The Balloon Payment (or Residual) is the final payment needed to finalise an equipment or…
For many business owners, the equipment finance process can seem a bit overwhelming and frustrating.
This has been compounded further by COVID-19. Lenders are cautious, seeking additional information, and timelines can be protracted.
Equipment Finance Process – It’s Not All Bad News!
Whilst obtaining finance from your existing Bank requires less information, as a Finance Broker, I can help ensure the rate and structure are truly market competitive. (If not – I will negotiate on your behalf to achieve the right outcome)
I will also ensure the right product is chosen so ownership and taxation benefits can be maximised.
Equipment Finance Process - New Lenders
Be Upfront - No Surprises!
Larger Equipment Finance Requests - Know Where You Stand
In cases where clients have a larger finance request or a complex group, we strongly recommend completing one of our Loan and Bankability Assessments before approaching the market.
This is a powerful and robust process we have developed to help deliver better outcomes for our clients.
Entering finance negotiations without knowing where you stand is a poor negotiating strategy!
Treat Finance Information Requests like a Tennis Match!
First impressions count, whether it be with your existing Bank or a new Lender!
The Lenders all require information to allow them to consider your finance request.
Think of it like a tennis match. When they request information the quicker and more professionally you can “hit the ball back over the net” – the more likely you will enjoy the outcome you are seeking.
If you would like to learn more about the Equipment Finance process and the information you need to provide, give me a call.
I can also provide you a great quote from our panel of Lenders, which includes the major Banks!