SGIA Journal Graphic November/December 2016 - 11
Get Equipment Financing Fast:
8 Tips and Tricks From an Expert
Imagine this: You just landed a huge
contract. It's sure to put your business
on the map and money in your pocket.
There's only one problem - your
equipment. Either it's on its last leg or
it can't handle the large workload. Bottom line, you need new equipment. You
can't afford to pay for it out of pocket.
You've heard financing has some great
advantages, but you think it will take
too long. Believe it or not, this situation isn't all that uncommon.
Business owners often need equipment financed quickly and there are steps
you can take to speed up the process. Let
these eight expert tips guide you through
getting financed in a timely manner.
1. Choose the Right Lender
How you get equipment financing
makes all the difference. While it may be
tempting to lump all lenders together, it
couldn't be further from the truth. Some
are flexible and understanding of your
business' needs, while others simply stick
Visit SGIA at SGIA.org
to stringent credit criteria and financing
structures. In order to choose the best
lender, you must first know your options.
People instinctually turn to banks for
equipment financing. Unfortunately, this
choice often results in long wait times and
eventual rejections. Many banks avoid the
risks associated with commercial equipment by rejecting applications outright or
by only accepting businesses in the upper
echelon of their credit structure.
Luckily, the finance industry isn't
exclusively populated by banks. Equipment financing companies exist for the
sole purpose of providing businesses
with financing for equipment. For the
best experience, focus on a lender that
specializes in your industry. Working
with an industry-specific equipment
leasing company not only gives you
the highest chance of approval, it also
speeds along the process. Niche equipment financing companies use industry
expertise to make decisions faster, provide incredibly knowledgeable customer
SGIA Journal
■
By Jeff Mansfield,
Senior Financing
Consultant,
Beacon Funding
November/December 2016 | 9
SGIA Journal Graphic November/December 2016
Table of Contents for the Digital Edition of SGIA Journal Graphic November/December 2016
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