Financing really can be quick and easy. NAPSA members know how to make this necessary business operation move forward successfully. Here are some tips to streamline your next loan or lease to make your equipment purchasing seamless.
Do your research and find a lender who specializes in your industry. If you are a member of a trade association such as NAPSA, check with them to see which lenders are members and obtain their contact information. It is always easier to work with a lender who is familiar with the equipment you are purchasing and familiar with your industry.
Contact your lender of choice and discuss what you want to buy and your desired terms. If a lender can’t structure a transaction to your liking, then check with other lenders to obtain the most favorable terms.
Be prepared and thorough. For transactions less than $250,000 most lenders will process the underwriting on an application only basis. Obtain an application from your lender of choice and complete it in its entirety. Make sure all guarantor/owner information is included and ensure each one sign the application.
Most lenders want a bank reference on an applicant. In order to expedite the reference provide your last three bank statements with your completed application. This expedites an approval because the underwriter does not have to call the bank for a reference and wait several days to get the information.
If you have an equipment invoice or quote include it with your application. This enables the lender to have an accurate description and pricing on the collateral.
Lastly, be sure to let the lender know why you need the equipment. Is it a replacement unit? Is it an additional unit because you have new contracts? If so, provide the information and/or copies to the lender. This step is critical to obtaining a quick approval.
What if your transaction is above your lender’s application only guidelines? Be prepared to provide a complete copy of your last two Federal tax returns or fiscal year-end financial statements and a recent interim financial statement. Sometimes a personal financial statement is required too.
With the above information your lender should be able to provide an answer on your transaction within 24 to 48 hours.
Do you currently have any equipment financing or sweeper financing needs? If so, contact Anne Eubanks with Advantage Funding at 714-231-2822. We service the sweeping industry and if you are a NAPSA member, the documentation fee may be waived on approved transactions! Membership has its benefits!
Anne Eubanks is a member of the North American Power Sweeping Association (NAPSA). NAPSA is a nonprofit association made up of 200+ contract sweepers, service providers and sweeping equipment dealers, manufacturers and suppliers. NAPSA is dedicated to providing beneficial support to the membership and enhancing services to the sweeping industry. NAPSA is committed to promoting and educating the power sweeping community while enhancing the environment. For more information on NAPSA membership, please visit www.powersweeping.org or call (888) 757-0130.
