Checklist for picking an Equipment Leasing Company

 

Equipment lease ups has numerous benefits for growing companies. A positive leasing arrangement can help your organization attract needed equipment to raise productivity as well as to generate additional profits.

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Do you want to acquire the best possible equipment lease for the company? Would you like to save your time and energy, getting hit with hidden fees and botched performance through the leasing company? Make sure you follow this checklist:

o Start your search for a leasing company at the beginning of the lease planning process – it will take time.

o Set priorities for that kind of lease transaction you are seeking. Consider criteria for example lease rate, payment amount amount, impact of lease on financial statements, flexibility of lease terms, level of lease, capability to get the equipment that you might want.

o Try to find at the very least three to four leasing companies to buying your lease transaction.

o Seek out leasing companies which focus on the sort of transaction you are looking for. Some leasing companies specialize in some types of equipment, on certain size leasing transactions, on certain size customers or on certain industries.

o Start your research for a leasing company with folks you realize. Seek advice from your attorney, an accountant, your banker or colleagues with your industry who 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 more knowledge about prospective leasing companies to judge 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 for each leasing company. Search for lawsuits, judgments against them, severe payment delinquencies and/or poor financial performance – these indicators can indicate a leasing company that will not deliver!

o Investigate lease bidders online. Check Google.com to find out whether prospective leasing companies can be found in any newsworthy articles or even in any group discussion/message boards. Try to find unresolved problems, fraud, financial problems, awards, and even successes.

o Make certain prospective bidders participate in one or more of the main trade associations for equipment leasing. While membership will not guarantee integrity or expertise, most of the associations set standards of conduct because of their members and still have some type of policing.

o Avoid high-pressure lease sellers. If a leasing company representative says whatever produces a significant misrepresentation, disappear.

o And lastly, avoid giving lease deposits and/or advance rental payments to lease brokers. Brokers don’t provide the financing directly and, owning your money, represent a potential credit risk.

Deciding on the best leasing company could help you save lots of time and funds. You will get quicker lease turn-around, better pricing and terms, and steer clear of major blunders. Be attracted to leasing companies with good reputations, long records as well as service standards. Through every means, employ this checklist.

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