So why go to a finance broker and not directly to their bank when needing to finance new equipment or use the suppliers finance deal? The directors of Trent Hire & Sales have known Funding Round director, Julia Wilkinson, for some time. Julia had worked with them in a consultative way throughout a management buyout process in 2016 and helped them understand the challenges and opportunities they have with their business finance. She has the same focus on top customer service as they do, and recognising these common values, they trust the advice and service which Julia offers them. So, when it came to purchasing two new Isuzu D Max 4WD vehicles to replace older and less effective vehicles, there was no question who Trent would turn to – Julia!
The Directors needed to get on with running their own business, rather than spend time working out where best to go for finance. Funding Round’s asset finance specialist, Ray Purvis, reviewed the business position alongside the requirement for the purchase. He positioned the information to various challenger banks to attain the best deal for Trent Hire & Sales – quickly sourcing a deal which was more attractive than the supplier’s.
But deals don’t always go smoothly! Having agreed a competitive rate, there was a delay in vehicle delivery. Unfortunately, this fell at a time when the banks were changing their rates, meaning a more expensive outcome for Trent Hire & Sales. Ray of Funding Round says, “Whilst bank rates have been low and relatively stable over the past few years, the current climate is showing more volatility. I could have just explained this to Trent, resulting in a more expensive finance deal for them. But that’s not the way we do things in Funding Round – we are all about excellent customer service, and I was sure I could find them a better deal despite changing rates from the banks. So, I did!” Ray was able to identify a different challenger bank who was prepared to retain the lower interest rate despite the later delivery date. A Win Win – new business for the bank and a cheaper finance option for Trent Hire & Sales!