Financing Growth
Financing Growth in Tough Times- Fall 2010

The recession may officially be over, but credit can still be scarce. That’s one reason customers appreciate PACCAR Financial’s commitment to providing financing in every economic climate – along with competitive terms and outstanding service.

Patsy Moore, president of F.L. Moore & Sons, Inc., learned this firsthand. When hard times hit in 2008, many banks stopped lending. PACCAR Financial stayed in the market and offered financing to help F.L. Moore & Sons buy new trucks.

“PACCAR Financial was good to us when the banks were pulling back,” said Moore. “They provided the loans we needed in spite of the credit crunch.”

A family business based in Lynchburg, Virginia, F.L. Moore & Sons was founded in 1988 and today hauls steel, building products and nuclear materials in 48 states. Its fleet includes 63 tractors, 142 flatbed trailers, 12 vans and 5 closed conveyance vehicles.

The most recent addition to F.L. Moore & Sons’ fleet was eight Peterbilt 386’s with 70” Ultracabs, Cummins ISX engines spec’d at 485 hp and 18-speed Fuller transmissions.

Recession or not, Moore always shops for truck financing. She showed the new Peterbilt truck deal to her local bank and PACCAR Financial.

“PACCAR Financial’s terms were better,” said Moore. “The down payment was noticeably lower and the interest rate was competitive.”

F.L. Moore & Sons financed its new 386’s with a 48-month full-payout retail loan, which offers depreciation the company needs. A retail loan also provides faster amortization than a lease, helping the company build equity quickly so it can sell the trucks as soon as the loan pays out.

Since first working with PACCAR Financial 11 years ago, Moore has come to appreciate the impact of its industry expertise.

“PACCAR Financial understands the trucking industry and my business so financing is easy and fast,” she said. “Financing through a bank is more complicated.”

“Our bank doesn’t know what a truck is worth,” continued Moore. “That means we have to get an appraiser to value it. Then we have to take the appraisal to the bank. Then the bank has to review the appraisal and approve it before the deal can proceed. There’s none of that with PACCAR Financial.”

Moore also appreciates PACCAR Financial’s service. For example, Tony Good, the company’s PACCAR Financial representative, saves time and effort by contacting the company’s outside accountant to gather materials on F.L. Moore & Sons’ behalf.

Good also provides personal service that makes financing easier. When F.L. Moore & Sons bought the Peterbilt 386’s, Good drove two hours each way to bring loan documents to the company’s offices for signature. “That was very helpful,” said Patsy Moore. “Our management team is small and busy, so convenience is a high priority.”

Succeeding in today’s uncertain economy requires a financing partner who understands the industry and your business. It calls for a lender who makes borrowing easy, fast and convenient. And as Patsy Moore knows, growing today requires a financing partner who is always in the market.

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