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Identifying a Good Equipment Lease Business Partner (Page 1 of 2)
Every year, both big and small businesses are faced with the challenge of financing business equipment. Although applying for a loan from a bank or commercial lending companies is an option, getting approved can prove to be a major issue especially for new businesses. Fortunately, there is another option to acquire the needed equipment for business.
Search the market and you will find leasing companies that offer business equipment lease financing. The question is, how can you pick the right one of the many choices? Listed below are essential pointers that entrepreneurs must seriously consider to find a trust-worthy business equipment lease partner.
Not All Equipment Leasing Companies Are the Same
Not all leasing companies offer the same kinds of lease services. For instance, there are lease companies that exclusively cater to businesses in particular industries. Some lease providers offer specialized machines for specific businesses. You may also find lease companies that only offer vehicle leasing. Then there are leasing companies that are like a one-stop shop where you can acquire all types of business lease services.
When it comes to getting approval, the standards will also vary from one lessor to another. There are lease companies that have very strict standards while others may be more lenient in approving lease applications. In fact, you can find certain business lease companies that provide special lease programs for new businesses with no credit history and for businesses with bad credit history.
The amount of available financing will also be different depending on the leasing company. Some lease providers will offer lower financing (under $100,000) than others. If your business requires specialized equipment, these can be more expensive and youll need a higher lease ($100,000 and above) financing.
Prior to submitting your lease application, make sure that your chosen leasing company offer the exact type of financing you need. Does the lessor cater to businesses that belong to your industry? If you are a small business entrepreneur, does your prospective lessor serve to small-scale businesses? Most importantly, is there a lease program that matches your business?
Searching for the Right Business Equipment Lease Partner
In order to find the right business leasing company, a business owner must conduct some research. Try to gather recommendations from your personal and business contacts. For instance, you may ask your business attorney, suppliers, banks or friends in the industry if they know a leasing company that can help your financing needs.
From the list of prospective lease companies youve gathered, do further investigation by checking out the lease programs that each company provides. Check the requirements of application. Furthermore, check the lease companys credit rating requirement.
Doing research will be more convenient by using the internet. You can check out websites of major equipment leasing trade associations in your State and ask for a list of lease companies that offer services to your type of business.
Guardian Protects Business Loans if Disability Strikes: Offered in New York Market by National Financial Network, LLC
Garden City, NY (PRWEB) March 22, 2007 — Business owners who have borrowed money in order to expand their businesses will benefit from a decision by The Guardian Life Insurance Company of America (Guardian) to increase the amount of loan obligations covered in the event of a disability.
Guardian’s Business Reducing Term policy will insure up to 100% of monthly loan payments — principal and interest, provided the obligation rests with a single principle — should a business owner become totally disabled. This represents an increase over the policy’s prior level.
In New York, Business Reducing Term is available through the National Financial Network, LLC, a Guardian General Agency.
According to Charles Dunbar, a National Financial Network agent, Business Reducing Term addresses a critical gap in the contingency plans of many business owners.
“As long as they can run their businesses, any loans they take out will be repaid from the earnings of the business. If they die, life insurance can pay. But if they become disabled due to sickness or injury and can’t work, their business assets could be lost due to loan forfeiture,” observed Charles Dunbar.
Guardian is currently the only disability income insurer offering a product specifically designed to fund financial obligations that require periodic payments expiring at a given time. In addition to loan payments, other applicable client scenarios include business owners who offer guaranteed employment contracts to their employees and those who’ve purchased a business or professional practice with any amount payable to the seller over a specified period.
“National Financial Network, LLC is in a unique position to offer our business-owner clients a product with which no other company can compete,” said Charles Dunbar. “By increasing its business obligation coverage levels, Guardian is signaling it long-term commitment to a key sector of the U.S.economy.
About GuardianFounded in 1860, The Guardian Life Insurance Company of America, New York, N.Y., is the fourth largest mutual life insurance company in the United States. As of December 31, 2003, Guardian and its subsidiaries had $37.2 billion in assets. With more than 5,000 employees, approximately 3,000 financial representatives and nearly 100 agencies nationwide, Guardian and its subsidiaries protect individuals, businesses and their employees with life, disability, health and dental insurance products, and offer 401(k) financial products and trust services.
As long as they can run their businesses, any loans they take out will be repaid from the earnings of the business. If they die, life insurance can pay. But if they become disabled due to sickness or injury and can’t work, their business assets could be lost due to loan forfeiture Contact: Charles DunbarNational Financial Network, LLC990 Stewart Avenue, Suite 200Garden City, NY 11530Tel: 516-240-1919