The first step in working with an equipment leasing company is the application. The application usually consists of information including company name, contact information, type of business and information about the equipment you wish to lease.
The equipment leasing application will give the leasing company the information it needs to evaluate if your business is a good fit for their services. The smoother the application process is, the faster your company can get the equipment you need.
There are several things you can do to help ensure a smooth application process:
Make sure all information is complete and all information provided is accurate.
The application process could be delayed if the equipment leasing company needs to follow up with you regarding questions that have not been answered or information is missing. All information requested on the leasing application is critical for the leasing company to evaluate your business. Additionally, if the information provided is incorrect it could slow down the due diligence and underwriting process that the equipment leasing company goes through to verify all of your information.
Include as much documentation as possible including AR, AP, balance sheet, P&L, tax returns, financial statements, etc
All of these items are needed when looking at your application so if you provide them quickly and upfront the equipment leasing company won’t be delayed in reviewing them. With most equipment leasing companies requiring at least the last three years of comparable information on your company and any guarantors to accurately make a decision.
Provide all details about the equipment
In order to determine the specifics of the lease the equipment leasing company needs as much detail about the equipment as you can provide. It is important that you provide complete and accurate information including the equipment specs, actual invoices, brochures, expected purpose, value and appraisal.
Be forthcoming when answering all questions in the application- honesty is key!
As stated above, the equipment leasing company will have an underwriter review your documents and if discrepancies are found the application process can be held up.
Getting you your equipment as quickly as possible is the goal for any equipment leasing company. These tips can help you and the leasing companies ensure the application processes is smooth and you get the equipment you need.
