Equipment leasing has many benefits for growing companies. A positive leasing arrangement can help your business make needed equipment to increase productivity in order to generate additional profits.
Do you want to acquire the best possible equipment lease on your company? Would you like to save your time and energy, getting hit with hidden fees and botched performance by the leasing company? Be sure you follow this checklist:
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o Start your quest for any leasing company early in the lease planning process - it will require time.
o Set priorities for the sort of lease transaction you would like. Consider criteria for example lease rate, monthly payment amount, impact of lease on fiscal reports, flexibility of lease terms, volume of lease, capability to obtain the equipment which you will want.
o Try to look for at the very least three or four leasing companies to bid on your lease transaction.
o Look for leasing companies that target the type of transaction you are seeking. Some leasing companies specialize in certain types of equipment, on certain size leasing transactions, on certain size customers or on certain industries.
o Start your quest for the leasing company with folks you already know. Check with your attorney, an accountant, your banker or colleagues with your industry that have leased equipment.
o Call your industry trade association or the 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 more knowledge about prospective leasing companies to gauge their: expertise and experience; reputation; and skill to execute. Get several customer and vendor references for each leasing company. If you're able to, get yourself a Dunn & Bradstreet report per leasing company. Look for lawsuits, judgments against them, severe payment delinquencies and/or poor financial performance - all of these indicators can examine a leasing company that could not deliver!
o Investigate lease bidders online. Check Google.com to see whether prospective leasing companies come in any newsworthy articles or in any group discussion/message boards. Look for unresolved problems, fraud, financial problems, awards, or successes.
o Be sure prospective bidders participate in a number of the main trade associations for equipment leasing. While membership does not guarantee integrity or expertise, a lot of the associations set standards of conduct for members and possess some type of policing.
o Avoid high-pressure lease sellers. In case a leasing company representative says any situation that produces a significant misrepresentation, vanish.
o Not only that, avoid giving lease deposits and/or advance rental payments to lease brokers. Brokers don't supply the financing directly and, owning your dollars, represent a prospective credit risk.
Selecting the best leasing company could help you save time and effort and cash. You will receive quicker lease turn-around, better pricing and terms, and get away from major blunders. Be partial to leasing companies with good reputations, long records and also service standards. And by every means, use this checklist.