SGIA Journal Graphic November/December 2016 - 13

* Are there any extra fees I should budget for?
* What will happen when the lease ends?
Can I keep the equipment?
* Will I be able to upgrade when I want to?
* Can I change my lease or end it early?
* Do you finance used equipment?
As you get further along in the leasing
process, more specific questions will pop
up. Remember, there are no stupid questions. Any seasoned rep will have heard
it all and will be thrilled that you are
committed to learning everything you can
about the leasing process.
5. Come Prepared

Besides picking the right lender, being
prepared might be the most important
thing when it comes to getting equipment financing fast. There are three major
documents you can provide to speed up
the approval process: (1) an application
completed in its entirety, (2) past bank
statements, and (3) an equipment quote
with vendor information and pricing. Each
document is important in its own way.
The application provides all the information a rep needs to get started with
your lease. It will often ask for your basic
business and owner information, the
type of equipment you are looking for
and a signature that allows the company
to start moving forward. Make sure you
fill it out as completely as possible. This
keeps the back and forth with your sales
rep down to a minimum.
Next up are the ever-important bank
statements. Bank statements are a huge
factor in deciding what kind of financing
you get. They show exactly how much
money is coming in and out of your
business. Without these documents,
lenders aren't able to determine if you're
a good investment. When it comes time
to apply, have your statements ready to
email or fax over. If you bank online,
some equipment financing companies
use an electronic service to retrieve
documents directly from your bank,
making it even easier for you.
Finally, having your equipment picked
out and a quote ready is incredibly help-

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ful. Equipment financing companies are
investing in you and your equipment.
Your credit check and bank statements
give lenders an idea of your finance history, but they don't tell them why you
need the funds. Without the quote, lenders can rarely get you financing quickly.
Try to have equipment picked out and a
price quote ready when you submit your
application. If you aren't sure where to
get equipment from, talk to your lender.
Most industry specific lenders will have
some great resources available to you.
6. Manage Your Expectations

Everyone wants a good deal. Unfortunately, it isn't always possible to get
everything you want when it comes to
financing. If you choose a good lender,
they will do their best to get you what
you need, but sometimes it just isn't
possible. If your credit isn't perfect or
you missed payments on previous leases,
getting your ideal lease terms might not
be possible. Be prepared and budget
accordingly. That way if your lease terms
aren't the greatest, you can still get
funded and afford the payments.
It's always good to be hopeful for the
best deal, and often times you will be able
to get exactly what you want, especially
if you come prepared and work with an
understanding lender. Just be sure to set
realistic expectations, and don't give up
on financing because it's a little different
than you expected.
7. Build Credit

Building good credit takes time. It won't
help you if you need financing immediately, but it's unbelievably helpful in the
long run. Credit history is one of the main
factors lenders look at. It isn't always a
make-it or break-it element, but it certainly can be. By building up good credit,
getting financing in the future becomes
exponentially easier. Not only will approvals come faster, but the terms are likely to
be better. When it's time to expand or take
on bigger jobs, you'll be ready.
Building credit is especially important
for new businesses. Getting on the right

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November/December 2016 | 11
SGIA Journal Graphic November/December 2016

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