Equipment leasing has numerous benefits for growing companies. A good leasing arrangement might help your small business attract needed equipment to improve productivity as well as to generate additional profits.
Do you wish to obtain the best possible equipment lease for the company? Do you wish to save your time, getting hit with hidden fees and botched performance with the leasing company? Ensure you follow this checklist:
o Start your research to get a leasing company at the start of the lease planning process – it requires time.
o Set priorities to the form of apartment marketing company transaction you are seeking. Consider criteria including lease rate, payment amount, impact of lease on financial statements, flexibility of lease terms, amount of lease, power to have the equipment that you need.
o Try to find at least 3 to 4 leasing companies to bid on your lease transaction.
o Look for leasing firms that focus on the form of transaction you are looking for. Some leasing companies focus on some kinds of equipment, on certain size leasing transactions, on certain size customers or on certain industries.
o Start your search for any leasing company with others you realize. Talk with your attorney, your accountant, your banker or colleagues with your industry who may have leased equipment.
o Call your industry trade association or major equipment leasing associations for recommendations. Four leading equipment leasing trade associations’ websites are: elaonline.com; eael.org; uael.org; and naelb.org.
o Get enough info on prospective leasing companies to judge their: expertise and experience; reputation; and ability to execute. Get several customer and vendor references for each and every leasing company. If you can, get a Dunn & Bradstreet report for each and every leasing company. Try to find lawsuits, judgments against them, severe payment delinquencies and/or poor financial performance – all of these indicators can point out a leasing company that may not deliver!
o Investigate lease bidders online. Check Google.com to determine whether prospective leasing companies come in any newsworthy articles or perhaps in any group discussion/message boards. Try to find unresolved problems, fraud, financial problems, awards, or success stories.
o Make certain prospective bidders fit in with a number of the most important trade associations for equipment leasing. While membership does not guarantee integrity or expertise, the majority of the associations set standards of conduct for members and also have some type of policing.
o Avoid high-pressure lease sellers. If a leasing company representative says any situation that constitutes a significant misrepresentation, walk away.
o And ultimately, avoid giving lease deposits and/or advance rental payments to lease brokers. Brokers usually do not provide the financing directly and, owning your money, represent a prospective credit risk.
Deciding on the best leasing company will save you considerable time and cash. You will get quicker lease turn-around, better pricing and terms, and avoid major blunders. Be keen on leasing companies with good reputations, long records and high service standards. And also by every means, use this checklist.