How to Choose an Equipment Finance Company
When looking for an equipment finance company for your business needs, it’s important to do your due diligence, and research your options. This will help you make an informed decision based on your company’s financial needs. You will find everything from upstart lenders to large, well-known firms that have been in business for decades. This Envision Capital Group blog post features some important things to look for when choosing an equipment leasing company.
Positive customer reviews online:
It’s not uncommon for equipment leasing companies to promote how long they have been in business, how many customers they have, and how much they have funded over the years. This information is usually featured prominently on website home pages. While this can be important, it doesn’t say much about the customer experience. In today’s business world, there are customer reviews on countless websites, but it can be hard to tell which ones are real or fake. So, look at the most recognized customer review websites that help companies proactively collect verified reviews from actual customers, and that cater to the B2B sector. Also, look online to see if the leasing companies on your shortlist have a YouTube channel with case studies and video testimonials. Listening to what customers have to say about a leasing company will give you a good idea of what it’s like to work with them.
Depth of expertise. Choosing a financing company that has experience in your specified industry will be advantageous. Imagine how efficient the process will be with a company that knows as much about financing as it does about your business sector. Large financial institutions tend to focus on everything, as a result they don’t have the depth of expertise in the financing arena. Envision Capital Group, on the other hand, offers more specialization, and we have finance consultants who focus on a specific industry (or industries).
A transparent process:
It goes without saying that an equipment financing program with a competitive rate and the right term will be high on your “needs” list. That’s because you want to maximize every dollar you invest, and keep your cash flow intact. However, finding an equipment financing company that offers low rates is just part of the equation. You need to determine if they will be a good fit for your business needs. To do this, look at more than the company’s website and don’t hesitate to call and ask about their application process (it should be simple), approval requirements (they vary for each funded deal), speed of processing, and (custom) payment schedules.
Single point of contact:
Having a single point of contact (with your equipment finance company) who is accessible whenever you need them is critically important. Make sure you find out who will manage your account once you become a customer. Your designated equipment finance specialist will be familiar with your business and your equipment financing needs. This knowledge means they can handle your requests and inquiries in real-time, saving you “time”. Developing a strong working relationship with your account manager translates into a more streamlined equipment financing process, which is crucial to the success of any business.
Choosing the right equipment finance company could be the most important decision you make for the future of your company. Ask the tough finance questions to multiple finance companies. Compare the answers. Know your options. If you feel pressure to “sign”, walk away.
If you have questions for Envison Capital Group please call 888.779.6989 and ask for Dan Lund.