3 Things To Tell Your Equipment Financing Consultant

If you are looking to invest in some new equipment for your business, you might be thinking about talking to an equipment financing consultant to find out more about your payment options. Coming out-of-pocket with all of the cash that you need to purchase your equipment can be tough, but one of these consultants can talk to you about your options and can help you make the right financing decisions for your business. If you want them to be able to help you as much as possible, you should remember to tell them these three things.

1. Your Projected Numbers

Many financing options require you to share information about your projected business for the year. Plus, this can help you determine whether it's cost effective for you to invest in purchasing equipment or whether it would be better to rent or lease it. Your equipment financing consultant can look at your numbers and help you make the right decisions and can help you qualify for financing that you might not have otherwise qualified for. Consider using your bookkeeping information from the past year for help. If you are a new business owner, doing your research about your industry and how it is doing in your area can help you come up with decent projected numbers.

2. The Amount of Capital You Have

The amount of capital that you have on hand—and that you are ready to spend—can make a big difference in the equipment financing decisions that you make. For example, if you have enough capital, it might make sense to buy some equipment straight out or to put down a hefty down payment. If you are short on capital, however, your equipment financing consultant might suggest that you preserve as much of it as possible by renting or leasing instead.

3. Future Plans for Your Business

The plans that you have for your business are going to have a big impact on how much you spend on equipment now. If you expect to keep things the same, you might not have anything to worry about. If you are planning on expanding operations or offering different services, however, you may need to invest in more equipment. Your equipment financing consultant can talk to you about your options for acquiring this equipment and can help you see any potential opportunities or hiccups that you might experience when renting, leasing or buying the equipment that you need for your company's new plans. If you find yourself in need of an equipment financing consultant, contact a company like Solution 7 Incorporated.