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VendorLender Brings 0%, Buy-Now Pay-Later Financing to Equipment Dealerships

March 31, 2021, 07:10 AM
Filed Under: Industry News
Related: Fintech

VendorLender, part of the Econolease Financial group of companies, released 0%, Buy-Now Pay-Later (BNPL) financing to the Equipment Dealership market. Following the growing trend of BNPL for consumer purchases, VendorLender has launched BNPL for equipment dealerships to be able to offer short-term zero percent financing for commercial equipment purchases.

“This is a product that consumers have been demanding and will help dealerships sell more,” said Michael Yablon, CEO of VendorLender and Econolease Financial Services. “Clients are approved for financing almost instantly, eliminating sales slippage for those who get bogged down in the often onerous and time-consuming process of applying for traditional equipment financing. For micro and small-ticket equipment purchases, consumers often opt to use their credit card to avoid the financing process, but this often isn’t the best place for these transactions and BNPL is the perfect product to replace it. BNPL allows for quick, short-term 0% financing as opposed to the often 20 percent plus rate charged by credit cards, while leaving your credit card with credit availability for the everyday business expenses for which it was intended.”

VendorLender has partnered with dealer buying groups and manufacturers to support the product rollout in certain dealerships and industries.

VendorLender and its parent company Econolease Financial Services, are focused on developing and bringing fintech products to the commercial equipment financing market. Established in 2005, the commercial equipment lender has become a leader and innovator, receiving industry awards for its work in automating and expediting the equipment financing process.

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