Choosing an Equipment Financing Company

choosing an equipment financing company

Estimated reading time: 3 minutes

When looking for a business lender that offers equipment financing, it is essential to do your homework and research your options. This will help you make an informed decision based on your business’s needs. You will find everything from upstart lenders to large, well-known lenders that have been around for decades. This Balboa Capital blog post features some important things to consider when choosing an equipment financing company.

A simplified process.

An equipment financing plan with a competitive rate will probably be high on your wish list. That is because you want to maximize every dollar you spend 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 small business. To do this, look at the company’s website, and do not hesitate to call and ask about their equipment financing application and approval requirements, turnaround times, and payment schedules, among others. As a busy small business owner, you want a simplified process that makes the entire process convenient.

Single point of contact.

Make sure you find out who will manage your account once you become a customer. Having a single point of contact accessible whenever you need them is far more efficient than having your account passed around to different people. In addition, a single point of contact will be familiar with your business and your equipment financing program.

This knowledge means they can quickly handle your requests and inquiries, which is a time-saver. Over time, you will develop a working relationship with your single point of contact, which translates into a positive experience.

Industry specialization.

Choosing a financing company with experience in your particular industry can prove quite advantageous. Imagine how efficient the process will be with a company that knows as much about financing as it does about your business sector.

Positive customer reviews online.

It is not uncommon for lenders who offer equipment financing 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 is impressive, it does not mention the customer experience. There are customer reviews on countless websites in today’s business world, but it can be hard to tell which ones are real or fake.

Therefore, look at the most recognized customer review websites that help companies proactively collect verified reviews from actual customers and cater to the B2B sector. These include Birdeye and Trustpilot. Also, look online to see if the financing companies on your shortlist have a YouTube channel with case studies and video testimonials. Listening to what customers have to say about a business lender will give you a good idea of what it’s like to work with them.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.