Are you considering an asset finance arrangement for your business? If you are applying for asset finance to help pay for essential business and industrial equipment like cars, vehicles, machinery, or supplies, it is important to choose the correct finance provider. An asset finance agreement may be easy to arrange but it could have a big impact on your business, so make sure you choose wisely by following these tips:
1. Decide on Broker or Independent Company
If you go with a finance broker, they deal with a number of different companies on the market, which means they may have access to a bigger selection of options, but also that they may be tied to certain products or financial solutions. Plus, when you are dealing with a broker you may have to consider the advantages and disadvantages of several different products before you can apply for finance, which is time-consuming and can be confusing. The advantage of dealing with one asset finance company that offers their own financial product is you get everything done in one place, and you have the benefit of one central contact.
2. Look for Expert Customer Service
If you are new to asset finance you need to be able to communicate with someone who knows what they are talking about, and can advise you on the process and help you arrange a finance solution that meets your needs. It helps to have one point of contact, rather than a team of constantly changing people, but what really matters is quick, efficient, and professional service.
3. Search for Expertise
It should go without saying, but an asset finance company should be experienced in offering asset finance to companies like yours. Look for testimonials from previous customers and existing clients, and ask the provider what experience they have in arranging finance for people in your industry.
4. Seek Clear Explanations
If this is your first time arranging asset finance the whole process needs to be clearly and plainly explained. You need to set fixed monthly payments so that you understand exactly how much the deal is going to cost. You need to know the details about buying back the asset at the end of the Hire Purchase term. If you have questions, these should be answered efficiently and professionally.
5. Look for a Long Term Relationship
Even if you only want to purchase one small item of equipment right now, it is helpful to make contact with a provider that can also help you further down the line when you have expanded, or want to make a bigger purchase in the future. It also helps when a company can offer other forms of finance that could help you at other times, like invoice finance or trade finance.
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