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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.

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Frequently Asked Questions About Commercial Vehicle Leasing & Lease Financing

by Business AdviceFinancing

Frequently Asked QuestionsGlobal Financial & Leasing Services (GFLS) offers financing for commercial vehicle leases. Even though these vehicles are put into service in several different industries, our team fields some common questions from business owners that apply regardless of line of work.

Here are the questions about commercial vehicle leasing and lease financing we’re asked most often.

For what types of commercial vehicles do we finance leases?

GFLS finances leases for just about every type of commercial vehicle, ranging from basic work pickups to delivery trucks for local routes and intrastate routes, as well as vehicles used in industries we specialize in, including construction, forestry and logging.

We do not finance leases for semi-trucks used for interstate hauling.

What qualifies as a commercial vehicle?

The US Department of Motor Vehicles identifies any vehicle that is leased by any kind of business as a commercial vehicle. Also, a vehicle is considered in the commercial category if it:

  • Is used for business purposes, but owned by an individual entrepreneur or sole proprietor
  • Is built and used primarily for transportation of property
  • Is designed to carry more 15 passengers
  • Exceeds a certain weight class, even if it’s not owned by a business owner or used for commercial reasons

As such, nearly every business owner’s vehicle(s) qualify as commercial, so GFLS can help you finance a lease if your business involves transporting (large vans, busses, taxis, limousines, and tow trucks, etc.), construction (cranes, bulldozers, dump trucks, and excavators, etc.) agriculture (vehicles used to plant, raise and harvest crops, including tractors, seeders, and cultivators, etc. and same for livestock) to name a few. If you’re not sure if we finance leases for the commercial vehicle(s) your business needs to grow, just ask us.

How does leasing a commercial vehicle help my business?

First, many of our customers don’t have perfect credit or have a startup, which makes it difficult, if not impossible, to obtain lease financing. By financing a commercial vehicle lease with GFLS, you can improve your credit score if you make timely payments. Second, leasing lets you keep cash reserves and/or any other personal or business lines of credit available for other purposes. Last, you can maximize the tax advantages of lease financing.

What are the tax advantages of leasing?

It depends on whether you choose a capital lease or an operating lease. A capital lease allows you to write off the vehicle’s depreciation. An operating lease lets you treat the lease payment as an operating expense.

LEARN MORE: Want to Lease a Titled Vehicle? Global Financial & Leasing Services has a Program for That

Is there a down payment required to finance a commercial vehicle lease?

GFLS requires a 20% down payment.

How soon can I get approved?

Once GFLS receives your application, most of the time you’ll have a decision in as few as 24 hours. Usually, it takes our customers longer to find the commercial vehicle that fits their needs than it does to get approved.

Can I qualify for commercial vehicle lease financing if my business is a startup or I have credit with past blemishes?

GFLS makes it a point to look beyond the numbers when approving applications. We specialize in financing for those just starting out and those with past blemishes on their credit. We consider how you face and conquer challenges and the positive aspects of your financial history. We believe your character and integrity can outweigh credit blemishes or lack of time in business.

Why should I work with Global Financial & Leasing Services?

  • Our team expedites and simplifies the application and funding process because we understand how important having the commercial vehicles you need impacts your business’s success.
  • We understand our customers are more than a credit score or time in business.
  • You can speak directly to our decision makers.
  • We stay in constant communication with you, so you always know where your application stands.
  • Your business matters to us and you can tell by the way our team treats customers with kindness and respect.

Having the right equipment, including commercial vehicle(s), makes all the difference in a company’s ability to grow and thrive. Let GFLS help your business succeed with commercial vehicle lease financing. Contact us or start the process by filling out an application.

Boom Truck, crane .

Want to Finance a Commercial Vehicle Lease? Global Financial & Leasing Services has a Program for That

by Benefits of LeasingFinancing

Boom TruchGlobal Financial & Leasing Services (GFLS) recently rolled out a program for leasing titled commercial vehicles. From work trucks, boom trucks and tank trucks to tractor/transport trucks and more, now you can finance a lease for a titled vehicle* with us.

Like our other financing programs for businesses, we offer financing for commercial vehicle leases for those with B- and C-tier credit and startups, so even if you have less-than-perfect credit, been turned down for financing at the dealership or starting a new business, it’s possible to get your financing with us. GFLS is known for, “When other lenders say no, we often say yes.”

We believe that credit blemishes shouldn’t keep business owners from financing titled commercial vehicles. Leasing commercial trucks for work can help generate revenue, from winning more contracts to providing more service. Many businesses can grow with the right commercial vehicle in their fleet, so we help business owners get the equipment they need without making a sizeable investment in purchasing or qualifying for traditional financing from big banks.

Choose the Right Type of Lease for Your Business: Operating or Capital

If financing your commercial vehicle lease is the best way to supply your company with the truck or fleet it needs to operate and grow, then you should understand the types of leases available and how they affect your business.

While there are two types of commercial leases, the one you choose has consequences for your business expenses and tax situation. It’s important to understand the differences between them so you can choose the best fit for your business.

An operating lease is considered an expense to the lessee – the one who is leasing – you. The lessee has no ownership stake in the commercial vehicle(s). Instead, you are making your payment each month for the benefit of using them for your business. The titled commercial vehicle(s) is/are the property of the leasing agent or lessor (us). The advantage to you is that because the commercial vehicle(s) is/are leased, the payment is treated as a regular operating expense, and therefore doesn’t pass to your balance sheet. Since the vehicle isn’t considered an asset, you’re not responsible for taxes on it.

Choosing a capital lease means the lessee (you) assumes a portion of the ownership of the titled commercial vehicle(s). The title(s) is/are still held by the lessor (us), but because there is joint ownership, the lessee (you) can claim depreciation and interest expense from your payments on your taxes. Unlike with an operating lease, the vehicle(s) with a capital lease is/are not considered an operating expense. The vehicle is recorded on your balance sheet as an asset because it is owned and a liability because of the payments.

LEARN MORE: Frequently Asked Questions About Commercial Vehicle Leasing
(Link this to the other blog for this month.)

Be Aware of When an Operating Lease is a Capital Lease in the Eyes of the IRS

It’s tempting for business owners to go with an operating lease when financing a commercial vehicle so that the vehicle is an expense, not an asset. However, the operating lease cannot meet four conditions. Otherwise, the IRS will deem it a capital lease instead. These four conditions are:

  1. The life of the lease cannot exceed 75% of the asset life.
  2. There cannot be a transfer of ownership to the lessee (you).
  3. There cannot be a “bargain price” option at the end of the lease.
  4. The current lease payments cannot exceed 90% of the vehicle’s fair market value.

Ready to Finance a Lease on a Commercial Vehicle?

Choosing an operating or capital lease when financing your commercial vehicle(s) comes down to what makes sense for your business. Talk to us if you have questions. Or when you’re ready to work with a dealership, start the application process.

*GFLS does not finance leases for semi-trucks used for interstate hauling.

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Can You Get Equipment Financing with Bad Credit?

by Financing

If could you add an excavator to your heavy equipment fleet, could you more competitively bid larger jobs? Could you increase productivity and profitability by leasing a feller buncher? Maybe you have a solid business plan for a startup, but are unsure how you’d acquire the equipment financing to open the doors. When you have bad credit, you might think that an excavator, feller buncher, other industry-specific equipment or starting a new business is not in the cards for you.

Finding equipment lease financing with bad credit can take some tenacity and research, but it’s out there. We know because that’s what we do.

When Global Financial & Leasing Services (GFLS) was founded during the Great Recession, big banks were tightening their lending criteria, leaving those with less-than-perfect credit few options for financing a lease for essential equipment. GFLS serves customers as an alternative to big banks that only serve the good to great credit market.

Can you get equipment financing with bad credit? Yes, you can. You just have to partner with a lender, like GFLS, who specializes in ALL credit types… one who is willing to look beyond credit scores and listen to your “story.”

READ: You Need to Package Your Credit and Business “Story”

That’s Good News in More Ways Than One

Financing an equipment lease can better serve your business needs and financial situation in the long run compared to waiting the time it takes to improve your credit or saving the cash to buy out it outright or put down a large down payment.

Financing a lease can give you the equipment your business needs NOW. Plus, if you’re in an industry in which technology quickly changes and evolves, lease financing gives you the opportunity to upgrade when the lease is up, keeping your company competitive. Purchasing the equipment outright or signing an equipment loan makes it all the more difficult to let that equipment go when new technology emerges, since you own it.

With lease financing, you can choose to return, upgrade or buy the equipment once the lease ends. Those terms depend on your agreement with the lender. A lender who knows your “story” can help you make the right decision and ensure the terms help meet your business goals.

READ: Test Your Knowledge on the Unexpected Benefits of Financing Equipment

Make sure the numbers add up in favor of your company’s success. Calculate the total of what your equipment lease financing payments will be. Compare that number to additional profit the equipment can generate. Only you can decide what makes the most financial sense for your business. If that’s financing an equipment lease, contact GFLS, even if you have less-than-perfect credit.

Recruiting professionals studying candidate profiles

3 Non-Negotiables When Selecting Your Equipment Lease Financing Partner

by Business AdviceFinancing

Whether you are flush with cash, breaking even or considered a credit risk, eventually you will want to obtain a key piece of equipment to start up or expand your business. Often that critical equipment will come with a hefty price tag, forcing you to weigh all your purchasing options. Regardless of credit score, credit line available or bank account balance, financing an equipment lease is the route many business owners choose to take.

For those with plenty of cash reserves, equipment lease financing preserves funds for operating costs or other investments, like hiring and marketing. For those without excess cash in the bank or less-than-perfect credit, financing an equipment lease is a viable way to get essential equipment now for a more profitable business.  

Given the benefits of what having the right equipment can do for your business, the importance of working with the right lender cannot be underestimated. You are counting on this lender to help you either start your business or grow your business—and basically support you in creating your company’s longevity and profitability.

Over the years, Global Financial & Leasing Services (GFLS) has partnered with startup and established business owners in a wide range of industries to finance leases for much-needed equipment. “Partner” is the key word. Always select a lender who is willing to work closely with you and provide solutions and options, not challenges and red tape.

READ: Your Approach to Financing an Equipment Lease Matters

When you are narrowing down your list of potential equipment lease financing partners, insist on these three non-negotiable qualities.

1. Flexibility

Flexibility in the equipment lease financing world encompasses many things. For example, does the lender consider your “story” when making the final funding decision? Or, does the lender judge your application by the numbers, such as credit scores and account balances? Does the lender work with startups, small and large companies? 

At GFLS, your story is important and can go a long way in explaining why your application is what it is. Our team understands that credit scores and account balances are just a few indicators of your ability and drive to succeed. We use our internal funds, bank lines and non-bank providers to finance equipment leases for companies of all sizes, from just getting off the ground to late-stage growth.

2. Experience in Your Industry

Financing an equipment lease sounds straightforward enough. However, depending on whether you need healthcare/medical equipment or heavy construction machinery, how you go about financing the lease matters. By partnering with a lender experienced in your specific industry, you will gain valuable industry insight and best practice lending standards. Not to mention, you’ll save time knowing that your lending partner can help you obtain the specialized equipment you need.

GFLS specializes in financing equipment used in these industries.

3.  Superior Customer Service

Your equipment lease financing application may be one of hundreds a lender is reviewing at any given moment. But, to you, it’s the most important application. Your lending partner should treat it as such.

The GFLS team works hard to earn your trust by providing top-quality lending products and best-in-class service. Plus, we make decisions on applications generally within 24 hours. After all, building long-term customer relationships is our goal.

If you are looking for a partner to finance your equipment lease, talk to us. The GFLS team has expertise in healthcare/medical, construction, restaurant, machinery/manufacturing, forestry/logging, printing and automotive sectors. We would love to be your lending partner.