Hyundai Construction Equipment to Support Low-Interest Installment Financing with Hyundai Commercial

Development of Exclusive Interest Rate Products for Hyundai Construction Equipment Customers
Accelerating Digital Innovation in Partnership Marketing

On the 14th, Moon Jae-young, Vice President and Head of Sales at Hyundai Construction Equipment (left), and Jang Byung-sik, CEO of Hyundai Commercial, are posing for a commemorative photo after signing an installment finance business partnership agreement at the Hyundai Commercial building in Yeouido.
[Photo by Hyundai Construction Equipment]

[Asia Economy Reporter Han Yeju] Hyundai Construction Equipment is partnering with Hyundai Commercial, a company specializing in industrial and corporate finance, to provide installment financing necessary for purchasing construction equipment.

On the 15th, Hyundai Construction Equipment announced that it signed an 'Installment Financing Business Partnership Agreement' at Hyundai Commercial's office in Yeouido, Seoul, with key representatives from both companies attending, including Moon Jaeyoung, Vice President and Head of Sales at Hyundai Construction Equipment, and Jang Byungsik, CEO of Hyundai Commercial. The core of the agreement is that Hyundai Commercial will develop and launch low-interest financial products exclusively for Hyundai Construction Equipment customers, while Hyundai Construction Equipment will introduce Hyundai Commercial's financial services to its customers.

Due to recent continuous base rate hikes and the deterioration of the bond market environment, the installment interest rate for new construction equipment has reached up to the 12% range, causing difficulties for companies in purchasing new construction equipment. In response, the two companies plan to reduce customer burdens and lower the barriers to purchasing construction equipment by offering interest rates lower than those of market capital companies through this collaboration. They will also identify potential purchase demand through big data analysis of membership target customer types and promote partnership marketing that can lead to repurchases.

Additionally, they will launch low-interest financial products utilizing equipment operation information and location data provided by the Hi MATE system (a service that helps efficient equipment management) attached to Hyundai Construction Equipment machinery. By linking systems between the two companies, sales representatives will be able to promote equipment, approve installments, and conclude contracts on-site using tablet PCs, accelerating digital innovation.

A Hyundai Construction Equipment official stated, "Through this agreement, we have launched low-interest financial products via Hyundai Commercial and relaxed screening criteria to provide financial products specialized for Hyundai Construction Equipment customers," adding, "We will continue to seek ways to reduce customers' financial burdens and improve inconvenient aspects."

This content was produced with the assistance of AI translation services.