Obtaining the right asset finance solution in the current economic climate has become more difficult in recent times, with many asset finance providers reviewing their operations or closing their doors. However, according to TIP Trailer Services, competitive asset finance is not only readily available but comes with added value when choosing the right provider.
As Karl Davies, Services and Marketing director at TIP Trailer Services says, "The asset finance market is now becoming more difficult with many of the well known providers no longer in the sector, making it more difficult for customers to find suitable funding solutions themselves. With TIP’s TEF package, we can provide a quick and acceptable solution, as TEF is a truly one-stop-shop covering the full life of the assets being acquired. TEF gives customers complete peace of mind with very competitive finance rates, industry leading maintenance support via FleetCare and agreements to manage the return of the asset at the end of the funding period."
Generally, there has been a significant recent increase in brokers in the UK CV finance market, as a result of many of the finance providers reducing headcount and people setting up on their own to try to earn a living. When using a standard finance provider/broker, an operator deals with them solely for the finance. They then have to deal with another party to specify and purchase the trailers, yet another party to organise the maintenance provision on the trailer across the contract and at the end of the deal, they must work with another party to agree return conditions.
Questioning the economics of such arrangements, Karl Davies comments, "TEF cuts through all these potential complexities and facilitates the whole deal. I believe that TIP’s TEF package is truly unique in that it can offer the right structured finance package as well as the peace of mind of an industry leading maintenance package to supplement the funding arrangement that standalone brokers just don’t have the infrastructure to do."
TIP has had a record start to 2010 with over 500 assets already funded through the TEF programme, many of which are with repeat customers. This further underlines that customers value the TIP approach to asset funding.
As John Crisp, TIP Equipment Funding Sales Director says, "Customers like what we are doing and this gives us great hope that 2010 will see a recovery for the wider market for asset acquisition.
With its TEF product, TIP has a strong diverse panel of asset finance providers, which they can call on to structure the right deal for the customer. With the long-term strength and stability of GE and TIP around it, TEF will also be around to see the end of the contract and acts as a facilitator with the finance provider to ensure a smooth transition at the end of the contract.
At the outset of any finance deal, TEF adds value to any trailer funding requirement by assisting with the specification and procurement of the required trailers. TIP believes that this area is vital and in many cases can be overlooked.
"The biggest factor on what you pay each week in a finance package is the capital cost you are financing. TEF can assist by leveraging its unique position as one of the largest buyers of trailers across Europe and its market leading relationships with manufacturers, by driving down the capital cost and making sure the specification is right for the customer. Savings can be made on day one and across the full life of the trailer. A standalone finance broker cannot offer this facility, which our customers find invaluable," comments John Crisp.
TIP Trailer Services has a dedicated team within TEF that specialises solely in structuring asset finance solutions for its customer requirements and as John Crisp concludes, "TIP is not just a trailer rental business any more, it now has market leading finance and maintenance packages that compliment our rental business perfectly."