What It Takes to Get Approved for Your Equipment Lease
The Basics Your Lender Will Want to See and How You Can Optimize for the Best Rates
Equipment leasing is a powerful business growth tool and is a lot more flexible than a traditional bank loan. Leases are easier to qualify for, offer more stress-free terms and can usually be obtained without a down payment.
Though the up-front costs to you may be minimal, they do represent a major investment for the lender. Your lender will be playing it safe, especially in this day and age, and looking for indicators that your business is a good credit risk.
Lease brokers have specific measures they look for in a lease application. Some of these are things you can optimize, like a strong business plan and a solid credit score. Some are factors out of your control, like the number of years you’ve been in business and your credit history.
Knowing beforehand what the lender wants to see is key to a successful application.