Commercial Equipment Financing
Tips & Advice to help you make your decision on Commercial Equipment Financing
Whether you are setting up a new business, expanding an old one or updating your equipment, commercial equipment can be a heavy financial burden. Sinking your available capital into the equipment you need may impact your cash flow and liquidity and may not be the best move. Conversely, you may not have the funds available to pay cash for what you need. If you find yourself in one of these positions, commercial equipment financing may be what you need.
Financing your equipment needs can preserve your cash on hand for other needs. It can also generate some tax benefits that your accountant can explain in great detail. With both of these aspects in mind, you may want to talk to a lender who specializes in commercial equipment financing. They can assess your needs and explain the options you have when comes to long or short term financing.
Take some time searching for the right lender. You will have an ongoing relationship with them for some time so it should be a mutually beneficial one. Business.com can help you locate lenders who offer this type of financing for businesses like yours. Make sure to ask lots of questions, check out their website and any reviews on them you can find before settling on one.
Commercial Equipment Financing Tips
How to get financing for your commercial equipment.By Wes Ross, Marketing Prudential Leasing Inc. Buying commercial equipment is not like buying a home or car. When buying commercial equipment, you are investing in your livelihood. Even after finding the equipment you need your only halfway there. You will need financing. Thanks to the internet, this has never been easier. Many Finance and Leasing companies such as Prudential Leasing, Resource Diversified Services (RDS) and others have gone digital to reach out to businesses nationwide. These companies have given the small business a chance to compete in their industries. What I have found most valuable about this is how much money and time is saved by these companies providing all the information needed to their clients. Here is just an example of one:
* New or Used Equipment - Heavy, Medium, and Light Duty
* Titled or Non-Titled Equipment
* Non-Recourse to the Dealer/Vendor
* Application Only Programs
* Competitive Rates
* Special Finance Programs to people who have had credit programs
* All Business, Medical, Trucking and Construction Equipment
* Owner Operators OK, 2 years experience
* Over the Road OK
* Small Truck fleets OK, no minimum fleet size
I found that there are usually three things you need to start the process to get approved:
1. Credit Application
2. Last 6 months bank statements
3. Complete Spec Sheet with VIN # and mileage.
This breakdown gives consumers a general outline of what is needed in order to get the financing and leasing they need. Finally, I wanted to talk about the importance of communication. I find that most industries have stopped focusing on communicating with their clients. I, along with the businesses I mentioned above believe it is important for clients to have access to their finance partners. Even if you can’t walk up to their front door and ring the bell, companies must provide some form of visual or vocal contact. Being able to talk to someone in person or over the phone makes you feel like a human being and not just number. I think this is one of the most important things in business; to have a direct line of communication with the client.
Where to Start: I would recommend the following two companies: Commercial Truck Financing
Commercial Equipment Financing
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