You Still Have Time For Financing
It’s a time sensitive issue. You’d like to obtain essential business equipment, and you want it on the books for 2022, lock in a lower interest rate before rates rise or both. Time is running out, and considering how long it takes for the majority of lenders, like traditional banks, to approve your equipment financing application, it may seem impossible. Trust us. It’s not too late to get equipment financing approved before the end of the year.
The key is to work with a direct lender, Global Financing & Leasing Services (GFLS), who has the in-house funds and solid relationships with outside banks and institutions necessary to tailor a financing solution to your needs, budget and goals.
One reason our clients rely on us for their financing needs is because we understand time is of the essence. More likely than not, and especially if you want equipment and financing in place by year’s end, you need to choose a lender who works quickly.
At GFLS, we can get back to you with a credit decision in 48 hours or less. With a caveat… you must have the financial documents our team requests ready for review. The quicker we have them; the quicker you receive an equipment financing decision.
An In-Depth Look at GFLS’s Equipment Financing Decision Timeline
For Equipment Financing Worth $75,000 or Less
- Submit your financing application to GFLS for review
- Have the following documents ready for review:
- Last three months of your business’s bank statements
- A quote/invoice from the vendor for the equipment you’re financing
For Equipment Financing Worth $75,000 Up to $1 Million
Between our available in-house funds and external financial relationships, GFLS can fund equipment financing amounts of up to $1 million. Applications requesting credit over $75,000 require our team review your complete financial picture.
- Submit your financing application to GFLS for review
- Have the following documents ready for review:
- Last three months of your business’s bank statements
- A quote/invoice from the vendor for the equipment you’re financing
- Last three years of business tax returns
- Profit & Loss (P & L) statements for the business
What are Circumstances That Can Delay Getting Equipment Fast?
Even if you have your application submitted, provide all the necessary and/or required documentation and receive financing approval, there are circumstances that can delay getting your essential business equipment outside of yours or your lender’s control, including:
- Last-minute changes to the equipment order
- Supply chain issues
- Shipping delays
Keep in mind that the year you take receipt of the equipment is the year in which you can claim it for tax purposes, so make sure to double check with vendors on their equipment availability and shipping times. While those circumstances are out of our control, if you have your application complete and required documents ready to go, GFLS’s team is ready to help you finance business equipment in the final days and weeks of December.
Have a specific question we can answer for you? Our team is ready to help. Contact us today.