Almost 30% of customers that approach us have been declined by their bank. We always do our best to turn it around where possible.
Thankfully, we were able to turn around a deal for a courier company after they had previously been declined for finance.
This courier company work closely with a main online retailer. With a fleet of around 60 vehicles that deliver 7 days a week, it’s a busy business that can’t afford delays.
The Challenge
Due to the large amount of finance required, the courier company had struggled to get the amount they needed to adequately expand their fleet.
They approached us with the hope we could turn things around and secure funding before the ever-approaching rush of Black Friday and Christmas shopping.
The Solution
Moorgate Finance were ready to rise to the challenge and, having financed many vans and fleets before, we were confident we had the contacts to make it happen.
We were pleased to support the courier company in purchasing the 10 new vans that they needed from Vanaways, a deal worth £250,000 and with a minimal deposit too.
The Highlights
- Customer had been declined for finance previously due to a large funding amount required.
- We helped to secure 10 new vans on finance worth a quarter of £1m.
- Allowed the business to properly prepare for Black Friday and Christmas rush and ensure service continuity.
- Enabled the business to generate an extra £5,000 per van.