A Guide to Equipment Leasing for Small Business Owners
Leasing equipment is a great option for a business owner who needs new technology of equipment but can’t afford it outright. Leasing allows smaller monthly payments, often without a large down payment. In addition, you often have the option of returning the equipment at the end of the period, giving you additional options.
The Leasing Process
Equipment leasing has a number of steps, which we’ll go over to give you an idea of how it will typically work.
Step 1: Applying
You will complete an equipment leasing application. You will want to have your businesses financial data available during this part of the process, as it will often be required.
Step 2: Processing
The lessor will process your application and get back to you with results. This often takes no more than one to two days.
Step 3: Review the Details
If approved, you will review and finalize the lease structure, including the APR and monthly payment. This will conclude with signing the documents and resubmitting them. You will also pay your first payment at this point.
Step 4: Documents and Payment
The lessor will receive and accept the documents and payment, at which time you will be notified the lease is underway and you may accept delivery of equipment.
Step 5: Release of Funds
Funds will be released within one to two days to you or the manufacturer you will purchase equipment from.
You will want to research potential lessors and examine them just as they will you. Look for a lessor who will work with your business as a partner. This might be seen in the background or experience they have with businesses like yours or it might be related to positive references you speak with.
Learn More About Equipment Leasing Options
If you are interested in making an equipment leasing order, but need financing, we can help. Contact us at Growth Lending Group to find out more about what we can do for you by calling 203-349-8584 or using our contact form.