Equipment Finance Tips For Everyone: Shop For Rates

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This is the second in a series of four posts about equipment finance that we hope will be useful for small businesses. Enjoy!

So you took our advice from yesterday and created your plan to replace your equipment. Now you need to start figuring out how you’re going to get that financing.

Now, I happen to work for an equipment finance company. I can tell you that if you were to click on this link, you would find equipment finance options. Obviously, I’d advise you to check us out, but my advice is a little bit wider in scope today.

Shopping around for the best price is so important. If your business has ever gone for equipment—heck, if you’ve ever gone shopping for a new car for personal use—you know you don’t settle on the first thing you see. You look at different dealers, haggle over price and seek the best deal for yourself.

Equipment finance shopping should never be different. If you’re making an investment in your company’s future that you will have to pay back over the coming months and even years, you want to make sure you’re making payments on the best equipment finance loan or lease possible.

Here’s a handful of factors to think about when you’re looking:

  1. Terms of financing. How much are you going to have to pay monthly and over the life of any loan? Are there harder hits early on or late in the life? Carefully study terms so you’re not surprised.
  2. Length of loan. Are you going for something that can be paid back in smaller increments over a very long time, or are you looking to get the debt off your books as soon as possible?
  3. Customer service. Superlative customer service is not ubiquitous. If you have to deal with an equipment finance company for a while—and you will—it might as well be a good one.

Also, bring your plan with you. If you have expectations and limits in terms of how much you can pay, over what length and the kind of financing you want, you can get to the point much more quickly with whichever lender you end up choosing.

Check out Direct Capital’s equipment finance programs today, and talk equipment finance in the comments. It’s a good first step in any future journey to obtain financing.

Photo credit to clix at http://www.sxc.hu/photo/1009690

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