Komatsu Corporate Finance has changed its procedures to make obtaining finance for lower value transactions easier and quicker.
James Dwyer, General Manager, Business Development with Komatsu Corporate Finance said the latest changes were intended to build on its traditional customer advantages.
Recent changes include varying its credit policy for smaller equipment up to about $200,000 to make it easier for customers acquiring utility class equipment to access credit, and a commitment to respond as quickly as possible after we have received all relevant documentation from a customer.
"The aim is to make transacting easier for smaller sized deals so that once a customer has chosen a Komatsu product, if they know they can get funding from Komatsu Corporate Finance, they can more readily commit to the purchase," he said.
"The main reasons customers use us is because of our competitive interest rates and the fact that we always strive to be a lot easier to deal with than any other finance provider," he said.
"We believe we are easier to deal with because, as a part of Komatsu, we understand the construction and utility equipment business very well and we understand our customers," said James. James said that to increase its speed of response for smaller transactions, Komatsu Corporate Finance has also invested heavily in a new system to ensure applications are processed quickly.
"The aim is to get an answer to the customer as soon as possible once we have all the financial information we require.
"Once Komatsu Corporate Finance receives a signed application form which has been reduced from three forms to a single form from the customer's perspective, obtaining finance can be as easy as simply providing us with their accountant's details.
"We can then usually get the required financial information from the accountants," he said.
"In addition, our Business Development Managers (BDMs), who are located in most capital cities, have authority to approve deals up to a certain level.
James said these changes to the company's procedures follow a recognition that it needed to treat smaller deals in a more streamlined and less complicated manner.
"The changes will also assist Komatsu Corporate Finance as it is also focusing on increasing its funding of utility-sized machinery, especially in Victoria and NSW."