There are several ways to get financing and rental of commercial equipment. The most important tool today you have is the Internet. You can search literally hundreds of companies that provide equipment and leasing equipment. This allows you to shop and find the best deal and in the current environment, it can make all the difference.
The first thing you should look for is a company that provides financing for your industry. Many companies for the past few months have moved from certain industries on the grounds that they are at high risk. The best is to call a financial company before filling any paperwork just to make sure they are still in your industry or at the moment now, still in business. After you collect a list of companies that offer financial and rental, your next step is to prepare the required documents. All financing companies will have their own standards, but I will try and show standard documents.
The first document that you will be asked to fill is the application. This will include information such as full name, address, social security number, work and information about the equipment you need funded. This is quite clear why companies need this information but the most important reason is to check your credit score. In the world today, your credit score is more important than ever done. In the past, you can still get loans with bad credit. These days have long lost. Most financial companies are looking for people with quality credit scores and will not give you time of day if you have bad credit. In some cases, banks and financing companies will work with you but will need a significant guarantee. The best is waiting until your credit is increasing because you will also get a better interest rate.
After you receive the initial consent of a financial company, some companies can approve the application only depend on the requested amount. However, you might have additional steps such as collecting bank records and your tax history. Some companies will want two years of tax history and six months of bank reports. Based on the equipment you buy, you might need a specification sheet (Spec Sheet). This can be sent from dealer suppliers or equipment to direct financing companies. This for the most part includes the standard documents needed to get your equipment financed. After the loan document has been signed and returned, the lender will wire or overnight check the cashier to the vendor. You can then take your equipment.
Finally, I want to conclude with some important tips on getting your financial agreement or rent. It is important to read every piece of paper to ensure that you fully understand the provisions of the lease or loan. In most cases, your rent or loan payment will start from 24 months to 72 months. If you go with a leasing, try to get a one-dollar purchase clause attached to the end of your time. This is very important because the life of the leased equipment will last longer than the term you pass.