Checklist for picking a tool Leasing Company
Lease ups Equipment leasing has lots of benefits for growing companies. A great leasing arrangement might help your organization generate needed equipment to boost productivity in order to generate additional profits. lease-ups Would you like to acquire the best possible equipment lease to your company? Would you like to avoid wasting your time, getting hit with hidden fees and botched performance by the leasing company? Be sure to follow this checklist: o Start your pursuit for the leasing company at the start of the lease planning process - it takes time. o Set priorities to the form of lease transaction you are looking for. Consider criteria such as lease rate, payment amount amount, impact of lease on financial statements, flexibility of lease terms, volume of lease, power to obtain the equipment which you will want. o Look for at least 3 to 4 leasing companies to invest in your lease transaction. o Look for leasing firms that pinpoint the sort of transaction you are seeking. Some leasing companies concentrate on certain types of equipment, on certain size leasing transactions, on certain size customers or on certain industries. o Start your pursuit to get a leasing company with others you already know. Talk with your attorney, your accountant, your banker or colleagues inside your industry who've leased equipment. o Call your industry trade association or perhaps the major equipment leasing associations for recommendations. Four leading equipment leasing trade associations' websites are: elaonline.com; eael.org; uael.org; and naelb.org. o Get enough specifics of prospective leasing companies to guage their: expertise and experience; reputation; and skill to perform. Get several customer and vendor references for each and every leasing company. If you can, have a Dunn & Bradstreet report for every leasing company. Search for lawsuits, judgments against them, severe payment delinquencies and/or poor financial performance - some of these indicators can point out a leasing company that can not deliver! o Investigate lease bidders online. Check Google.com to determine whether prospective leasing companies come in any newsworthy articles or perhaps in any group discussion/message boards. Try to find unresolved problems, fraud, financial problems, awards, and even success stories. o Be sure prospective bidders participate in one or more of the most important trade associations for equipment leasing. While membership will not guarantee integrity or expertise, almost all of the associations set standards of conduct because of their members and have some kind of policing. o Avoid high-pressure lease sellers. If your leasing company representative says something that creates a significant misrepresentation, leave. o Not only that, avoid giving lease deposits and/or advance rental payments to lease brokers. Brokers tend not to give you the financing directly and, owning your cash, represent a potential credit risk. Deciding on the best leasing company will save you a lot of time and cash. You will receive quicker lease turn-around, better pricing and terms, and prevent major blunders. Be partial to leasing companies with higher reputations, long records and high service standards. And also by all means, use this checklist. |
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