A question I am often asked is why should I use an Equipment Finance Broker? What are the advantages and how will I benefit?
Using an Equipment Finance Broker offers many benefits and advantages including:
Equipment Finance Broker Advantage – More Choice!
By using an Equipment Finance Broker, you have more Lenders competing for your business.
For example, at The 500 Group we have access to many Specialist Lenders, including all the major Banks.
Greater choice delivers more options and flexibility.
Equipment Finance Broker – Highly Competitive Finance!
Strong competition between Lenders opens the door to better pricing, terms and conditions.
As mentioned previously, some Lenders favour financing particular types of equipment or industry sectors. This specialisation:
- Promotes a better understanding of the industry
- Can result in a greater willingness to lend on more favourable terms
Using an Equipment Finance Broker gives you access to a far larger pool of possible Lenders.
Equipment Finance Broker – Improved Negotiation Power
Negotiating with large financial institutions can be tough for a small business. It can also absorb a considerable amount of time.
An Equipment Finance Broker can assist you level the playing field because of the volume of business we write.
Avoid Costly Mistakes!
Purchasing equipment often involves critical decisions around ownership, tax, structuring and product choice.
An experienced Finance Specialist is needed because if you get it wrong, contracts can be very expensive to unwind.
Cashflow – Avoiding the Pain!
Cashflow is the lifeblood of business. It is not enough that you can afford the repayments. This is only part of the story.
Critically, and too often overlooked, is the need to structure repayments to your cashflow.
No two businesses are the same. Cashflow can be affected by seasonality, lag-times associated with installation and commissioning, other maturing facilities and much more.
As a business owner, I understand the importance of cashflow!
I appreciate what can go wrong. I therefore give particular attention to structuring of facilities when I am working with my clients.
Save Time
Researching, comparing, and understanding finance offered by different Lenders can take a considerable amount of time!
Because of cashflow implications, tax etc. it involves far more than simply the headline interest rate.
An Equipment Finance Broker will take the time to understand your situation. Armed with this, they will then undertake research to match your needs with suitable Lenders.
They will then manage the process for you through to settlement.
Using an Equipment Finance Specialist gives you back that most precious commodity – time!
Summary
Using an Equipment Finance Broker offers many tangible benefits to business owners.
By accessing a panel of Lenders, you enjoy greater choice and benefit from the gains that competition can deliver.
They can also help you avoid expensive mistakes and ensure that the loan repayments are structured to your cashflow.
If you are considering Equipment Finance and would like to learn more, don’t hesitate to get in touch.
