Application process for equipment financing

If you are looking for Equipment finance, you can choose Speirs Finance for the perfect deal. But before that, you need to know the application profit for it.

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With any equipment financing, it is mainly an excellent idea to must the equipment and the specific make and a seller in mind before you apply to help expedite the process.

If you are going through a credit union, bank, or captive lessor, you will probably need to apply on-site. Online financers, as you might expect, will mainly offer the ability to use via their websites. Both entities will be looking for the following information:

Personal Credit Score: How much of your credit are you using, and do you have a history of paying it back on time?

Time In Business: Has your business been around long enough to be stable?

Debt-To-Revenue Ratios: Are you likely to have the resources to be able to pay your loan and lease?

Your financer will attempt to ascertain all of the above by asking for corroborating documents. You can save yourself some time and grief by having these documents available when you apply:

• Personal identification or driver’s license
• Three to six months of bank statements
• Tax returns statements
• A quote from your equipment vendor
• Some financers may ask for additional information.

After submitting the information, the financer will consider the application and likely do a hard and soft pull on credit. Equipment financing needs to be on the quicker side as bank financing goes. Still, with more substantial investments such as heavy equipment, you may be looking at a lead time as long as weeks to a month or two. If you go with an online lender, the process will be much faster, mainly measured in days though you will probably end up with a higher rate than you would by going through a bank.

If you are approved, the financer will usually directly pay the vendor. However, you may receive the money now to buy the equipment in some less common causes.

Are you qualified for heavy equipment financing & is it right for your business?

Heavy equipment is not cheap. Even with generous financing, you are looking at a significant financial burden. Consider the investment you’re making and to what degree it will directly contribute to your revenue. Does it make more sense to rent or to own?

To qualify for heavy equipment financing, you’ll want to have a credit score of at least 620, preferably higher. Leases, which don’t involve down payments, usually have a higher credit requirement than a comparable loan. That said, don’t assume that you cannot get financing even if your credit is under 620; there may be high-risk lenders willing to work with you for a price.

If you are looking for Debt Restructure, Used Asset Finance, Asset Loans, or any other finance, you can choose us for a perfect deal.