Financing Cross-Border Purchases

Posted 07.12.2012

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If you are a buyer in Canada and you find a good deal in the US from a registered dealer or auction, don’t pass it up because you can’t get traditional financing. Contact Patron West and we’ll arrange the whole thing for you, right down to the customs paperwork.

Great Option to Save Money
One of our customers recently purchased a crane in the United States and saved $100,000 over making a similar purchase in Canada. Even if the Canadian dollar is at parity, due to the larger available selection in the US, you can generally find better deals on most equipment you are looking for. Even with duty and travel costs factored in, you may be looking at a deal. It’s a particularly good idea for a larger piece of equipment that you have time to shop around for. If the Canadian dollar starts to climb, the savings become even more attractive.

How Cross-Border Equipment Financing Works
The only catch with cross-border shopping for equipment is that you cannot purchase anything being sold in a private sale by an independent person or owner/operator. The seller of the equipment must be a registered dealer, such as an equipment dealership or an auction house. Ask Patron West if the dealer that you are looking at qualifies for equipment financing. If they do, Patron West will make all the financing arrangements for you and even facilitate all the customs paperwork so that the transaction goes smoothly. Our customs brokers know exactly how to handle cross-border equipment purchases and transportation, and we’ll advise you every step of the way.

Cross-Border Truck and Equipment Deals Frowned on by Banks
If you are dealing with a bank for equipment leasing or financing, they will make you use your own resources to initially pay for the equipment and then refinance it once you get back across the border. You don’t get the customs support that you would with Patron West, and you’ll be delving further into your bank financing rather than diversifying your assets.

Only a Few Lenders do Cross-Border Lending
Not every equipment leasing or truck leasing broker will allow you to finance a cross border purchase. Patron West has relationships with the lenders that will allow it and that we trust to serve our clients well.

If you’re considering a cross-border purchase, give Patron West a call today to see if we can help – it may just save you thousands of dollars. Find out more about how auction financing works.

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