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Navman Wireless refutes credit crunch claims on leasing finance for fleet tracking

Recent claims that it is impossible for small businesses to get leasing finance for fleet tracking equipment are untrue, says Navman Wireless.

Tony Neill, Executive Vice President, Navman Wireless commented:

"Much has been made recently of the negative impact of the credit crunch on the availability of finance to lease vehicle tracking solutions.

"Fleet managers are being told that they cannot get lease finance because of the lenders’ new attitude to risk surrounding smaller businesses. As a result, they are often being urged down more expensive routes, but this is pulling the wool over customers’ eyes.

"The lenders’ decision will often be due far more to the lack of confidence that the bank has with the tracking supplier, than to the customer’s credit score.

"We are not denying that all financial institutions are tightening their belts and scrutinising risk much more closely, but our records show over 90 per cent of our customers are still being accepted by the leasing companies.

"Other tracking suppliers may well have a totally different credit history and relationship with banks. Fleet managers however should not assume that if they are turned down for leasing finance, that this will be the case across the board or that they have to go for the more expensive rental option.

"We want to get the message out that prospective customers with good financial standing can still get the lease finance they need to invest in this valuable technology."

This view has been echoed by Shire Leasing, the UK’s largest independent funding house.

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