JLG Industries, Inc.'s retail lending program, JLG Financial, is now available to an expanded range of equipment buyers, including users, contractors, rental houses, and equipment distributors, in the United States and Canada. The program offers financing for purchases of $3,000 or more on new or used equipment (most makes and models, including competitive brands, reconditioned and certified equipment), attachments, accessories, and parts.
The original retail lending program launched in Fall 2018 and was only available to customers through rental companies and equipment distributors. Since then, the program has grown significantly, including the addition of Canadian lending in 2019.
"Today, the program has evolved to offer various financing options, with industry-leading rates directly to customers in North America. To date, we've processed 1,850 applications for over 100 brands of equipment and 250+ unique equipment models and attachments (new and used). Those applications have resulted in the funding of more than $100 million, enabling customers to acquire the new and/or used equipment needed to run their business," said Jonathan Oris, JLG finance manager.
With the expanded retail lending program, Oris says business owners and users can directly apply for financing through JLG Financial via a simple online application. Once an application is submitted for approval, customers can receive credit decisions via text, email, or phone in 90 minutes or less in most cases.
JLG Financial also achieves industry-leading approval ratios by working with multiple lending partners, including LEAF Commercial Capital, Inc. (LEAF) in the U.S. and CWB National Leasing in Canada.
Once approved, the JLG Financial lending team works to customize financing options and tailor payment structures. Balloon, seasonal, or skip payments, loans, leases or lines of credit, buy-outs, and step-up/step-down opportunities, are all available, depending on each customer's unique business needs. Since no two customers are the same, no two financing packages through JLG Financial will be the same.
"Our customers aren't just names and numbers in our system," explained Oris. "We get to know them and take the time to understand their business. We learn about the equipment they need and recognize how important these assets will be on their project sites. Gaining this deeper level of insight allows us to custom-build a package for each customer that includes competitive interest rates, financing, and terms."
With the current unpredictable lending market and daily rising interest rates, JLG has a solution to help customers get the best rates possible.
"JLG Financial locks rates in for 30 days, publishing a fixed monthly rate card," said Oris.
JLG Financial also offers subsidized rates on purchases of new JLG and SkyTrak equipment models.
"Equipment financing doesn't have to take a long time or be overly complex, especially when customers are ready to make a purchase. Financing retail purchases with JLG Financial is a great way for business owners to acquire the equipment they need while staying financially flexible," Oris said.
For additional information on this program, download the JLG Financial, retail lending resource guide.
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