A good (and trustworthy) sales representative is one of the most important resources you can leverage when seeking an equipment loan. Sales reps work around the clock with clients in order to find out what they need and then go on to create solutions that ensure there a smooth sales process. As such, having a talented sales rep puts you in a much better position in getting the right equipment loan. But how do you find that elusive talent? How do you make sure that your rep has what it takes to succeed on the job? Here are seven critical questions to ask your sales representative when looking for an equipment loan.
- How much of the equipment is covered by the loan?
The Sales representative should be able to give comprehensive information about the equipment, a complete listing of the pieces of equipment, and how many or exactly what the equipment loan agreement covers.
- In cases of loss, theft, or damage what happens?
When scoping out an equipment loan, you should understand the procedures that may follow in cases of damage, loss, or theft of the equipment under the equipment loan agreement. The sales rep should be able to explain how much of the equipment the borrower is responsible for at the end of the day. In cases of a natural disaster, the borrower may not be responsible to the lender for any losses incurred.
- What are the laws you are required to comply with?
The sales representative should explain the country, federal, state, county, or municipal legislation, ordinances, and regulations applicable to the shipping and usage of the equipment that you are required to adhere to. Clear stipulation of the penalties or fines levied should also be discussed.
- Who is in charge of delivery and return of equipment?
You should be made aware of the person responsible for the packaging, import or export, shipping, and installation of the equipment. It may go both ways as some equipment owners take care of all the expenses incurred during the processes stated above, or you may be required to foot the bill all by yourself. It all depends on the equipment loan agreement. It brings me to the next question which is:
- Use or Disclaimer of the equipment
The Sales Representative should shed light on the representation and warranty disclaimers associated with the equipment. You should also understand the need for training of personnel on the proper use of the equipment in agreement with all its procedures and if the equipment manufacturer will be responsible for this training or yourself.
- Ownership of intellectual property?
The development of any work by you with the use of the equipment is essential and should never be lightly taken. The sales representative should explain the total percentage of rights to any creative work that you may develop using the equipment. It is in your best interest that the rights and full ownership to any intelligent work remains exclusively to you.
- What happens in the case of an amendment to the equipment loan agreement?