Paragon Bank’s Head of Transport Finance Dale Trenam discusses the year ahead for transport finance and how the specialist Paragon team can support both customers and brokers.

After a series of challenges in 2022, how was the start of 2023 for the transport sector?

I can only judge it on whether we are busy, and I’m pleased to say we are currently very busy and funding a lot of assets.

We are waiting to see which alternative fuel sources for HGVs the Government will support. The sooner the know, the sooner we can start to arrange funding for clients seeking to acquire new assets and we are really looking forward to doing so.

How important are electric vehicles (EV) and alternative fuels?

Transport SMEs have understandably become more concerned over recent months about energy prices and whether they will need to pass on costs to customers, creating heightened interest in moving to more sustainable and energy efficient options.  

It is therefore vital that we continue embrace the EV market, but we also need to look at alternative fuel sources - and I think we will in future see lots of alternative, dependent on the logistical requirements of businesses. Short term deliveries could be EVs, whilst HGVs could be hydrogen – with potential for other fuels to be used in different settings.

How does the Paragon team support clients?

As a specialist team we take pride in understanding the assets we support and keep up-to-date on the latest models and technological developments. This means we are happy to help advise clients on which could be the right acquisitions for their business.

We have also recruited new team members to further our diversification into different fields and work with specialist introducers. By partnering with them we can work with businesses throughout the country in acquiring assets.

What message do you have for introducers?

Reassurance is key. We’re here to provide the funds to acquire assets and help make sure that they can get them secured, but it is also about the right financial products.

At Paragon we look at different options and select the right product to support the customer – giving them the peace of mind and reassurance that the product fits exactly to their requirements.

Visit our website to learn more about how our Transport Finance team can support your business.