Cat Financial has introduced a bundle of finance deals to help construction firms get their businesses back on track as the sector starts to get back to its new normal.
Customers of Finning UK & Ireland, exclusive distributor of Cat machines, can take advantage of the handpicked financing deals including buy now, pay later, and zero per cent finance. Here Chris Watts, Sales & Marketing Manager at Cat Financial UK & Ireland, explains the packages it has introduced to help firms during this challenging time.
According to The Guardian, the lockdown caused the worst economic slump on record for the UK construction industry. The monthly IHS Markit/Cips reported a fall in construction activity from 39.3 in March to 8.2 in April, the lowest since the figures were first collected in April 1997. Construction companies are facing many challenges as a result, including limited cashflow and postponed projects.
To have any chance of pulling out of a recession quickly, it’s vital that construction firms get back on site and fully operational as quickly as possible. The months of inactivity has significantly damaged many companies’ cashflow, to the point where there’s little or nothing left in the reserves for purchasing new or used machines. Financial help is therefore vital to help construction firms get back up and running quickly.
Cat Financial and Finning UK and Ireland, have unveiled a range of financial packages that are available on a select number of new and used machines.
The first deal that Cat Financial has put on the table is zero per cent financing on any new Cat 313FL GG hydraulic excavator. The 313FL GC is a powerful and reliable machine that has a low-cost-per-hour so is very economical to run. This machine also offers an unrivalled 45 per cent increase in operational efficiency over competitor machines so is a sensible and savvy purchase at this time. This deal is available for 36 months and applies to any new machine delivered up to 31st December 2020, meaning customers can take advantage of state of the art machinery now, without having to find the large upfront cost, and without it costing more in the long term.
The second deal is on the Cat 320 GC Next Generation excavator. The Cat 320 GC really raises the bar for efficiency and fuel economy in this size class. Using the latest inbuilt machine technology, this excavator offers a high production output and promises to increase on site efficiency, so works are completed quicker. The addition of no interest and zero per cent financing is applicable for machines delivered by 31st December 2020.
The third deal has been introduced to help those really struggling with short term cash flow as a direct result of downtime and site closures during lockdown. Cat Financial is offering a “Buy Now Pay Later” deal with a 51-month fixed rate plan. This deal is available on any new Cat machine in any class for orders placed before 31st December 2020. The added bonus here is that there’s nothing to pay for the first three months, giving firms the chance to get back to business without having to dig too deep into the overdraft facility. After the first three months customers will be required to make 48 monthly payments with a ten per cent deposit, full VAT and a £175.00 administration charge being payable in month four.
For all three options, UK customers can contact Cat Financial Services (UK), while Irish customers can benefit from the same programme by requesting Caterpillar Financial Services (Ireland) p.l.c. c/o Finning (Ireland). Cat Finance is also offering zero per cent on all parts and servicing purchased.
The lockdown hit the construction industry hard so its essential we support contractors around the country to help them get back up and running, on site and earning again which will help to boost, not just the construction industry, but the wider economy too.