Anuário da Indústria de Implementos Rodoviários 2021

66 B NDES Finame – a standard way to finance the purchase of commercial vehicles and implements, has in recent years been losing ground among transport companies. In its heyday, a decade ago, the interest rates offered at well below the rate of inflation meant it accounted for 80% of truck, trailer, and semi- trailer acquisitions. According to the latest data from the BNDES, in 2020 it had loaned R$ 10.5 billion up to September, compared with R$ 12.5 billion in the same period of 2019, a 13% decrease. “It is still attractive there is a lot of bureaucracy and approval is slow, So, it’s no longer a priority for the bank, which is now more focused on financing innovation. The transportation industry takes care of itself, without the need for subsidized resources,” says Wilson Ferri, commercial director at Randon Implementos. The fall in interest rates and changes in the conditions offered by the BNDES have also contributed to a move away from FINAME. Today, it is offered in two options – a Long Term Rate, and Fixed Rate. In simple terms, the rate is the IPCA measure of inflation plus a fixed value and the spreads of the intermediary bank and the BNDES. It also provides benefits such as exemption from the Financial Operations Tax, and repayments that decrease over the course of the loan. An alternative to FINAME, Direct Consumer Credit (CDC), has become more popular. The Association of Automaker Finance Companies (ANEF) illustrates the relevance of CDC in its 2020 results. Last year, CDC financed R$ 282 billion of loans, up by 11.2% on the year before, when it financed R$ 253.6 billion. “FINAME is still significant in financing the transportation business, but CDC is much simpler, and the rates are usually attractive - similar to FINAME - and borrowers get approved faster,” says Luiz Carlos Cunha Júnior, commercial director at Truckvan. With CDC, the borrower deals directly with the institution that grants the credit. Depending on the bank, the repayment period can be over 60 months, with reduced initial installments. If paid off in advance, discounts are offered. “Even in the current environment, with the base rate rising, the interest rate should still remain low, meaning CDC remains the best solution for transport companies. But credit consortiums are also attractive tools in the good and bad times,” says Alves Júnior, commercial director of Rodofort. Credit consortiums have gained favor in the transport business. Last year was the best year for this kind of finance for the heavy vehicle segment, including trailers and semi-trailers, in 15 years. According to data from the Brazilian Association of Consortium Administrators (ABAC), new contracts were up by 14.7% from 2019 to 2020, from 94,800 to 108,700. The credit exceeded R$ 21 billion, 37.6% up on the R$ 15.2 billion in 2019. “Credit consortiums are a way to planning and save, but they also mitigate impacts in times of crisis and are beneficial when the market is in trouble. Above all, they are letters of credit, not necessarily a good. They can leverage the company and are an alternative to raise working capital,” says Ferri, of Random. Less bureaucratic Direct Consumer Credit is preferred Credit consortiums being used more to leverage growth FINANCIAMENTO | FINANCING | FINANCIACIÓN Sign, use, return, or purchases Leasing is emerging in the transportation sector as another business model. It is still very much used by large fleet owners or companies that outsource equipment. Manufacturers, how- ever, are structured to work in the area. Truckvan, for example, understands that there is a niche to be explored. “Although trans- port companies still prefer assets, counting on sales of used vehicles, they are beginning to think outside the box,” says Luiz Carlos Cunha Júnior, commercial director. Cunha Júnior says leases are not expenses on balance sheets, which reduces income tax. There is no need for a down payment, and it frees a company from having idle equipment and debt if they opted for loans. Lease contracts are usually for up to five years, and the vehicle can be returned at the end or purchased, which is known as an operational lease. “For the manufacturers, it is an alternative worth looking at carefully because there is a risk of competing with customers, besides having to offload used vehicles. You can win on the one hand and lose on the other,” says Wilson Ferri, commercial director at Randon Implementos.