Equipment Financing: The Key to Growing Your Business
Equipment financing is an essential process for businesses to acquire the necessary equipment to operate and grow. In this article, we will discuss the equipment financing process, including the steps involved and the benefits of equipment financing.
Steps Involved in the Equipment Financing Process
- Determine equipment needs: The first step in the equipment financing process is to determine the type of equipment needed and the desired specifications. This will help businesses to identify potential lenders and financing options.
- Research lenders and financing options: Once equipment needs are identified, businesses should research potential lenders and financing options. This may include traditional banks, specialized equipment financing companies, or online lenders.
- Submit application: After identifying potential lenders, businesses should submit an application that includes financial statements, credit history, and equipment specifications. Lenders will review the application and determine the loan amount, interest rate, and repayment terms.
- Review and sign loan agreement: Once the loan terms are determined, the lender will provide a loan agreement that outlines the terms and conditions of the loan. Businesses should carefully review and sign the loan agreement.
- Receive funding and purchase equipment: After signing the loan agreement, businesses will receive funding from the lender. The funds can then be used to purchase the necessary equipment.
Conclusion
The equipment financing process involves several steps, including determining equipment needs, researching lenders, submitting an application, reviewing and signing a loan agreement, and receiving funding. Equipment financing offers several benefits, including improved cash flow, tax benefits, and flexibility. For businesses looking to acquire the necessary equipment to operate and grow, equipment financing can be a valuable tool.
Discover Our Quick Equipment Financing Process
Astrum Capital will approve an equipment financing deal in 24 to 48 hours and fund the equipment financing deal the same day.
Application Process
Credit Review
Our credit department assesses the status of the applicant. The application may be approved within minutes or additional information may be requested. Once approved, we make great effort to provide you with the best possible rate and the lease terms requested.
Lease documents, along with detailed instructions, are faxed, emailed, or overnighted to you for signature. A purchase order is sent to the vendor(s) once you are satisfied and have signed and sent back to us the appropriate documentation.
Purchase Order, Pre Funding, Delivery, & Final Payment
Once the vendor has the purchase order and/or pre funding, the vendor will ship the equipment and schedule installation. After successful installation, we call you for verbal verification that the equipment is in good working order. In some cases, a delivery inspection may be requested.
After verbal verification, the vendor is paid in full and the lease starts.
Customer Service is Our Priority
Astrum Capital’s equipment financing specialists are dedicated to providing full service by being available to answer your questions at any time and to resolve any difficulties that may arise. At all times, control of the process is in the hands of the customer. The lease does not start until you specifically authorize us to pay the vendor, not before.
