Be Proactive With a Line of Credit

Be Proactive With a Line of Credit

Do you have a plan for quickly adding vehicles to your business? Maybe a lucrative contract opportunity calls for more vehicles than you have, or a heavily used vehicle isn’t up to the next task, and every day it goes unreplaced, your bottom-line shrinks. 

These scenarios are all too familiar for business owners and fleet managers. Opportunities present hidden challenges, and setbacks are inevitable. 

The key is to prepare your business for the unknown. And that's where a line of credit comes in. 

Why a line of credit? 

As Kris Morris, VP of Commercial Vehicle Lending and Fleet at GM Financial, says, “Time is money for businesses, and vehicles are revenue-producing assets.”

Every minute spent acquiring vehicles is revenue lost. Traditional bank loans, while reliable, may require lengthy approval processes. So the more vehicles you need, the longer it takes.

“A line of credit is ideal for companies with dynamic fleet needs,” explains Kris. “One simple application unlocks quick access to funds whenever you need to expand your fleet.”

Unlike loans, lines of credit offer a revolving pool of funds. You only draw what you need, pay interest on that amount and face no penalties for unused funds.

Not all lines of credit are the same

A typical business line of credit offered by banks allows businesses to cater to diverse needs, from payroll to overhead. 

But GM Financial's dedicated commercial vehicle line of credit, starting at $350,000 with annual reviews, is dedicated to vehicle purchases and leases, allowing you to keep bank lines of credit open for other business needs.

More than financial flexibility

A line of credit shouldn't be just a transaction, says Kris. “It's a gateway to a partnership with an experienced team, opening doors to ongoing conversations about optimizing your fleet.”

GM Financial's fleet management experts are true consultants, providing guidance and support for the unique needs of your business every step of the way.

Don't let fleeting opportunities or unexpected setbacks hold your business back. Contact us to discuss how a commercial vehicle line of credit can work for your business.  

CONSULT WITH AN EXPERT

By Ross Appleton, GM Financial

Ross Appleton loves to help people navigate their toughest challenges. He believes that clarity is the key to flourishing in a complex world, and that a timely dad joke is good for the soul. When he isn’t talking or writing about big ideas, you’ll likely find him reading about them in old books. He is married, and two of his four children currently serve in the U.S. Army.