This is reason one of my ten-part series “why an equipment financing company beats the bank if you are looking to finance or lease equipment.” The fact of the matter is this – the simplicity of working with an equipment financing company trumps the painfully thick paperwork file the bank will want you to sort through.
C’mon, let’s go to the bank and ask them for a loan. First, we have to wait while sweet Mrs. Swanson picks out her new checks (I see she went with poodles this year.) Now we sit with the loan officer…. And he has us fill out a loan application (3 pages). Then he wants our tax returns for the last 4 years. I think they’re in the back of the storeroom, behind those old copiers that don’t work but we’re saving because… ok, we don’t know why we’re saving them. Then he wants our financial statements. This means going to the accountant, who is always incredibly busy and lets us know this intrusion is really not appreciated. Oh, let’s not forget to list all of our collateral… we did bring a list, right? With proof it’s worth what we say it’s worth (otherwise, we may need an independent assessment). And HOW much is the minimum balance we plan to keep in the bank?
Ok, we get it all together, and wait… a week. Or two. They’ll get back to us.
The above is fairly typical. And a lot less fun than it sounds (and it doesn’t sound all that much fun, either.) Maybe the only saving grace is the bank might give you a lollipop.
Now let’s go to my equipment financing company to get the same loan.
We go to an online form from the comfort of your office (boy, you have a nice office!) We fill it out – took maybe five minutes. We get an answer in a day. A big fat YES!!!
Yes, really, that’s it. An equipment financing company is so much easier to work with, it almost boggles the mind. We don’t like paperwork, and we don’t like waiting around. Sure, we don’t have poodle checks and lollipops, but you’re ok with that, right?
That’s just one reason an equipment financing company is better than a bank. There are nine more to come. 🙂