In plain terms, many businesses are used to the Bank’s pace of doing business. And the bank takes it really slow. In many cases, it can take several days to a week to get an approval for an equipment financing deal, never mind then getting the actual funding handled. And this is after you’ve already spent hours gathering your tax returns and financial records to bring in. 

In contrast, we built our service around speed. We’ve approved some customers for their equipment loan in less time than they spent in the bank’s lobby waiting for the loan officer. Literally, and with nearly zero paperwork.

To us, the speed and ease of equipment financing is very important. And it can be very important to our customers. Because many times, a business needs new equipment fast. There have been instances when a needed machine unexpectedly broke down. Or was irreparably damaged in an accident. And the company is in a holding pattern until they get another one. That’s never good.

Not to brag (ok, maybe it is a bit of a brag), but we’ve “saved the day” more than once, because we provided funding the very same day the machine went down. The machine failed overnight, we were called in the morning, and by the time the business day ended, approvals were made, documents were signed, and another machine was purchased, complete with rush shipping and an extended maintenance plan (that was financed as well). 

We began business in 1989, and transaction speed was our hallmark even back then. But the internet has made everything faster, and we’ve continually invested in ourselves to make our process as fast as possible. Because, as we like to say, NOBODY waits for Crest Capital! 

SIMPLICITY!

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!!!

Errr, that’s it? Really?

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.