How to Apply for Equipment Finance
Applying for equipment finance isn’t anywhere near as difficult as it used to be. With most lenders able to accept, or reject, an application in a matter of weeks (and even days in some cases), waiting times are at an all-time low. As a result, millions of dollars change hands every year between lenders and their borrowing customers.
The best way to apply for this type of financial support for business purposes, is by hiring an agent to act as both the middle-man and the negotiator. These experts work in much the same way as mortgage brokers; by sourcing the best deals that are available, comparing the latest interest rates and then helping their clients to decide on the most beneficial option for their needs.
Loan brokers don’t just help with the above; they can also offer advice to their clients, as well as being able to negotiate specific conditions with lenders to better benefit the borrower. These experts are highly recommended by a variety of official agencies – simply due to the fact that in a day and age where saving cash is very important, they can help to minimise expenses from the offset.
Whether you’ve opted to hire a broker, or if you’re planning on tackling your application alone – the next thing that you will need to do is approach banks with a notice of interest. This will demonstrate to the lender that you are looking to secure a loan on behalf of yourself, or your business. They will then perform basic financial checks to verify that you are a viable customer (and one that will repay what they owe), before offering their services.
When working through a broker, it’s these services that will be compared with those offered by other lenders. Once the cheapest and most advantageous deal has been decided on, the borrower will be able to proceed with their application – and if all goes well, enjoy a fresh influx of cash that can be spent on the equipment that they need, whilst repaying what they owe in increments.