LOUISVILLE, Ky. — John Deere Financial is offering a plethora of solutions and flexibility through its revolving account plan while helping businesses build credit.
The John Deere captive’s revolving plan, like a credit card, can be used to purchase parts, attachments and maintenance — as well as equipment, Finance Integration Manager Cameron Stull said today during a news conference at Equip Expo.
The revolving plan “is going to be the easiest thing to have to where you’ve got that in-house account set up that runs through John Deere Financial,” he said. “You can go ahead and put all your parts and service on there as well. In addition to that, if your dealer wants to offer some sort of maintenance plan upfront … we can roll that into your payment upfront, and that can be built into your original loan or lease.”
The plan creates a seamless experience for customers, Stull said.
“You just go to your dealer, you put in your revolving plan number, [and] you walk out with blades, filter, oil, whatever you need that day,” he said.
Landscaping businesses should take advantage of this plan and John Deere’s operations center — a digital tool for monitoring and managing equipment — because “maintenance on equipment is something that will kill you if you don’t keep up with it,” Jeremiah Jennings, owner of Growing Green Landscapes in Trussville, Ala., said during the news conference.
With traditional 30- or 60-day payment schedules, “cash gets tight,” he said. “You’ve got to go put 10 sets of blades on mowers.”
However, businesses can “put parts and things on that [revolving] account and come back and pay it off later,” Jennings said.
In addition, John Deere Financial offers promotions through its revolving plan, Stull said, including skip payments and zero interest during slow seasons for landscaping companies.
No minimum credit
John Deere Financial is also emphasizing credit leniency to empower startups and small businesses, Stull said.
“I get a lot of questions when we’re at this show of, ‘Hey, what’s the minimum credit score that you need to finance,’” he said. “That’s not how we underwrite credit. We won’t say, ‘You have to have a 650 bureau, or we won’t talk to you.’
“Let’s look at the structure of the loan,” he added. “Let’s look at your business. Let’s look at your plan, and let’s figure out a way that we can get this done and get you into the machine that you need.”
Credit leniency for first-time customers also encourages future transactions, Stull said.
“The more payment history you have with John Deere Financial, the easier that process is going to get the more you go along,” he said.
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