is very little customer application complexity to deal with. Most single source vendor programs come from “A” credit or near “A” credit lenders. They have a very specific credit box that applies to one and only one slice of the market. If your customer does not fall into their program requirements and gets declined, then tend to not have anything else for you. The best case scenario is that they try to farm it out to sub prime lenders that may be interested in the deal but that also doesn’t tend to get the same level of attention and importance as the deals the lender approves and is trying to close within their own lending programs.
The single source lenders are also usually larger in size and process large transaction request volume through order desks that have rotating staff. If a deal is straight forward, this can work quite well regardless of how many people may end up having to tough the file over a number of days or weeks. But if there is any level of complexity with the application, the best way to frustrate a customer and risk losing them is to have a different lender rep talk to them each time they call in with an issue with very little issue continuity from rep to rep.
The second approach is to work with a financing intermediary or broker who can fund deals for a wide range of customer truck financing and credit scenarios and who is able to provide the timely one on one contact with your customer that is going to be necessary to achieve that high sales close rate we talked about earlier.
If you are in need of a Specialty Truck Vendor Financing Program for your customers, or want to see if you can improve upon the one you already have in place, then I suggest that you give us a call at 905 690 9874 for a free assessment of your options.
As I mentioned earlier, helping you close customer sales through the timely placement of customer financing is our number one priority and we welcome the opportunity to do that for your business.
Click Here To Request A Free Specialty Truck Financing Program Assessment