The news of recession is still looming, and big banks rallied to bolster smaller banks in light of the Silicon Valley bank run. We are starting to see the beginning of tighter credit restrictions—tightening harder with each real or anticipated interest rate hike. These restrictions will disproportionately affect small and mid-sized companies, especially those whose owners have less-than-perfect credit.
When the conditions above exist, there is less money available for lending in general, and thus for equipment financing. And, those with good to excellent credit will be approved over those who pose a riskier chance of repayment. Business owners who’ve been holding off on financing new or used business equipment and waiting to see where the economy goes before submitting a financing application are beginning to feel the pressure. Should they finance business equipment before interest rates go higher? If they wait, will their chances of getting approved for financing decrease thanks to tougher credit qualifications? The unknowns are leading business owners to act sooner versus later on obtaining equipment financing.
With more businesses looking for a source of financing for the equipment they need or want to acquire, Global Financial & Leasing Services (GFLS) is an excellent choice. We’re an alternative lender better positioned to support business owners with the equipment financing they need, when they need it.
Our team works quickly, reviewing equipment financing applications and making decisions in days rather than the weeks or months it takes other financial institutions. In fact, the only thing that slows down our equipment financing credit decisions is missing or incomplete information on the applicant’s side.
When you’re ready to move quickly on getting your equipment financing in place, here are three helpful tips for speeding up the application, and thus, the decision process:
- Have all your documentation ready, such as financial statements, tax returns and other relevant business documents.
- Clearly communicate why your applying for equipment financing. This can help your lender understand your business and the purpose of the equipment. Since GFLS funds applicants who have less-than-perfect credit, your story, background and history matter. “When other lenders say no, we often say yes.” ™
- Make sure to look out for and respond promptly to any requests for additional information or documents. This helps keep the process moving smoothly.
How Fast You Can Get Equipment Financing Assumes You’ll Be Approved
Asking how fast you can get equipment financing assumes you’ll be approved. Fact is that traditional lenders, like banks, don’t only take weeks, or even months, to process a credit submission, but also decline the application 40% of the time. When banks do approve an equipment financing application, the documentation they require the applicant to sign can be overwhelming and add weeks to actually getting the funding.
If we receive your application and all the documentation we ask for, we often turn around a credit decision within 48 hours or less. That’s how fast you can get equipment financing with GFLS. See for yourself. Get started on your application today.