Checklist for Choosing an Equipment Leasing Company

Lease ups

Equipment leasing has lots of benefits for growing companies. A good leasing arrangement might help your business make needed equipment to raise productivity as well as to generate additional profits.

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


lease-ups

o Start your research for any leasing company at the outset of the lease planning process - it will take time.

 

o Set priorities for the form of lease transaction you would like. Consider criteria like lease rate, payment per month amount, impact of lease on fiscal reports, flexibility of lease terms, level of lease, power to have the equipment which you will want.

 

o Search for a minimum of 3 to 4 leasing companies to buying your lease transaction.

o Seek out leasing companies which target the sort of transaction you are seeking. Some leasing companies specialize in certain kinds of equipment, on certain size leasing transactions, on certain size customers or on certain industries.

o Start your search to get a leasing company with folks you realize. Check with your attorney, an accountant, your banker or colleagues in your industry who've leased equipment.

o Call your industry trade association or perhaps 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 evaluate their: expertise and experience; reputation; and skill to perform. Get several customer and vendor references for each leasing company. If you possibly could, get yourself a Dunn & Bradstreet report for each leasing company. Seek out lawsuits, judgments against them, severe payment delinquencies and/or poor financial performance - any of these indicators can point to a leasing company that can not deliver!

o Investigate lease bidders online. Check Google.com to determine whether prospective leasing companies can be found in any newsworthy articles or perhaps any group discussion/message boards. Search for unresolved problems, fraud, financial problems, awards, and or testimonials.

o Make sure prospective bidders belong to one or more of the main trade associations for equipment leasing. While membership won't guarantee integrity or expertise, the majority of the associations set standards of conduct because of their members and also have some type of policing.

o Avoid high-pressure lease sellers. In case a leasing company representative says anything that constitutes a significant misrepresentation, leave.

o And finally, avoid giving lease deposits and/or advance rental payments to lease brokers. Brokers tend not to provide the financing directly and, owning your dollars, represent a possible credit risk.

Selecting the most appropriate leasing company will save you time and effort and money. 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 and service standards. And by every means, utilize this checklist.