Firm lends vehicles to CRB listed clients

Companies and financial institutions can have you listed for not paying your loans, settling your store account, credit card, or other debt in good time. 

And even if you manage to clear up all of your debts, such listings may remain on your record for years. As a result of being classified as a risky client, a credit reference bureau (CRB) listing can negatively affect your chances of buying anything on credit.

Yet despite the fact that many institutions are taking this direction, an equipment financier is going against the current by giving defaulters a second chance or even a whole new opportunity to rewrite their credit history.

Quipbank Trust Ltd sells trucks and equipment on credit. In the process, it has found that in many cases a number of applicants capable of repaying its loans have also been listed on CRB.

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“Some debts may be huge to repay at once, yet the vehicle repayment is much smaller,” says the company’s Commercial Director John Mogire.

Model

He says the firm looks beyond a person’s credit history through its innovative financing model.

“Clients that are listed by CRB but have a solid contract need not worry. All they need is to pay a deposit of 50 per cent and hit the road with the truck of their choice,” he says.

The commercial vehicle earns money that assists the client to repay the debt, with Quipbank keen to exploit a market that they say is under-served. They have started the programme with 13-tonne trucks.

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The firm’s model is expected to boost asset acquisition as well as turn around clients’ businesses to enable them secure future financing opportunities.

Quipbank specialises in mining, construction and agricultural equipment, and other automotives such as trucks and trailers.

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