Supporting the NZ Trucking Industry for the Long Haul
18 May 2023
Morgan Strong, UDC Finance's General Manager - Commercial, recently spoke with Trucking Radio about UDC's long involvement with the New Zealand trucking industry, as well as some current market insights for transport operators.
"The New Zealand trucking industry is a core focus for UDC and we’re very experienced in this space", Morgan said. "We provide finance for all types of transport operators - from owner drivers through to large transport operators. We understand that businesses are looking for finance that allows them to grow and upgrade their truck or fleet, but it has to be flexible and suit their business needs."
Morgan went on to explain that UDC has a nationwide team of Commercial Managers, with staff from Invercargill to Whangārei. Customers can apply for finance online or meet face to face with one of the experienced reps.
"We offer flexible repayment structures, with fixed or floating interest rates, and we are currently seeing customers using a combo where previously customers would mostly choose to use a floating rate. The less hassle the better!", Morgan stated.
When asked what UDC was seeing in the current market, Morgan focused on interest rates.
"Something very topical at the moment is rising interest rates. It’s just another thing transport operators have to contend with. As most people with a home loan will be noticing, interest rates are increasing. The same can be said for transport operators, who need to finance equipment. Rates have increased over the past 12 months and that, combined with the increase in truck and trailer prices, means operators need to keep a really close eye on their costs."
Morgan pointed out that it is a competitive environment and transport operators need to ensure they do not get caught working for nothing as they need to be making enough money to cover all of their costs.
"Transport operators are wise to shop around for the best solution for their specific situation. As I mentioned earlier, UDC offer fixed or floating interest rates, or a combination of both. We’re more than happy to have a chat and see what we can offer."
Morgan Strong will be providing monthly finance updates to Trucking Radio, covering current challenges and opportunities facing the New Zealand trucking industry. Trucking Radio can be listened to via their app or online.
Note that this is general market commentary and does not constitute financial advice.