Do you know why it’s important to request an equipment leasing quote?
If you use equipment leasing, you’re going to have monthly payments. This could either help or harm your business. Making a partnership with an equipment leasing company that charges low payments can help you keep a healthy budget. You can improve your operations without hurting working capital.
But if you make a partnership with an equipment leasing company with high monthly payments, you might end up mired in financial instability. That’s why you need to request an equipment leasing quote before choosing an equipment leasing company.
The quote gives you an idea of your future monthly payments, and lets you compare companies. However, finding a company with a low equipment leasing quote can be a challenge. So in today’s blog post, we’ll talk about finding equipment leasing companies.
Find the Best Equipment Leasing Company
Finding equipment leasing companies with the best equipment leasing quote isn’t that hard. You can always use the Internet. Just search for the best equipment leasing quote among companies in your area.
However, that’s not the only thing you should check in an equipment leasing company. Low monthly payments would mean nothing if their services aren’t helping your business. That’s why, despite the importance of the equipment leasing quote, it shouldn’t be your sole criterion for choosing an equipment leasing company.
We’ll talk about some of the other criteria here. But first, we’ll talk about how to narrow down the field to the worthiest equipment leasing companies. That way, you’ll only need to get equipment leasing quotes from the best options afterwards.
Look for the Best Equipment Leasing Company Nearby
It’s always a good idea to search for an equipment leasing company near you. That way, you can visit their premises if you need personal assistance with something. Get suggestions from your business colleagues. Getting recommendations can help you find the best equipment leasing quote later.
You can also find nearby equipment financing company and equipment leasing companies through the Internet. You can often request an equipment leasing quote from these companies’ websites too. Try to find testimonials and reviews of each equipment leasing company. This is easier if your recommendations have come from colleagues, of course.
If you found your equipment leasing companies on the Internet, you often have to settle for online application and reviews. These may be less reliable because they can be faked. To get more perspective, consider contacting the purchased equipment leasing company’s past clients. Ask several questions about their services.
In this way, you’ll have a sense of each company’s quality even before you get to an equipment leasing quote.
Set Standards in Choosing
The easiest way to determine the best lessor among your options is to check their expertise. In particular, check if they have experience serving others in your industry.
The lessor can better help you maximize your equipment lease if they have experience in your industry. Make sure too that the equipment leasing company is transparent with their terms and capabilities. This helps you ensure that they can provide the equipment you need.
Other than that, check that they meet certain standards for an equipment leasing company. A reasonable equipment leasing quote is just one of those, as you’ll see below.
1) Seek a Good Equipment Leasing Quote
Ask the equipment leasing company if they can give you an equipment leasing quote. An equipment leasing quote will give you an idea of how much you’re going to pay during your contract with a particular company.
Each equipment leasing company charges differently. That’s why the equipment leasing quote will be different from one company to another. The idea is to request a leasing quote from each company you’re considering. Afterwards, compare the quotes for the best value.
But as I said earlier, don’t just pick the one with the best equipment leasing quote. Look for other qualities that make a good equipment leasing company.
2) Look for Good Communication
The lessor shouldn’t just offer the best leasing quote. They should have good communication skills as well. The financed equipment company should be able to answer your questions right away. They should tell you everything about your equipment lease. They should even be able to explain to you how they calculated their equipment leasing quote.
In other words, there should never be “blurry areas” in your dealings with them. Be wary of the construction equipment leasing companies with bad reviews regarding their communication. It’s likely that they’re hiding something (like unusual fees) if they don’t communicate well with clients.
Besides, even if they aren’t hiding anything, they won’t be easy to work with. You should only strike up business partnerships with those who communicate smoothly with you.
3) Pick One That Knows Its Limitations
The best equipment leasing company should be honest about what it can and can’t do. Their honesty shouldn’t be just about their equipment leasing quote. They should also be willing to admit their limitations. For instance, if you ask a company if they can offer leasing contract extensions, they should answer right away.
Don’t trust a company that hems and haws over it in a bid to get you to quick and easy way to sign a contract with them. Avoid getting an equipment lease from a company that pretends they can do it all. There’s a high chance that you’ll end up being disappointed later.
4) Get One with Years of Experience
It’s best to work with a company with a lot of experience. That helps you ensure that they can provide the best equipment lease for your business. Avoid making a partnership with a company that’s only been in business for a year or two. Don’t choose the best equipment based on a great equipment leasing quote alone.
Go for the equipment leasing company with experience even if their equipment leasing quote is a little bit higher. Experienced companies are more reliable and more likely to stick to the terms of their agreement. They can even assist you during your equipment lease. For example, they may give you expert advice on how to get the best from your equipment leasing.
5) Look for Those with Different Types of Lease Agreement
Pick an equipment leasing company that offers different types of lease agreement. This can help you secure the best equipment leasing deal for your particular circumstances. Usually, you can choose between capital and operating leases.
The capital lease gives you both the benefits and drawbacks of owning the equipment. The leased equipment will appear on your business’s balance sheet. With the operating lease, on the other hand, the equipment won’t appear on your balance sheet. The lender still owns the equipment. Pick the best lease agreement that will suit your business needs. Talk to each equipment leasing company to see what they can advise.
This will help you save money, along with a good equipment leasing quote.
Get Equipment Leasing from Trust Capital
If you’re planning to use equipment leasing and equipment acquisition, get it from Trust Capital. They give a transparent and honest equipment leasing quote to all comers.
Trust Capital is one of the finance companies most preferred by business owners in different industries. Their company offers financing solutions for different types of business different types of equipment. Unlike many other finance companies, they’re transparent and will give you all the information you need regarding your chosen leasing program. You can also rest assured that the equipment leasing quote you get from them is accurate.
Furthermore, Trust Capital offers the best interest rates for business financing and equipment leasing. Of course, the interest rates also depend on your credit score and type of business. If you have a good credit score (650), you’ll have a low monthly payment. But if your credit score is below 650, you’ll end up having a higher monthly payment. The same is true for those with startup businesses.
With Trust Capital, however, even the higher rates are usually better than those at other leasing companies. Moreover, don’t worry if you have a low credit score. Trust Capital doesn’t turn away applicants with poor credit. If you're trying to get equipment financing with bad credit, then Trust Capital will look at a businesses cash flow instead of their personal credit history. In addition, Trust Capital doesn’t just provide the necessary funds for clients. They also help their customers use those funds in the way that’s best for their businesses.
Trust Capital has an online equipment financing calculator that can quickly give you payments based on your funding amount and good credit. You can customize the online equipment financing quote to your time in business and fico score range. You can go a step further and apply online and see what you qualify for instantly with a soft credit pull.
Final Thoughts on Equipment Leasing Quote
In this blog post, we talked about the importance of an equipment leasing quote. We also talked about how to use it and other criteria to choose a good equipment leasing company. It’s important to request an equipment leasing quote from equipment leasing companies. This will give you an idea of how much you'll pay during the course of your leasing contract.
Naturally, it's best to make a partnership with the company that shows the best equipment leasing quote. However, don’t use the equipment leasing quote as the sole basis in choosing an equipment leasing company. You should look for other aspects of their services as well.
The ideal equipment leasing company has years of experience and knowledge of different industries. They should also have good communication with clients and provide an accurate equipment leasing quote. If you want to get the best and most accurate online equipment leasing quote, contact Trust Capital at 866-458-4777.