Toro and its UK distributor Reesink Turfcare have announced two new industry-first cashflow friendly finance schemes specifically designed to support customers in 2020-2021 and beyond.
The two companies have combined to offer a ‘buy now pay later’ at zero percent interest finance option and also a lease hire option, both of which include welcome lengthy payment holidays.
Alastair Rowell, national accounts manager – grounds for Reesink Turfcare, says: “These two finance deals react to the current times. Together with Toro, we wanted to show support to our customers. We understand that cashflow is, and perhaps will be for some time, uncertain, yet machines are still needed now to maintain courses to the best possible standards. Now, more than ever, the focus has to be on retaining and increasing memberships.”
These two industry-leading options both offer a six-month payment holiday, one requiring a single payment and the other offering reduced payments to reflect industry leading residual values.
The ‘buy now pay later’ option is a familiar product but is an embellished deal in response to the COVID-19 landscape. Customers can order any time between July and December 2020 with the deal at zero percent interest, with a single payment required 7 May 2021.
The second option is a lease hire option with a six month pause period followed by either 60 monthly payments or five annual payments, according to each individual customer’s cashflow requirements.
Alastair says: “This option provides longer term financing in conjunction with very competitive finance terms. There is a six-month payment ‘holiday’ and the residual value of the machines are maintained at a strong level to the original cost. It provides a big benefit at the beginning of the term and leverages strong residual values to keep payments down.”
“What’s new is that these two plans provide clubs with options to suit their likely financial position from the middle part of 2021”, Alastair explains. “The point we kept coming back to when thinking about how best we could support our customers during this time was how uncertain it all is.
“Offering these two repayment plans will enable clubs to then focus on maintaining their courses so they look beautiful and play great, and to keep existing members happy while attracting new ones”.
In addition to these two plans, there are many other repayment options that clubs can consider, including the popular three, four or five year monthly or annual options.
Let’s look at how this would work on an investment of £50,000.00 plus VAT, for a club looking to opt for the lease hire scheme with 60 monthly payments. This would result in repayments of £814 plus VAT per month, commencing six months after inception of the lease. Under the terms of the lease hire option, the assets would be returned at the end of month 66.
Trevor Chard, national accounts manager – golf for Reesink Turfcare, continues: “There has never been such a cashflow friendly finance offer like this before and what we hope we’ve done by introducing these two options is provide customers with a welcome choice taking into account the current situation. It will hopefully remove an element of financial pressure and allow clubs to benefit from buying quality machinery in a hugely cost-effective way so they can focus on what matters most – keeping players happy.”
Both deals are available on all Toro fine turf and grounds machinery, and also includes TYM tractors when bought as part of a Toro fleet deal. Finance is subject to credit acceptance.
