{"id":8481,"date":"2020-11-22T18:15:33","date_gmt":"2020-11-22T17:15:33","guid":{"rendered":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/?p=8481"},"modified":"2020-11-22T18:16:04","modified_gmt":"2020-11-22T17:16:04","slug":"financial-lender","status":"publish","type":"post","link":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/2020\/11\/22\/financial-lender\/","title":{"rendered":"How to choose the right financial lender"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">When financing fleet assets, there are several questions a fleet manager must consider when determining the right lending partner.<\/span><\/p>\n<div id=\"content-body-21148261\" class=\"page-contents__content-body\">\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Given the complexity and challenges in today\u2019s trucking environment, it is more important than ever to establish strategic partnerships with your suppliers. Fleets have done that in many areas of their business but may not have thought it was necessary to do so when it comes to equipment financing.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">However, technological changes on today\u2019s equipment, the rapidly changing landscape of emerging technologies \u2013 like battery electric and fuel cell powered vehicles, ongoing regulatory issues, and the volatility of the used truck market \u2013 all point to the need for finding the right lending partner.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Here are some questions you need to ask yourself in order to determine if your lender is a strategic partner for the financing of your fleet\u2019s assets:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #0000ff;\">How do you currently determine which financing partners to use to finance your new equipment purchases?<\/span><\/li>\n<li><span style=\"color: #0000ff;\">Do you default to your current bank group?<\/span><\/li>\n<li><span style=\"color: #0000ff;\">Does your current lender work with you throughout the asset replacement and planning process?<\/span><\/li>\n<li><span style=\"color: #0000ff;\">Does your current lender give you guidance on asset specifications?<\/span><\/li>\n<li><span style=\"color: #0000ff;\">Does your current lender give you input on how to spec for a higher residual value to lower your TCO?<\/span><\/li>\n<li><span style=\"color: #0000ff;\">At the end of the financing term, does your current lender work to help you maximize the resale value of your asset?<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">In many fleets, the treasury and finance departments have agency over asset financing decisions. The problem with that approach is that those departments develop a relationship with the bank that is different than that needed to support fleet operations. The goal of treasury and finance departments is to ensure access to cash and credit so the business can grow and thrive. That is very different than the relationship a fleet needs to have with its asset finance partner.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">An asset finance partner needs to not only understand the fleet\u2019s operating parameters and requirements, it also needs to have a thorough understanding of developments in the trucking industry in order to ensure assets are financed properly based on current and developing market forces. Companies in need of a strategic partner for the financing of their fleet need to look beyond the interest rate and consider the entire cost of financing fleet assets.\u00a0\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<p>By\u00a0 <span class=\"page-attribution__content-name\"><a href=\"https:\/\/www.fleetowner.com\/home\/contact\/21127193\/pat-gaskins\">Pat Gaskins<\/a><\/span><\/p>\n<p><span class=\"posted-by\">Source: <a href=\"https:\/\/www.fleetowner.com\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.fleetowner.com<\/a><\/span><\/p>\n<h3 style=\"text-align: center;\"><a href=\"https:\/\/advancedfleetmanagementconsulting.com\/eng\/consultancy\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>CUT COTS OF THE FLEET WITH OUR AUDIT PROGRAM<\/strong><\/a><\/h3>\n<p><a href=\"https:\/\/advancedfleetmanagementconsulting.com\/eng\/consultancy\/\"><img loading=\"lazy\" class=\"aligncenter wp-image-5377\" src=\"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-content\/uploads\/sites\/3\/2020\/04\/nueva-ley-auditoria.jpg\" sizes=\"(max-width: 858px) 100vw, 858px\" srcset=\"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-content\/uploads\/sites\/3\/2020\/04\/nueva-ley-auditoria.jpg 2000w, https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-content\/uploads\/sites\/3\/2020\/04\/nueva-ley-auditoria-300x200.jpg 300w, https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-content\/uploads\/sites\/3\/2020\/04\/nueva-ley-auditoria-1024x682.jpg 1024w\" alt=\"\" width=\"858\" height=\"572\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">The audit is a key tool to know the overall status and provide the analysis, the assessment, the advice, the suggestions and the actions to take in order to cut costs and increase the efficiency and efficacy of the fleet. We propose the following fleet management audit.<\/p>\n<h3 style=\"text-align: center;\"><a href=\"https:\/\/advancedfleetmanagementconsulting.com\/eng\/consultancy\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>FLEET MANAGEMENT AUDIT<\/strong><\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>When financing fleet assets, there are several questions a fleet manager must consider when determining the right lending partner. Given the complexity and challenges in today\u2019s trucking environment, it is more important than ever to establish strategic partnerships with your suppliers. Fleets have done that in many areas of their business but may not have&#8230;<\/p>\n","protected":false},"author":3,"featured_media":8482,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[18],"tags":[340],"_links":{"self":[{"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/posts\/8481"}],"collection":[{"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/comments?post=8481"}],"version-history":[{"count":1,"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/posts\/8481\/revisions"}],"predecessor-version":[{"id":8483,"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/posts\/8481\/revisions\/8483"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/media\/8482"}],"wp:attachment":[{"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/media?parent=8481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/categories?post=8481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/tags?post=8481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}