Business is better than ever for Asset Finance Companies
Business has never been better for asset finance companies. There’s a combination of reasons behind this. For starters the economy is growing. Businesses need more equipment, machinery and vehicles if they are to capitalise on the opportunities being created by the buoyant demand. And the banks, as we all know, are still proving very unwilling to lend money to SMEs.
There’s also the fact that asset finance is a product most businesses are familiar with. It’s a well-established way of raising the money to expand a business, so you don’t have to do a great deal of education – people understand how it works and the benefits are pretty obvious.
Whilst asset finance companies can’t take the credit for these factors there are a couple of things most in the industry are definitely doing right.
Keep It Simple
Our finance service are very simple and straightforward. Asset finance is not intrinsically complicated, so it should be kept that way! The bottom line is clients just want to know what they’re paying for, how it works, and what it is costing them.
They find this approach very reassuring because everything is kept transparent and clear. Some finance providers, by contrast, like to wrap asset finance in mystique, and create more sophisticated products around various forms of leasing and personal contact purchase schemes. They would claim that they’re “adding value” and giving the customer a variety of different options – but others may feel that this is just a way of obscuring fees and costs.
Trust is priceless
Clients want to see exactly what they’re getting, and that creates trust. Trust is an increasingly rare commodity in today’s world, and therefore very valuable.
At the end of the day people buy people, and if we sit down with a decision maker who feels good about dealing with us, then that is worth more than getting the lowest interest rate available. I think people are smart enough to realise that things cost what they cost for a reason, and something that seems cheap initially can actually prove expensive in the long run.
[Insider Media]