Almost every business needs to acquire new equipment from time to time and more often than not businesses look into equipment leasing. I don’t think anyone simply picks an equipment leasing company randomly but when it comes time for your business to work with an equipment financing company, what should you consider?
First, does your equipment financing company work with other businesses that are your same size and type. If you’re a small business and you try to work with a leasing company who only does business with large corporations, you may realize that you have to jump through many more hoops to get established with them. You may find yourself working through the process only to get part way through only to be told that you don’t have the type of reference or history they are looking for. Make sure that any leasing company you’re considering does business with companies that are like yours, whether that means in age, vertical, annual earnings, or number of employees. The process will go much more smoothly when the leasing company understands your type of business.
Second, does the dollar amount and type of the equipment you’re looking to finance fit in their normal size of equipment lease? Some leasing companies specialize in software leasing while other companies only write leases greater than $50,000. Make sure that the leasing company you’re considering working with can accommodate your needs within their normal programs. When you do that, you’ll be with a company who understands your business and who can offer you the best terms.
Third, are they easy to reach? Meaning, can you speak to a person if you have a question or issue? Some large equipment leasing companies make it nearly impossible to speak to a person when you need to. You don’t want to get lost in a phone tree or have to wait on hold for hours just to ask a question about your lease.
Lastly, what do other businesses say about them. Today it’s easy to find out what others think of a business. From the BBB to third party online review sites, find out what the general consensus is for that company so you don’t choose a company that will be hard to work with in the long run.
ELEASE works with small to medium sized businesses across the country. We have clients who have leased everything from kegs and brewery equipment to clients who have leased computers and office equipment and we’ve helped new businesses and established ones with their leasing needs for more than 20 years. Our team of financial specialists can work with your business to find the right lease for your company and it’s always easy to reach a human at eLease, so give us a call at 800-499-2577 today.