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2022: The Year of Working with Equipment Financing and Accounting Professionals

by Benefits of LeasingBusiness AdviceFinancing

The Global Financial & Leasing Services (GFLS) team works with business owners across the country who operate companies in a wide variety of industries. While their products and/or services can be quite different from one another, there are universal truths that apply to all businesses. One is eventually the time comes that working with outside professionals is a must. Doing so gives you more time to focus on running your business, which is what you do best, and it gives you the expert insight needed to help your business grow.

Those outside professionals include marketing, sales, insurance, human resources and more. GFLS’s expertise is in equipment financing, which ultimately is affected by the numbers—your accounting.

Working with companies, both big and small, to finance their equipment, our team understands the business growth cycle. Startups and small companies often rely on one in-house employee or the owner to handle the finances. Sure, accounting software and cloud services make it a bit easier, but when combined with other duties, it quickly becomes too much. Customer service and revenue generation are top priorities, so accounting often gets placed on the backburner.

It’s understandable, but it’s avoidable. If you don’t already, make 2022 the year you work with a professional accountant (CPA). There are numerous benefits gained out of this relationship.

You’ll “know your numbers.” No doubt you’ve heard the phrase “let’s run some numbers.” Business owners must know their numbers, and you’d be surprised how many don’t. We’re not talking general balances and such, but rather knowing the numbers and how they affect business today and long term.

You’ll be prepared when the time comes to finance or lease equipment. Your numbers pertain to obtaining equipment because an equipment financing lender will need to see your financials to put together a financing/lease plan that works best for you. Having an accountant means that this is a much easier request to fulfill compared to you spending time getting your books in order.

You’ll be able to take advantage of tax-saving strategies. Most business owners aren’t tax specialists, so you could be leaving money on the table. CPAs are experts in developing short- and long-term tax strategies specific to your business and industry and help ensure you are taking your due deductions. In terms of equipment financing, a CPA can help your business benefit from tax considerations, like the Section 179 deduction, as well as determine the implications of an operating versus capital lease.

Read more: How do capital lease tax advantages compare?

You’re more likely to attract new partners or buyers for your business. New partners or buyers are considering making a financial investment in your business. Initially, the nature and/or success of your business is likely what attracts them. Eventually, the conversation will turn to the numbers. The numbers will tell a story themselves, but having an accountant behind them speaks volumes about the serious way you run your company and can bring peace of mind to the decision process.

There’s a strong argument that in a chicken-egg contest, your equipment financier and accountant are the two outside professionals who can guide and support your businesses growth to the point where it makes sense to hire other professionals full-time. Which comes first? The accountant. Not having your financials professionally buttoned up is a red flag for new partners, buyers and equipment purchase or lease financing companies, like GFLS.

If you’re considering financing equipment, talk to your accountant and talk to us. As a direct lender, GFLS is able to approve credit with our in-house funds, and the typical turnaround time is 24 to 48 hours. When other lenders say no to financing equipment, GFLS can often say yes, so tell us about your financing needs and let’s take a look at the numbers.

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Yes, Virginia, Companies Really Do Believe in Vendor Financing

by Financing

From startups to global corporations and from cash-flush to cash-strapped companies, they all take advantage of and benefit from vendor financing. In fact, the Equipment Leasing and Finance Association (ELFA), reports nearly 8 out of 10 U.S. companies rely on some sort of financing to obtain equipment, which is used to grow their businesses and thus contribute to our country’s growth and employment numbers.

Global Financial & Leasing Services (GFLS) partners with vendors to offer their customers equipment financing in the following industries:

  • Healthcare/Medical
  • Restaurant
  • Construction
  • Machinery/Manufacturing
  • Forestry/Logging
  • Automotive
  • Printing

Why Do Capital-Rich Companies Finance Equipment Purchases or Leases?

There are many reasons. Financing equipment purchases or leases often is a part of a forward-looking, strategic financial plan. Keeping a large amount of cash on hand is attractive to banks and investors, plus dramatically increases the odds a company will survive an unexpected event, like a pandemic, natural disaster, etc.

The question arises, “If a company is in an attractive financial position, why don’t they seek traditional bank financing?” The answer is simple: big banks require a lot of application paperwork and can take weeks or months to decide whether they are approving or rejecting the loan. Companies don’t have that kind of time to waste, especially if they win a project, find a super deal on equipment or need to act quickly for any other reason. Not to mention, bank financing is just another added step. Vendor financing streamlines the process and can even remove any barriers your customers might have in the purchase or lease decision.

Financing an equipment purchase or lease comes with numerous benefits compared to making a large outlay of cash. And, by partnering with GFLS for vendor financing, your customers can:

  • Typically get 100% financing without a down payment via ACH or wire
  • Keep their working capital to fund other business objectives, such as expansion or increasing their workforce
  • Benefit from tax considerations, like Section 179  associated with purchase financing
  • Generate revenue with the equipment they finance
  • Add additional costs such as sales tax, delivery and installation to the financed amount
  • Build their Business Credit profile

LEARN MORE: How Venders are Becoming an Attractive Source of Equipment Financing

What About Companies with Less-Than-Perfect Credit or Little Cash on Hand?

For these types of businesses, having the ability to finance the lease or purchase of the equipment they need can make or break the company. While they are not big banks’ target customers, they can be your customers when you partner with GFLS, which ultimately grows your sales numbers.

GFLS works with all credit tiers. Our financing decisions are based on a company’s story, not just the credit score. Our team gives decisions in 48 hours or less. This is very attractive for your customers who don’t have the time or desire to jump through big bank financing hoops or the credit score to make them creditworthy in big banks’ eyes.

With the Right Partner, Vendor Financing is a Win-Win

Your customers are going to finance their equipment purchases and leases. Rather than lose out on sales opportunities to competitors who do offer vendor financing, partner with GFLS and bring your financing in house or offer financing to your customers who aren’t or won’t be approved through traditional means.

Together, we can provide essential equipment, quick credit decisions and convenience with a streamlined application process. In the end, you’ll be providing a better customer experience for all, resulting in more sales and higher customer retention rates when it’s time to buy new or upgrade.

Bottom line: if anyone questions whether companies are interested in vendor financing, yes, Virginia, they really are.

Submit an Equipment Vendor application today. If you have questions, contact our team for answers.

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Do You Have Skeletons on Your Business Credit Report?

by Business AdviceFinancing

The Time to Find Out is Before Applying for Equipment Financing

For small business owners, your personal credit history plays a role in obtaining essential use business equipment financing. However, lenders also draw a correlation between your personal credit history and your business credit report—the belief being that people tend to treat their business accounts much like they do their personal accounts. If you’re a new small business owner, your personal credit history will take precedence over any business credit history you’ve yet to build. But, if your business is established, your business credit report pulls more weight on an equipment financing application.

Before Applying for Equipment Financing is the Time to Find and Clean Up Any Skeletons

A lender can certainly review your business credit report prior to approving credit. Lenders use this report to verify the information you provide on your credit application. You’ve probably heard stories about applicants being caught off guard by what a lender finds, especially if the finding(s) is inaccurate. Business credit bureaus have been known to make mistakes, and it falls on the business owner to review his or her report to ensure it is accurate.

LEARN MORE: How to Improve Your Personal Credit Before Financing Business Equipment

Dun & Bradstreet is the largest and most common source for business credit reports. The firm receives its information for credit reports from various sources, much like individual credit reporting bureaus, including Equifax, TransUnion and Experian. Before a lender orders your business credit report, you should obtain a copy to verify all data it contains is correct. Doing so gives you the opportunity to remove inaccuracies and time to repair any credit blemishes as much as possible.

Request a Copy of Your Business Credit Report

Dun & Bradstreet offers a free business credit report. You can order it online.

10 things to review for accuracy on your business credit score are:

  1. Your official business name, as well as any trade styles (DBAs).
  2. Your physical business and website addresses.
  3. Your business SIC/NAICS code.
  4. Your business ownership entity (corporation, LLC, etc.) and number of years in business.
  5. The name(s) of your business’s officer(s) and work experience.
  6. Any data regarding business history, company events, ownership and/or location changes, etc.
  7. Any financial information you’ve opted to list.
  8. Your payments score. You can challenge late payments if you have proof they were made on time.
  9. Any business liens, lawsuits and loans.
  10. Public record information, such as UCC filings, tax liens or legal judgments. You can dispute any inaccurate public record information with the credit reporting agency.

How Often Should You Check Your Business Credit Report?

Protecting your business credit history is just as important as reviewing your personal credit report from time to time. Regular reviews not only ensure accuracy, but also can alert of identity theft if you notice accounts open in your name that you did not open.

Have a question about how business and personal credit reports affect your equipment financing application? Talk to one of our staff members. We’re happy to help.

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Taking the Mystery Out of Applying for Equipment Financing

by Business AdviceFinancing

With the Right Lender, the Process isn’t Scary

Our team at Global Financial & Leasing Services (GFLS) has heard some pretty scary stories about the process for applying for equipment financing with other lenders, not to mention awaiting credit decisions. The stories range from applicants filling out pages upon pages of tedious financial information to lenders stringing them along only to deny credit. In the end, applicants are left without the equipment they need for their business or starting the entire process over again with a different lender in hopes of a different result. Either way, time and frustration can be avoided if you have a clear understanding of the application process and work with a lender willing to work with you.

Look for a Simplified Financing Application

Take a look at GFLS’s equipment financing application. Beyond basic contact information, such as name and email and phone, you’ll notice there just five additional questions directly related to your business and equipment you’d like to finance—your industry, the finance amount, gross annual sales, years in business and intended use.

That’s all we need to get the ball rolling. Not so scary at all, and it’s worked for us and our customers who need financing for essential use equipment since 2009. How does it work? Global Financial is a direct lender able to finance almost any business seeking to acquire equipment. Even applicants who have been denied credit by the big banks due to prior bankruptcy, student loans, tax liens or bad credit can be approved via our in-house funds or relationships with more than 200 private label and public banks.

Choose a Streamlined Application Supported by Personal Customer Service

Whether this is your first or 15th time applying for equipment financing, there’s bound to be some anxiety associated with waiting for a credit decision to be made. Our simplified application process aims to decrease that anxiety, but it’s our team that truly makes a difference. We understand that nothing makes the experience smoother than simply staying in touch and keeping you up to date with where your application stands.

What makes applying for credit so scary with big banks is the lack of communication and lag time between submission and either approving or denying credit. GFLS’s entire equipment financing process is transparent. Once you submit your financing application, our team reaches out to you. Then, expect to receive daily updates on your application’s status, and more importantly, feel free to speak directly to our credit decision makers.

In the market for used heavy equipment? See what we have for sale.

Work with the Right Direct Lender

Your financing application only reveals part of the bigger picture of you and your business. If you have B- or C-tier credit or a startup company, working with a direct lender who’s willing to listen and look beyond numbers is important. Along with credit scores, we believe in character and treating every applicant with respect and kindness.

As a direct lender, GFLS is able to approve credit with our in-house funds, and the typical turnaround time is 24 to 48 hours, not weeks or months. When other lenders say no to financing essential use equipment, GFLS can often say yes, so tell us about your financing needs.

Work with a financing partner who takes the mystery of our equipment financing for small and mid-sized business. Contact us or start with your application.

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How Vendors are Becoming an Attractive Source of Equipment Funding

by Benefits of LeasingFinancing

Startup business financingBorrowers are Seeking Vendor Financing, and Vendors are Seeking Reliable Partners

Consumers today expect financing options. Long gone are the days when banks were the sole source of funding. In fact, some would argue that big banks have held on so tightly to the old ways of financing business equipment that they have become consumers’ least favorite source. Whatever the reasons, there is an opportunity for vendors to move into that space where banks once ruled. Vendors who don’t are leaving money on the table.

Why are Consumers Turning to Vendor Financing?

Banks are notorious for hoops through which applicants must jump. And, many applicants won’t meet banks’ stringent requirements for a loan. With vendor financing, consumers have more flexibility, especially when the vendor works with a lending partner committed to closing sales.

Consumers can explore financing a higher priced piece of equipment rather than settle for less expensive machinery priced within the bank’s approved amount. This is a win-win for both vendor and consumer since a higher sales price results in a higher revenue per sale for the vendor and the customer obtain the equipment best suited for his or her needs.

Why are Businesses Partnering with Reliable Vendor Financing Companies?

With the right partner in place, there are several ways vendor financing benefits your business.

Expanded customer base. By offering in-house financing, more consumers across a credit score spectrum will be able to finance directly through you.

Control over your financing program. An in-house vendor financing program lets you control how your customers’ purchases are financed. Partner with a company, like Global Financial & Leasing Services (GFLS), who will tailor a financing program that works for you and your customers.

Be more competitive in a competitive marketplace. Consumers shop around, and when all things are equal, will choose the best offer. Having a finance partner in place means application decisions are made quickly, helping consumers get the equipment they need faster.

Choosing the Right Financing Partner is Key to a Successful Vendor Financing Program

Talk to our team about how you can increase your sales without taking on financial risk. GFLS works with vendors as a primary or secondary financing partner. Thanks to our streamlined processes, your buyers will have a financing decision in less than 48 hours without any extra burden on your team’s shoulders.

Our strong connections to publicly traded financial institutions means you can expand your target customers from “A-type” credit applicant’s to “B-type” and “C-type” credit and startups. In the end, your sales reps can focus on closing sales, not finding financial solutions.

Five reasons vendors choose GFLS:

  1. They can sell more equipment and help increase profit margins.
  2. They can close sales quickly because we are a motivated credit team who provides fast approvals.
  3. They can expand their sales offers to buyers who don’t have capital on hand.
  4. They get a tailored program at no cost to them.
  5. They receive 100% payment of the invoice via wire or ACH.

Our team works with vendors in a variety of industries and can help you provide the financing your customers need to keep your financing in house and your customers happy.

Submit an Equipment Vendor application today. If you have questions, contact our team for answers.

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Why You Should Partner with GLFS for Vendor Financing

by Business AdviceFinancing

Partnering with GLFS for vendor financing can benefit your business in many ways.

First, having an in-house vendor financing program can open up more buying opportunities for clients and expand your client base. With in-house financing by GLFS, more potential buyers will be able to afford more and better equipment, and buyers who don’t qualify for traditional loans will not be excluded from your customer base. This will improve your bottom line by increasing order sizes and accepting more potential clients.

An in-house vendor financing program with GLFS also gives you more control over how your buyers’ purchases are financed. Our team will work with your company to create a program that works for you. With your best interest and preferences in mind, we will design a financing program with terms that work for everyone.

Finally, a vendor financing program can be a deciding sales factor when faced with a comparable offer from another vendor. If your company can streamline the process of obtaining financing for equipment sales, then the buyer will most likely choose your offer to save time and get the equipment they need faster.

Submit an Equipment Vendor application today. If you have questions, contact our team for answers.

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Global Leasing & Financial Services Steps Up When Big Banks Don’t

by Business AdviceFinancing

When Other Lenders Say No, We Often Say Yes

In the wake of the pandemic and other market disruptions, business owners are understandably struggling with uncertainty, especially when it comes to financing large equipment purchases.

Financing equipment through big banks can always be rather challenging for businesses. However, in recent times, banks are taking fewer risks, meaning there less money out there to fund financing. Even companies with perfect credit scores struggle through the approval process, and those with blemishes on their credit reports are at an even greater disadvantage.

That’s why smaller lending firms like Global Financial & Leasing Services (GLFS) step up to help small businesses. Since 2009, GLFS has set out to provide small and mid-sized companies with the financing they need to make essential equipment purchases. Unlike big banks, GLFS looks beyond your and your company’s credit score to find a financing solution that works for you.

Why We Started GLFS

GLFS was founded to provide equipment financing alternatives to major banks. Historically, obtaining credit from large financial institutions is tedious and time-consuming. Banks often require large amounts of paperwork to kick off the application process, and decisions can take weeks, if not months. Plus, business owners waste precious time waiting for an approval that may never come.

We started GLFS as a way to make financing more accessible for small and medium-sized businesses with varying credit scores. At GLFS, we look at your business’s full financial picture to make decisions, and small blips or a short credit history doesn’t necessarily mean a rejection. We also aim to provide answers and options quickly, usually in 24 hours or less, eliminating long and frustrating waiting periods.

GLFS is in business to help other businesses by offering flexible solutions for equipment financing across a variety of industries, and we aim to work with you individually to find a finance or lease agreement that meets your unique needs and goals.

The proof is in the numbers. Some of our recent closings include:

  • A medical services company financed a $400,000 MRI imaging system
  • A healthcare company financed a $100,0000 used hyperbaric chamber
  • A logging company financed a $40,000 excavator
  • A general contractor financed a $28,000 Ford F350 truck
  • A construction company financed a $270,000 Vermeer Drill
  • A construction company financed a $30,000 tele handler
  • A construction company financed a $45,000 new Chevy Silverado truck
  • A trucking company financed a $29,000 2012 Freightliner

Is GLFS is a Better Financing Option for Your Business Equipment?

Many small and medium-sized businesses prefer GLFS to traditional banks due to our easy application process, holistic decision-making and personalized approach to lending.

GLFS’s credit application process is designed to be as streamlined as possible, while giving us a holistic picture of your business and needs. We understand that time is always in short supply when running a business, so we designed our application to take up as little of your time as possible.

GLFS gives a more personalized approach to equipment financing. We work with our partners to find lending agreements that will help you reach your goals, and that means providing support during hard times. Contact us to learn more about how we can help your business.

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What Lenders Look for on Credit Reports

by Financing

Hint: It’s Not Just Your FICO Score

Whether you’re a startup seeking your first loan or a veteran looking to upgrade your equipment, you might wonder what lenders actually look for when deciding whether to approve your credit application.

Obviously, there’s your credit score. FICO and similar institutions determine your score by analyzing your debts owed, on-time payments, credit history and hard inquiries.

Most lenders, however, use more than just your FICO score to determine whether your business is creditworthy. They use other indicators of your financial health, such as your debt-to-income ratio to decide whether you’re approved for a loan.

Business Credit Score

In addition to your personal credit score, lenders also look at your business credit score to determine your eligibility. Business credit scores focus primarily on how you utilize your credit, how frequently you open new lines of credit and how quickly you pay off your debts.

Like your credit score, your business credit score provides a metric for lenders to evaluate your company’s creditworthiness. Ideally, you should have a business credit score of 75 or greater, but if your score is not ideal, you can often find loans at higher interest rates.

READ MORE: What Lenders Want to See in a Business Plan Before Approving Your Equipment Financing Application

Payment History

Even if your overall credit score is less-than-perfect, having a solid payment history will help you attain financing for your major business equipment leases or purchases.

Lenders often focus on this portion of your credit report because it reflects whether you’re likely to make good on your debts. A record of on-time payments will work in your favor, but frequent missed payments and bankruptcies may tell lenders that you’re too high-risk.

Paying your bills on time is one of the easiest ways to improve your creditworthiness. It will boost your FICO score, showing lenders that your business is a safe bet.

Assets

To obtain financing, many businesses use their assets to take out a secured loan. Assets like real estate or machinery can be signed on as collateral if you default on your payments, making lenders more likely to approve your request. So, if you have valuable assets, then your business is more likely to be approved for larger financing amounts.

Assets can be particularly important if your business does not perform well on other credit metrics. If you have a high-value asset to use as collateral, then lenders are more likely to overlook bad marks on your credit. However, if you do use assets as collateral, then you should take care to ensure that you will be able to make payments on your loan or risk losing the assets.

Financial Health

Lenders also consider the overall financial health of your business when determining loan eligibility. They will want to look at financial statements, such as your cash flow statement, as well as your debt-to-income ratio.

Simply put, lenders want to see that your business is stable and solid. Income and cash flow statements will demonstrate that your business is generating more money than it spends, and they will show whether you can afford your monthly payment.

One of the most important metrics of financial health that lenders examine is your debt-to-income ratio. To get this number, you can divide your monthly payment obligations by your total income. A healthy business should have a low debt-to-income ratio, which should never exceed 36. If your debt-to-income ratio is low, then you will have an easier time securing funding.

READ MORE: Can You Get Equipment Financing with Bad Credit?

If you need essential equipment to expand your business and are unsure whether you qualify for a loan, talk to the experts at Global Leasing & Financial Services (GFLS). We can help you look more closely at the factors that determine your eligibility and provide guidance for improving your creditworthiness. GFLS is known for providing equipment financing to a wide range of credit tiers, using our internal GFRS funds, bank lines and non-bank providers. We work hard to earn our customers’ trust by providing top-quality products and best-in-class service. That’s why “when other lenders say no, we often say yes.”

Bank client and manager discussing interest rate

It’s Not the Interest Rate That Counts When Financing Equipment

by Financing

Revenue Generated Beats Interest Paid Every Time

Are you worried about financing an equipment lease for your business? You might be thinking, “I need to wait until I pay off this,” or “I’d rather save up for that instead of pay interest rates.” Sound familiar? You’re not alone. Many business owners will put off financing an equipment lease because they don’t want to accumulate more debt, especially if their credit score is less-than-perfect, or they don’t want to take on a monthly payment at the moment.

Putting off large purchases, however, can stunt your business’s growth. New or upgraded equipment can increase your productivity, enhance employee satisfaction and help expand your business. Waiting for the “right time” that may never come can delay taking your company to the next level, not to mention give your competitors time to widen any leads they have.

It comes down to the numbers when you’re deciding whether to finance a major equipment purchase. If new or upgraded equipment will lower your costs or increase your profits, then it may be worthwhile to finance and let the additional revenue generated cover (and possibly exceed) the payment.

What You Profit is More Than What You Spend

When financing equipment, often you can profit more than you spend on the lease. This means that you earn back the cost of leasing as well as interest paid when you invest in new or upgraded equipment. This is the ideal situation, of course.

To see how this works, let’s use an example. Suppose you’re considering financing a machine that would reduce your labor costs by $1,000 per week, which translates to $4,500 per month. Even if your payment was $3,500 per month, you would still save $1,000 per month in operating costs.

Likewise, you may want to lease a machine that will increase your productivity by 10%, which translates to roughly $10,000 in net profit per month. Again, your monthly payment will likely be less than the additional income that your business generates.

Immediate revenue isn’t always possible. Take new businesses or those branching out into another area, for example. In these cases, the equipment financed may be considered essential, but it will take time to become established.

READ MORE: What Type of Equipment Qualifies as “Essential Business Equipment?”

Bottom line: making the right purchases for your business can often increase your bottom line, even if you finance them. It’s simply a matter of crunching the numbers to see if it’s worthwhile in the short and long run.

Why Less-Than-Perfect Credit Shouldn’t Stop You from Exploring Financing Options

Even when the numbers make sense, financing a new purchase can seem impossible if your credit isn’t fantastic. You might be concerned about paying a higher interest rate or that financing will further damage your credit now or in the long run.

Financing necessary equipment can give you an opportunity to build your credit while enhancing your overall business. When leased equipment payments are paid as agreed, your credit score can improve. Lenders like Global Financial & Leasing Services (GFLS) will work with you to ensure that you choose the correct financing for your situation and needs.

READ MORE: Working with a Certified Lease and Finance Professional (CFLP is a Smart Decision

Looking at the big picture is required for making any business decision, but especially when it comes to equipment. You and your lending partner should sit down, run the numbers and make an informed decision that will benefit your company’s long-term goals.

At GLFS, we help business owners in a variety of industries obtain the financing they need, regardless of their credit score. Our advisors will work with you to determine whether a new purchase is advisable, and if so, help you find financing that meets your budget. If you’re considering a major purchase for your company, contact us today.

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Choosing a Lender to Finance Equipment? Don’t Underestimate the Importance of Industry Associations

by Business AdviceFinancing

When financing major business equipment purchases, choosing the right lender from the many out there can boggle the mind. Shady companies and scam artists have flourished in the age of the internet, and sometimes, it can seem hard to tell who’s legitimate and who isn’t.

One of the easiest ways to ensure that you select a trustworthy lender is by looking at professional associations like the American Association of Commercial Finance Brokers (AACFB). These groups have high legal and ethical standards for their members, and they can often provide guidance on specific companies for financing equipment in your industry.

If you plan to make a major purchase, then you will want to deal with business-minded lenders who you can trust. Choosing a lender that is a member of a professional association is an excellent way to ensure that your equipment financing is in good hands.

Why Associations Matter

Associations have high standards for their members to ensure that they are reputable lenders. To join these groups, a lender must pass a variety of tests and background checks proving they are legitimate. Members must also often undergo periodic reviews, and they can be expelled from the organization if they are found to engage in unprofessional or unethical conduct.

Additionally, most associations have strict ethical standards that members must follow to maintain their affiliation. AACFB’s code of ethics mandates that its members are honest and professional in their dealings and are fully transparent with clients and relevant organizations.

What Risks Do Non-Affiliated Lenders Pose?

Non-affiliated lenders pose several risks to any company that uses them. Many of these companies engage in predatory practices, such as charging excessively high interest rates or fees. They also may use pressure sales tactics to lure consumers into accepting less-than-ideal loan terms.

LEARN MORE: 3 Non-Negotiables When Selecting Your Equipment Lease Financing Partner

Financing scams unfortunately are prevalent in the age of the internet. Many fraudsters will build legitimate-looking websites to attract consumers, and they will then attempt to steal your information or money. Typically, they target small businesses with limited credit, offering deals that seem too good to be true. Many of these fake lenders will claim to be affiliated with an organization, so you should take time to verify the validity of the organization and their membership before working with them. Associations keep a list of members on their websites for verification purposes.

Choosing the Right Lender for You

While choosing the best lender for your needs depends on many factors, you should always use a company with official affiliations to legitimate organizations. These lenders must meet strict professional and ethical standards to remain in their associations, making them substantially more trustworthy than non-affiliated ones.

You should also take care to select a lender with expertise in the type of equipment that you plan to finance. Associations can also help you in this regard by providing directories of reputable firms in your field.

Global Financial & Leasing Services is a member of the American Association of Commercial Finance Brokers. We specialize in financing for equipment used in health/medical, construction, restaurant, machinery/manufacturing, printing and logging/forestry. We work with business owners who have less-than-perfect credit.

LEARN MORE: What Type of Equipment Qualifies as “Essential Business Equipment?”

Ready to learn more, let’s talk about the possibilities. Or, get started today by filling out an online application.