Checklist for selecting a machine Leasing Company

Lease ups
Equipment leasing has numerous benefits for growing companies. A great leasing arrangement can help your small business generate needed equipment to raise productivity or generate additional profits.

Do you need to obtain the best possible equipment lease for the company? Would you like to avoid wasting your time and efforts, getting hit with hidden fees and botched performance with the leasing company? Make sure you follow this checklist:

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o Start your quest for any leasing company at the outset of the lease planning process - it will require time.

o Set priorities to the kind of lease transaction you would like. Consider criteria for example lease rate, payment amount amount, impact of lease on financial statements, flexibility of lease terms, quantity of lease, capacity to receive the equipment which you will want.

o Search for a minimum of three or four leasing companies to invest in your lease transaction.

o Look for leasing businesses that pinpoint the type of transaction you are searching for. Some leasing companies specialize in certain kinds of equipment, on certain size leasing transactions, on certain size customers or on certain industries.

o Start your search for a leasing company with others you already know. Check with your attorney, an accountant, your banker or colleagues in your industry that have leased equipment.

o Call your industry trade association or even the major equipment leasing associations for recommendations. Four leading equipment leasing trade associations' websites are: elaonline.com; eael.org; uael.org; and naelb.org.

o Get enough information regarding prospective leasing companies to judge their: experience and expertise; reputation; and talent to execute. Get several customer and vendor references for each and every leasing company. When you can, get yourself a Dunn & Bradstreet report for each leasing company. Try to find lawsuits, judgments against them, severe payment delinquencies and/or poor financial performance - all of these indicators can indicate a leasing company that will not deliver!

o Investigate lease bidders online. Check Google.com to see whether prospective leasing companies come in any newsworthy articles or in any group discussion/message boards. Search for unresolved problems, fraud, financial problems, awards, or accounts of success.

o Make sure prospective bidders belong to one or more of the major trade associations for equipment leasing. While membership won't guarantee integrity or expertise, the majority of the associations set standards of conduct because of their members and have some sort of policing.

o Avoid high-pressure lease sellers. In case a leasing company representative says any situation that is really a significant misrepresentation, walk away.

o And ultimately, avoid giving lease deposits and/or advance rental payments to lease brokers. Brokers don't give you the financing directly and, in possession of your dollars, represent a potential credit risk.

Selecting the most appropriate leasing company can help you save time and effort and funds. You will receive quicker lease turn-around, better pricing and terms, and get away from major blunders. Be partial to leasing companies with higher reputations, long track records and high service standards. And also by every means, utilize this checklist.

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