Top Three Factors to Consider When Choosing an Equipment Financing Company

Top Three Factors to Consider When Choosing an Equipment Financing Company

Equipment financing is an ideal way for companies to grow and expand without having to outlay large amounts of capital to do so. However, it is critically important that any organization utilizing an equipment financing company ensure that the financing company will meet their specific requirements. Below are the top three factors to consider when choosing your equipment financing partner.

  • Do they have experience in your industry? When contacting potential leasing companies, one of the first things to find out is if they have experience in your industry. Some financiers will specialize in financing options in particular industries. By doing some research upfront, you can quickly learn if the potential provider can offer the level of experience you need.
  • Will they provide references? Checking references should be a standard approach when you are evaluating a potential equipment financing company. If they will not provide at least three to five references, then you should cross them off your list. In addition, it helps if the references are from companies in similar industries or with similar needs. When speaking to the references find out:
  1. Were they treated fairly?
  2. Did they feel like they got the right financing terms for their needs?
  3. Was help provided with the application and paperwork?
  4. Would they work with this equipment financing company again and would they recommend them?
  • Will they create financing plans that meet your specific needs?  Equipment financing is definitely not a ‘one size fits all’ situation.  Make sure the company you work with will come up with a unique plan that suits your specific needs. Also, ensure that they will go over all the payments and terms along with any options so that you fully understand your long term requirements.

Selecting your equipment financing company should not be a process you take lightly. Ultimately, you want an equipment financing expert that is proficient in asset management who can help you keep your business heading in the right direction with the right financial choices. Contact Taycor Financial today work with an equipment financing company that offers personal service, quick turnaround and competitive rates.