Many companies require regular financing for purchasing new or old heavy equipments. These small or medium scale businesses, like restaurants, hospitals, manufacturing and retail companies always look for heavy equipment leasing companies. Getting a loan is not an easy task, many fraudulent leasing companies are in the market who can make fool of you. It is essential to find the right financing company. Lending money from the wrong company can bring you in trouble. It is possible that you lose part of your company or discover yourself locked into uncomfortable repayment terms. A wrong decision can result in serious issues and will hurdle your company’s growth for years.
1. Check history and reviews of the equipment leasing companies online.
Don’t go for fake promises that most of the companies make at the drop of a hat. Always check the history of the equipment leasing company, from how long they are working and what is their reputation in the market. You can also contact leasing company clients and can take their feedback about the company.
2. Check the Client Service of the equipment leasing companies.
To ensure that you do not have to do most of the heavy lifting, you must consider a company that provides the best client services. Also check the approval procedure of a company carefully.
3. Check the offers provided by various equipment leasing companies.
Compare top equipment leasing companies on the basis of different parameters like interest rates, repayment facilities and the down payment offered etc. A lower interest rate can make a difference to your EMI’s and can greatly impact your budget.
4. Check the down payment offered by the leasing company.
Down payment is basically the margin amount paid by the borrower. If you don’t want to pay much for the down payment, then consider a company which offers Zero down payment.
5. Check the processing fee and late fee.
Some companies charge a lot in the name of processing fees. Always make sure that the fees are nominal.
Keeping these points in mind when selecting a finance company can make the difference between the success and failure of a lease agreement.