Posts in category: Financing

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.

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.

Global 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.

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.