Top Five Things You Should Know Before Purchasing Equipment with Equipment Financing
The advantages of adding new equipment are endless. It gives you the ability to become more efficient in your work, increase your revenue, and even reach to new markets. Before purchasing your new equipment, we put together a quick guide to help with your research. Top five things you should know before purchasing equipment with equipment financing:
1. Financing Helps Your Business Grow
The number one reason why some businesses fail is that they simply do not have enough cash in the bank. Instead of spending all your savings at once, think about spreading the cost of the new equipment over time. Equipment financing helps you break down the cost of the equipment into affordable monthly payments. Not only does this help keep your business liquid, but it also lets you use your cash in other areas—and in return your business
2. Find a Reputable Lender
Finding an equipment financing company that keeps your business goals in mind. Form a relationship with one that works tirelessly to help you get the equipment financing you need at an affordable rate. Next, look at their reputation. How long have they been in business for? What are their reviews like? With over 18 years of experience, Brickhouse Capital has been providing financial solutions to business. Whether it is small or mid-sized businesses, Brickhouse Capital has aided the growth of businesses across the United States.
Whether you purchase five times per year or once every five years, you will work directly with an account manager who knows your business and your individual needs.
3. Get Familiar with the Process
1. Step one—submit a quick and Easy Online Application.
2. Discuss your business goals with an account manager.
3. Brickhouse will submit your credit package for approval
4. Sign documentation through Docusign.
5. You accept the agreement, and start using your equipment!
4. How to Qualify
With the experience Brickhouse Capital has in equipment financing we always get creative and consider a wide range of criteria to get you approved at the best rate.
Here are some items we look to get you approved:
– Cash flow
– Equipment type
– Personal Pay History
– Business Pay History
– Time- in Business (for start-ups we look at experience and personal liquidity)
5. Establish Business Credit
If you want your small business to grow, establishing business credit is crucial. Get started early on building good credit within your business because businesses can’t expect to grow without access to bank loans or outside financing. As your small business builds credit over time, its reputation with lenders becomes stronger and more secure. This puts your company in a better position to acquire the equipment it needs to bring in more revenue.
We have unsurpassed response times and our clients notice how simple & efficient a financing activity can be working with us. Acquiring new equipment isn’t always the easiest, but working with Brickhouse capital—we will keep your goals in mind. With over 18 years of experience and our supportive customer service we can help you with your equipment needs to grow your business. Start the conversation today