Are you looking to buy new equipment’s for your business? Then you have four choices when it comes to business equipment loans: a Chattel Mortgage, a Hire Purchase Agreement (rent to own), an Operating Lease, and a Finance Lease. Each of these different options is associated with corresponding tax, accounting, and residual value risks. Consulting an equipment finance broker is always a good idea. You need experts to help you determine arrangement is most appropriate for your needs.
An equipment finance broker will act as a mediator between you and the lender, ensuring that you get the most advantageous terms. What are the benefits you can enjoy when hiring an equipment finance broker? Here are some of them:
• Professional negotiation - They will negotiate on your behalf so you can get the most optimum loan terms for any type of equipment and/or machinery you might need for your business.
• Higher rate of approval - If you happen to be a start-up business with no little to no credit history, your chances of getting approved for an equipment loan via a direct application are low. An equipment finance broker can package your application so that lenders feel more confident in approving your loan.
• Safe time - Spare yourself from all the paperwork and hassle of doing all the negotiations and transactions by yourself. Hiring a mortgage broker allows you to focus on your business.
• Unbiased advice - Equipment finance brokers are independent. Lending officers who work for particular banks or lending institutions might need to fill a quota or push a certain product, so they are not the best sources for unbiased advice. A broker can give you impartial recommendations on which terms are more beneficial to your goals.
An equipment finance broker will act as a mediator between you and the lender, ensuring that you get the most advantageous terms. What are the benefits you can enjoy when hiring an equipment finance broker? Here are some of them:
• Professional negotiation - They will negotiate on your behalf so you can get the most optimum loan terms for any type of equipment and/or machinery you might need for your business.
• Higher rate of approval - If you happen to be a start-up business with no little to no credit history, your chances of getting approved for an equipment loan via a direct application are low. An equipment finance broker can package your application so that lenders feel more confident in approving your loan.
• Safe time - Spare yourself from all the paperwork and hassle of doing all the negotiations and transactions by yourself. Hiring a mortgage broker allows you to focus on your business.
• Unbiased advice - Equipment finance brokers are independent. Lending officers who work for particular banks or lending institutions might need to fill a quota or push a certain product, so they are not the best sources for unbiased advice. A broker can give you impartial recommendations on which terms are more beneficial to your goals.
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