You have the perfect business plan, a list of equipment that your business requires and now all you are looking for is just the right kind of“Equipment Financing” company to get your business rolling. Thanks to the various financing companies out there that help you cover and spread the cost involved in purchasing/ leasing an equipment over a couple of months and in some cases even years. If you are looking at financing heavy equipment; there are finance companies out there that can help you with a modified leasing program that will perfectly balance your equipment and financing needs

However, before you decide to take the final plunge and sign on the dotted lines; there are some key points that will be useful no matter what your business trades in. The Small Business Loan Central gets you some valuable key information and a checklist that you should consider before you make a final decision on deciding the equipment finance company that will help finance your dream business plan:

• Doing your homework right! Don’t forget to do the credit check of the Equipment Financing company: You have got your business, money, and equipment on a stake. Make sure that you have done enough research about the financing company that you decide to go with. Its always better to go with the one which has been into the field of equipment financing for decades and enjoys a good reputation for its services.
• Getting an easy and quick approval: Once you are convinced of the credibility of the finance company, be sure they mean what they say in terms of approving your financing/ leasing needs. Most companies come up with the “approval with 24hrs” bait; but if the company is genuine enough then they should not make the equipment financing procedure a nightmare for you. If everything is in place from your end, the approval should be fairly quick and easy.
• Used equipment financing, could you be needing it in the future?: You might want to re-look at your equipment requirements, maybe not immediately but sometime in the future, do you think you could require preowned equipment? If the answer is yes, in that case, make sure that your financing company can accommodate the requirement for financing used types of equipment. Meeting your financing requirements whether for new or used equipment from a single source of financing will prevent you from the hassle of running in two different directions.
• Financing software like an ERP system: Most companies require ERP systems. Checking if the company finances ERP systems will not be a bad idea. Generally speaking, many equipment financing companies really don’t fuss much overwriting a software lease.
• How much do you end up paying: If you are approaching a reputable financing company, they are sure to give you competitive rates. Plus, you can always negotiate.
• Be Contract smart: Read your contract carefully and ask questions, making sure you understand your responsibilities as well as your options. Pay special attention to terms and conditions, policy around renewal (if any), foreclosure, deadlines etc. Seek legal advice if needed.

Equipment Financing is definitely a good way of having the necessary equipment that you need for your business. Keeping in mind the key points and timely professional consultation will make the process and transition easy and convenient.