Sometimes you’re in need of equipment and in a time crunch. Deadlines and projects coming up, so you’ll slip up and try to make a deal with the first equipment finance company to pop up on Google. Time is of the essence and you want your equipment as soon as possible, there’s no warning signs that tell you not to work with any company, right?
We’ve heard this horror story way too many times. The highly-rated finance company suddenly starts ignoring your phone calls and stops replying to emails. The Approval process that was only supposed to take a few days – ends up taking months! Or they can come up with curveballs like additional requirements like personal collateral or larger deposits. Your project gets delayed and you lose out on crucial revenue that you were depending on. Either way, you’re left feeling deceived and scammed.
It’s all preventable, here’s our 3 list of common mistakes made when choosing an equipment finance company.
The first mistake you want to look out for – is their online reputation. Does this company take the time out to respond to critics? Do they maintain their Google Reviews or Yelp page? Some of the largest Equipment leasing companies often can’t even be found on Yelp! They change their company name just enough to avoid their bad reputation following them. A company being proactive with their reputation means they’re a reputable company and care about their clients. The quote “A reputation takes years to build and just seconds to ruin” seems true here.
The second thing you want to do is make sure everything is clear in your agreement. Before you send over any deposit, you’ll want to look over at the documents that you’re signing and what you’re agreeing to. Doesn’t that sound like common sense? It might be, but you’ll be surprised how often it’s overlooked. Reading between the lines prevents any surprises from coming up in the future. Other companies may try to raise your payments or slip in additional fees.
The final mistake that we see all too often – Don’t go with the first company to respond. You want to make sure that you pick a company that you’re comfortable with. You’re going to be spending thousands of dollars financing equipment with them. It’s important to make sure that everything feels right. For example: It’s important to pick an Equipment Leasing company that understands your needs. You don’t want to go with a large corporation that has no experience in your industry, whether it’s craft beer or CNC machinery. Better yet, be cautious of the company that insists they’re the jack of all trades.
Here at Providence Capital Funding, we know our companies limits. Our company has over 100 years of combined industry experience so we can accurately get deals funded and processed through our different warehouse lines. Hey, it’s no secret that there are a dime-a-dozen different equipment finance companies out there. While we would love to work with you, we feel it’s our duty to help inform and shed light on this industry.
Hopefully, Providence Capital Funding comes up in your search for a straight-forward equipment finance company. Try our Equipment Payment Calculator to estimate your monthly payments and if you’re ready to get a quote. Fill out our Quick Quote request and one of our expert representatives will reach out within hours!