LECTURA Flash Survey - Finance & Leasing

Being in a need of a new piece of heavy machinery equipment or an entire fleet is a pretty common thing for any business, no matter how large or small. However, financing a new crawler excavator, mini excavator, backhoe, dump truck or for example skid steer brings a lot of questions. The financing process is expensive and requires a lot of resources, which applies to both new and used equipment.

There are several popular ways of financing heavy equipment, such as loans and leasings with different payment methods. We asked our professional audience of LECTURA Specs about their opinion and compiled the following survey. The aim of the current survey was to inspect preferences in payment methods, popular financial service providers and brands of financial institutions our respondents consider reliable. The analysis is divided into a global point of view and also provides a comparison between the American and the European respondents.

Click here for the full report!

General results

• The analysis of preferred payment options showed that more than a half of all respondets would pay in cash (53.1%).

• The second and third most popular payment methods are operating leasing (22.5%) and financing (18.7%)

• Only 5.7% of the respondents claimed they would prefer long-term rental.

• The respondents who chose cash as their preferred payment option were asked whether they would rather pay in cash for new or used machinery. 70.7% of our respondents agreed on used machine sales.

• Regarding long-term rental, most of the respondents (41.7%) would prefer vendors or dealers ́ services.

• Respondents who preferred marked financing and operating lease as payment methods slightly favored online services (27.3%) followed by vendors ́ or dealers ́ services (25.5%) and house banks (24.8%)

Americans vs Europeans

• The Americans are more willing to pay in cash (66% compared to 49.5%), whereas the Europeans would rather choose operating leasing (27.3% compared to 14.7%) and financing (18% compared to 16.2%)

• Overall, long-term rental was the least preferred option

• Americans are most open to vendors ́ or dealers ́ services (44.4% compared to 13.2%), whereas the Europeans favor Leasing companies (39.5% compared to 16.7%)

• The data shows that the Americans trust national associations and banks whereas Europeans prefer large international companies as well as some smaller local ones

The survey ran for two weeks on LECTURA Specs and we managed to collect 787 responses in total. Check the full report and find out which finance service providers and institutions are considered the most reliable.