Find a Good Equipment Finance Company

If you’re opening a business, you’ll soon need to find a good equipment finance company to outfit your offices or construction site with the tools you need to get started. Few small business owners are blessed with the capital needed to buy their various machines outright. Even if you did have that capital, there are other places where it would probably be better spent. Starting a new business takes money and it’s usually not a good idea to put all of your eggs into a basket filled with labels like “cash registers” and “ice machines”. What are you going to do with all that stuff should your business go under, like so many do? While positive thinking is always key, that doesn’t mean you should be stupid with your money. Here are some things to look for in a good rental or financing company.

Naturally, you’ll want to find an equipment finance company that has favorable rates. That doesn’t mean just finding one with good prices, although that’s important as well. You can always expect to pay a little more when purchasing your supplies in this way. That’s fine, because you’re saving capital by going about your outfitting in this method. But you should be highly cognizant about what you’re being charges in terms of interest. Shop around. See who is offering the best rates. You don’t want to be paying for your purchases three years after you’ve moved on to something else.

Another thing that is very important is to find an equipment finance company that is concerned with speed. Some companies like to drag out their process, leaving you hanging for days or weeks while you try to finalize a deal. This is unacceptable. A company should be able to make a deal within hours, assuming everything is correct and in order. You shouldn’t have to wait another six weeks for your stuff to arrive. You’re likely on a tight schedule in terms of getting your business up and running. Don’t let something like this keep you from being able to open your doors on time.

If you already have a substantial amount of equipment, it might make sense to find a company willing to buy it off your hands. This is particularly true when it comes to construction equipment, which can be notoriously hard to get rid of. Not everyone, after all, is in the market for a bulldozer. If you can find a company that you can build an ongoing working relationship with, it could provide you with a profitable way to get rid of equipment you’re no longer using.