About lender
Gamache is a Canadian company that over 40 years, has become a leader in the purchase, restoration, and resale of trucks and trailers in Quebec. As part of Gamache's operations, G-finance successfully works with customized solutions for the sale, purchase, lease, and trade-in of trucks and heavy equipment.
The business of agriculture, large trucks, and heavy equipment has many peculiarities, and traditional financing organizations usually do not have specialists tailored precisely to this business. As a result, they cannot understand your project as well as someone who is absolutely on the same page with you. For this reason, Gamache has decided to fill this gap. As a result, they stand out in the lending market, even though they are not a bank.
They state that the financing is at the lowest possible interest rate to support those who work with trucks and equipment.
Gamache Financing has a particular group of consultants who will analyze your project and offer you the best possible solutions from a win-win point of view.
According to official information, Gamache financing offers a range of products:
On-site financing when you buy a vehicle or equipment;
Accommodation for sales offers, i.e., financing your potential buyer at competitive interest rates;
Facilitating the purchase of your truck, even if you buy it from another company. You are not obligated to buy it from Gamache to get the most favorable terms for financing your deal;
Refinancing, if your loan expires with another institution, Gamache is ready to step in.
In addition to the above services, Gamache works with leasing programs and conditional sales.
Features
In addition to just financing, G-financing allows you to get additional services you need instead of just being sold a service or loan product. You can have your project analyzed and receive professional advice on the best options considering your interests and budget.
If you need a service for your trucks or equipment, you can get a complete package of services and spare parts there.
Selling and buying equipment and trucks means high investments and tax consequences. The company analysts are competent enough to advise you on this matter and correctly prepare the relevant documents.
The company has a good reputation in the market. In addition, the suitable size of the company makes it possible to offer customers favorable prices without compromising quality.
Pros and Cons
When choosing a company to support the financial and documentation side of a deal as large as buying /selling trucks and equipment, it takes an excellent analysis to make the right choice. Gamache, in particular its G-finance division, offers its customers several advantages.
Pros
The company has a long history in the Canadian market;
It has its financial advisors for preliminary analysis and support of the project;
The company declares to offer moderate interest rates for financing your business;
You can consider more than just a loan: leasing, trade-in, conditional sale, or refinancing, where the approach is less formal than the bank. Your situation will be thoroughly analyzed.
The company works with the guarantees; the possibility of getting a pre-approval, so you can get an idea of whether it suits you and know what financing options you can rely on when you decide to sign a contract;
Even if you did not purchase your truck from Company, you could still receive financing for your purchase;
You can get advice from the company's financial advisors about your deal and the tax implications.
Although many good things come with being a customer of this company, some things could be considered negatives when deciding where to get your financing.
Cons
The company states that the interest rate for financing is moderate, but the company's website does not even give a general idea of APR;
There is no information about eligibility requirements, i.e., whether the loan is offered for all of Canada or only for some states;
There is no information about the loan terms and the loan term, grace period;
The company does not indicate whether or not it collateralizes trucks and equipment;
Customer support is not available 24/7, or at least this is not mentioned in the official sources;
There is no information about the company UBO;
There is no information on whether the company reserves the right to sell receivables to third parties, such as collection agencies, etc.
G-Finance does not openly inform about which financing and repayment methods are available;
there is no information on whether a guarantee is required and whether it is possible to arrange early repayment or extension of the loan;
it does not say how many loans can be approved at the same time or whether you can have only one loan at a time and apply for the next after full repayment. Also, it is not clear what period must elapse from the date of repayment;
Speaking of modern technologies: the company does not have an application form on its website;
there is no member login or personal account information, and it appears that borrowing is done offline;
Financing through Gamache Group has many advantages, such as a good reputation, the company's experience in this niche of trucks and equipment, and professional financial advisors.
As for the disadvantages, the main one is probably the lack of clear information on the official website. Apart from the list of possible loans, you need to contact the company directly and only then get the information you need. If you are used to analyzing applying for a loan to compare the possible loan options and conditions, this will take longer as you would have to call at least or wait for your email request to be answered.
Loan conditions
Gamache Group does not offer fixed loan conditions, nor does it provide standardized solutions. Instead, it declares to be able to customize its program for the needs of every particular client.
Methods of loan funding
The company does tell how exactly it funds its loan, but usually, the funds are transferred to the client’s bank account.
