Rokbak Customer Finance and Risk Specialist Jennifer Devlin gives an inside view on how the equipment financing industry works and shares tips on how to get what you need for your operation.
“Equipment leasing and financing offer several advantages for businesses, such as the preservation of capital and opening up new trading opportunities which may otherwise be impossible, particularly in new territories,” Devlin explained. “Solutions from companies such as Volvo Financial Services — the financial services arm of the Volvo Group — can provide financial arrangements for businesses to lease equipment for a specified period in exchange for regular payments. These are popular options and valuable tools for businesses requiring one or more trucks, allowing companies to acquire the equipment they need — without large upfront purchasing expenses — while maintaining their cash flow.”
Over the last few years, asset financing has experienced significant market growth. In the U.S., helping commercial businesses, nonprofits, and government organizations acquire the equipment they need is now a $1 trillion industry, according to the Equipment Leasing and Finance Association.
“At Rokbak, we typically use a supplier credit structure supported by our export credit and private insurance partners to assist dealers or end-customers in securing credit lines,” Devlin said. “Fundamentally, we are helping find solutions that offer an alternative source of finance and provide greater options to our customers and dealers.”
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Many providers take a personal approach to financing. For instance, at Rokbak, “There isn’t a brochure or an off-the-shelf option,” Devlin said. “There’s always a conversation to be had.”
By exploring a range of financing options, you can procure the equipment you need to stay competitive and achieve your company’s growth objectives.
