With fleet management and telematics solutions rapidly evolving in terms of its effectiveness and use within the automotive industry, both vehicle financers and those using vehicle financing have begun to reap the benefits that this sophisticated, web-based technology can offer. Here’s a breakdown of these benefits:
How fleet management is used in the vehicle financing industry
While most organisations use telematics solutions for specific purposes such as fleet management and cargo tracking, the requirements in the vehicle finance industry are a bit simpler. The devices used for vehicle finance telematics solutions can either be hardwired into the car or inserted in a more flexible way. The solution that companies (financers) choose depends entirely on the amount of information and control that an operation requires. Either way, it’s a chance for companies to grow a fleet for business use while simultaneously ensuring the security of the asset in hand at the most affordable rates possible.
Why vehicle financers benefit from telematics technology
The fully-fledged smart solutions that telematics technology offers ultimately allows vehicle financing companies to have better financial and operational control. For example, alerts can be provided whenever a vehicle is being towed or driven out of a geofenced area, which is set, virtual boundaries that cars are allowed to travel in, while companies will also be notified should a vehicle be taken to an impound lot and which lot the car has been taken to. This information allows companies(financers) to save money as they only have to travel to one location to retrieve vehicles, while their staff are freed up to sell or process loans rather than deal with administrative hassles.
Why companies using vehicle financing benefit from telematics technology
Telematics technology provides companies using vehicle financing with the resources to save money and be smarter about how they handle the financing process. Knowing exactly where their vehicle is located is sometimes the only information required to activate an internal process that is required. Further, some more sophisticated tracking device allows companies to either trigger payment reminders or even disable the starter of the car, providing further control and peace of mind.
Vehicle Financing made easier with Cartrack
Cartrack Tanzania works with asset financers to ensure that vehicles are kept on track for the period of contract with the financer, with our services emerging as the solution for most financers, especially banks.
Upon full payment of the loan, individuals can continue with Cartrack services at affordable prices to optimise and secure their vehicles. Now, individuals and businesses can leverage the chance to grow and expand through asset financing from banks partnering with Cartrack.