They are all the same, aren’t they? Absolutely, positively… not! We are of course talking about the equipment finance company industry in Canada and how your selection of the right partner can determine which advantages and disadvantages you can enjoy… or suffer with. We prefer positive advantages that your business can benefit with, not Canadian business financing decisions that you will suffer via the wrong choice of a lease partner for your specific needs.
Ok, so what in the heck are we talking about? Essentially there are four types of asset finance partners in the equipment leasing industry in Canada. And you thought that a lease finance company was a lease finance company!
The first type of partner is the ‘captive’ – no you are not the captive! The term refers simply to finance companies that are owned and literally situated within various manufacturing firms. When clients ask us about lease finance options and they mention specific equipment we are always reminding them to ensure they determine if the manufacturer captive finance firm offers asset financing. If they do we can assure you it is probably the best financial terms you will be able to come up with, as well as a better chance for overall approval re rate, structure and other general terms. Why is that?
It’s to do with motivation – the captive finance firm is motivated to finance and promote the sale of products using financial options such as leasing to get the products out to the marketplace. Want to know a secret that should surprise most business owners and financial managers? It’s simply that captive finance firms in a competing industry will finance their competitor’s products, often at better rates, terms and structures. That is simply because the financial transaction will probably give the competing mfr a foothold into your business to promote and sell their own products. So don’t think that a great firm such as IBM CREDIT CORP. is the only firm that will finance your products you purchase through them. Others will also!
The second main group of asset finance firms in Canada is our chartered banks – Two major banks have leasing arms that are very significant, others employ lease finance to varying degrees. Our real only comment here is that the credit bar is high and more often than not you have to be a customer of the bank to enjoy the great lease and finance structures they offer.
The third main category of the Canadian equipment leasing company market is actually the largest and most robust. It also requires the maximum amount of knowledge and navigation by Canadian business owners and financial managers. This is the Independent lease finance market, where there are tens of firms that offer lease financing based on various criteria of asset size, credit quality, geographical preference, industry specialization, etc, etc, etc.
You have a great choice with our category 3 partners, the independent finance companies. You can spend tens or hundreds of hours determining their credit criteria, additional collateral they require, the size of deals they do, the different lease structures they offer, or… alternatively.. use our final category for lease provider, the independent lease finance advisor who are knowledgeable intermediaries who know the market, have a strong reputation with lease providers, and can match the advantages you seek in an equipment finance transaction to the right provider. Subtle nuances in your overall lease structure, depending on the size of your transaction, can save you thousands of dollars and untold grief at the end of the term of your lease.
So that’s your Canadian lease market overview. Speak to a trusted, credible and experienced Canadian business financing advisor who can successful guide you through the asset finance maze.
Your company is ready to invest in a few used semi trucks for sale and you’re probably wondering whether dealer financing is the best choice. While working with a more traditional lender such as a bank or credit union has traditionally been the most popular way to finance used Peterbilts for sale, it isn’t always your best option. In fact, whether you’re looking a few much-needed dump truck parts for sale or you plan on investing in an entire fleet of flatbeds, working with a reputable pre-owned truck dealer can net you substantial savings.
1. Financing Can Be Part Of The Package
A full-service dealership that advertises used semi trucks will want to handle everything from the loan application to the service and maintenance on your trucks after the purchase is complete. Reputable dealers specializing in used Peterbilts for sale or truck parts will be happy to put together a finance package that may include anything from regular service checks to a trade-in value for your current vehicles. By bundling services, these dealers can effectively lower the cost of any pre-owned vehicles on their lot and pass those savings on to you. In many situations, you can even have an extended warranty or service agreement added to your financing package for little or no additional charge, saving you hundreds of dollars.
2. Understanding The Value Of Used Semi Trucks For Sale
Banking institutions aren’t generally familiar with the ins and outs of the trucking industry. If you’re looking at inventory from a dealer specializing in late model transport and construction vehicles, you’ll be getting input and guidance from customer service people who are truly knowledgeable about what they sell and truly motivated to put you in the driver’s seat. They’ll work hard to get you the appropriate financing every time you make a purchase. They’ll also be familiar with the equipment you’re considering and understand the real value of pre-owned semis. It can be frustrating to work with a lender that doesn’t understand why used Peterbilts for sale or dump truck parts for sale cost as much as they do; don’t let yourself get shut down when you try to buy pre-owned semi trucks just because a banker or loan officer doesn’t understand the value of what you’re buying.
3. A Variety Of Loan Options
The transport industry can be very fickle. Seasonal routes and slow months can take a heavy toll on your operating budget. If you apply for a loan through the dealer, you’ll be able to take advantage of a variety of loan options that cater to the fluctuating demands of the industry. Most banks aren’t going to offer you the chance to skip payments or make seasonal adjustments for improved cash flow during lean months, but dealers will generally offer you these kinds of incentives in order to get your business. You’ll also be able to apply for TRAC leases that give you the option to buy late model trucks for a pre-determined price at the end of your lease.
Low down payments and competitive pricing from more than one lender are also good reasons to talk to your dealer when you’re ready to buy. With so many options available, it’s easy to understand why more companies are opting for in-house financing when they see used semi trucks for sale.
House of Trucks has a variety of used Peterbilts for sale as well as a full inventory of dump truck parts for sale. Companies looking for used semi trucks for sale in Illinois turn to House of Trucks. Visit their website to see reliable used trucks of all sizes.
You always hear about that greasy slime ball car sales man, so before you decide to buy your next vehicle, there is a few things you should know before you decide to buy used cars for sale. One thing people forget about when these car dealerships offer in-house financing is that it’s not like a bank with regulations, so there is no one over seeing how much the dealership is charging you for the car.
Also usually when you decide to finance through a used dealership, you will probably end up paying thousands of dollars more than you would with a trusted brand name dealership. Another factor to realize is that you will pay more on their finance charges, because this is the way they make their money. People should realize that you don’t have to use their in-house financing to buy there used cars, there are well-respected financing companies you can search for on the net, that are more than willing to finance you. These companies also help people with a bad credit scores.
You can actually go online to these companies fill out an application and get approved. Even if you in past had a bad credit score because of bankruptcy or your late on paying your taxes, these companies will try to get you approved. What might happen is, if you have bad credit you might have to put more money down and they will try to work out a monthly payment plan that they know you can afford to pay.
So before you decide to go to a used car dealers car lot, make sure you know you have all kinds of different options for financing your next vehicle. When buying used cars for sale be vigilant and get all the facts.
If your car insurance is due for renewal and you are considering buying another policy then this article will provide you with important facts that you should know about. Car insurance policies are getting increasingly expensive and you should do all that you can to reduce your costs. How much you have to pay for your car insurance is dictated by a variety of factors as they apply to you and your vehicle.
In this article we will examine coverage limits, your age, gender and marital status, your location and insuring other household members. All of these factors will have a great influence on how much you will have to pay for your policy.
Coverage limits are generally dictated by the price that you are willing to pay for your insurance. A higher level of coverage will generally result in higher premiums. The best way to find a good value policy is to comparison shop. Nowadays it is generally accepted that the best way to do this is by using a car insurance comparison website.
Your age, gender and marital status will have a great effect on the auto insurance rates that you are offered. Insurers rate drivers using a variety of criteria, if you are a young single male driver you will usually have to pay higher rates. If you are a middle-aged female married driver then your rates will be lower. Insurers calculate the best car insurance rates for you by comparing levels of risk. Those groups which are statistically more likely to be involved in an accident have to pay correspondingly higher rates.
Location plays an important part in deciding how much your premiums will cost. Drivers who live in an urban environment will usually pay more than those from a rural area. This is because drivers who live in cities and heavily populated areas are more likely to be involved in an accident, or to have their car stolen or vandalized. Insurers generally offer better rates if you’re able to demonstrate that you keep your vehicle in a garage at night. You may also be able to improve the security arrangements of your automobile by fitting an alarm, immobilizer and steering wheel lock.
Insuring other household members will have an influence on the cost of your policy and the best car insurance rates that you offered. If you have teenage family members living with you and they are added to your policy, then your costs will increase. This may still work out cheaper than if your teenage driver were to have a separate policy in their own name.
In conclusion, there are a variety of different factors which can affect your ability to be offered the best insurance rates. Some of these are coverage limits, how old you are, whether you are male or female and whether you are married or single. Your rates will also be affected by the area where you live and whether other household members are included in your policy.