Let's get you going on both the inside track and the fast track! Let's start with a typical situation many of our clients find themselves in. Business isn't bad, but it isn't great. You see the potential to significantly grow revenues and profits with the addition of new equipment. This new equipment gives you the opportunity to grow.
Where do business owners go when they need such financing. Typically most owners consider Canadian chartered banks. If you can achieve bank term loan financing and can support your transaction with strong financial statements and good personal credit that is a viable option.
However, many business owners find themselves ' cash poor ' and not always able to meet more stringent bank criteria. Enter equipment leasing companies! Your best bet for financing / leasing long term assets.
Why is the equipment leasing strategy so powerful and virtually guaranteed? Powerful for many reasons - some of the key ones being that you can often achieve 100% financing of the asset, the approval time compared to other types of financing is basically ' rapid ' to say the least, and finally, it a whole separate subject in some cases, but its safe to say that many accounting and tax benefits accrue to this type of financing of small and large assets.
Can we add anything else to our ' power strategy ' on the offering of equipment leasing companies - We sure can. This financing is flexible. Payments and overall structured are geared to making your transaction work in the best economic light.
We once read that equipment leasing approvals are more ' adventurous ‘! We're not so sure that is the best use of the term, but what we can say is that your chances of getting a lease approved is significantly higher than almost any other type of financing you could get for those new large or small assets .
So whats the best way to implement power strategies for Canadian equipment leasing and financing. You need to know that equipment leasing companies focus on the following - your years in business, your industry, the type of equipment you are financing, and the general credit quality of your company. In many cases for smaller transactions only one simple application is required. Larger asses will require some financial due diligence on your financials and prospects, but approval still comes as quickly more often than not.
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