Investing in your business’ growth by upgrading your equipment should not be out of reach. Equipment finance allows your business to own and operate the equipment you need, without the prohibitive upfront commitment. There are many different types of equipment financing products and scenarios out there, and it can be hard to work out which one is best. An equipment finance broker uses their expertise to compare, source and process the best deals for your unique scenario, no matter what line of business you’re in.
Equipment finance brokers will help you through the equipment finance application process and have access to a wide range of providers and products, ensuring you have access to the best options, advice and service. Recent research from East & Partners illuminates the fact that over two-thirds of new commercial equipment finance is sourced through a broker. This figure continues to grow as the benefits of experienced brokers become even more apparent. Here are a few reasons why your business should use an equipment finance broker.
Build lasting relationships
Brokers are usually small businesses with a dedicated and close-knit team. This means that you will likely be dealing with the same expert for a long time, perhaps the entire life of your business. Compared to the inevitable variability in account managers from a bank over time, the stability offered by a committed equipment finance broker can benefit you for years. Your broker will develop a deep understanding of your business and present your needs to lenders effectively and consistently.
Has your best interests at heart
Great brokers not only use their expertise to source you the deal you think you wanted but go above and beyond to recommend solutions that may be even more beneficial. You are very knowledgeable about your business and industry; however, you may not realise what can be achieved through smart equipment finance solutions.
“Brokers have the skills to represent your business favourably and negotiate on your behalf”
Brokers will present a range of options aligned with your goals, not what works in favour of a bank or singular lender. Furthermore, they will have the skills and expertise to represent your business favourably, negotiating the best deals on your behalf.
Flexible service, available when you need them
As a business owner, ‘normal business hours’ is a relatively meaningless term. While you use the traditional nine-to-five to interact with customers, administration tasks usually fall outside of this period, with no two days being the same. As such, having access to a broker throughout a wide range of times is critical to working effectively together.
Excellent equipment finance brokers will be available to get your deals across when you need it. They will manage the project, organising documentation, and the process flow to ensure you get the outcome you are looking for, without all the stress of doing it yourself.
Up to date on the changing lending market
The equipment lending market in Australia is continually changing, with new players and products entering the market all the time. With each lender comes slightly different approval criteria and policies. Equipment finance brokers stay up to date and educate themselves on the latest opportunities and credit providers, meaning they are to advise and deliver an exceptional tailored solution for your business, no matter your current situation. Brokers also leverage their relationships to secure a range of ‘Low Doc’ financing options, potentially providing you with equipment finance in a short time frame as minimal documentation is required to apply for these products successfully.
Provide choices and answers, not more questions
Instead of pushing you down a predetermined path, brokers will be accommodative to your situation. Banks may be inclined to promote specific products and ask limited questions, meeting your needs only as long as you make sense on their side of the books. They’ll certainly seldom recommend a competitor!
“Brokers will make sure you know what questions to be asking, and when”
If you’re not sure what product you’re looking for, brokers will make sure you know what questions to be asking and when – providing answers that benefit your unique scenario. You’ll be presented with a range of choices from multiple lenders, the freedom of choice is with you.
Specialist knowledge, experience and connections
Certain equipment finance brokers will have a range of in-depth specialist knowledge and experience. Each industry is different, and you can’t expect even the very best account managers or brokers to know everything about every line of equipment. If you need specialist knowledge, there is a broker out there for you. Specialist brokers have likely developed a unique set of relationships with lenders over their careers, ensuring a more straightforward application process and unparalleled product and equipment advice that you wouldn’t get anywhere else.
Why use Capital Plus Finance as your equipment finance broker?
Navigating the different types of equipment finance can be a daunting task, let alone the prospect of securing the best rate or the repetitive process of submitting numerous applications. Your equipment finance broker is the expert your business needs to ensure you get the best deal. They thrive by developing meaningful long term relationships with their clients, staying on top of the latest developments and providing excellent service whenever you need it, even after hours.
Capital Plus Finance is an experienced equipment finance broker that has your best interests at heart. Our team will do everything we can to help you secure a suitable commercial asset or equipment finance solution for your business. If you need any assistance in understanding the benefits of equipment finance and how it can work for your business, please give me a call.