This video was made by Robby Jimenez, a Senior Financing Consultant at Beacon Funding. As a consultant, Robby helps his customers realize their dreams of growing their business with customized financing solutions. He works diligently to get them approved for the equipment financing they need.
The following article is an interview with Robby about how he supports his customers with a pre-approval.
The need to add equipment often arises when you least expect it; giving you little time to plan or save. Equipment financing can help relieve the worries about not having enough cash on hand and allow you to react quickly to emergencies and opportunities.
I’ve help hundreds of businesses find affordable financing to meet their goals. My best tip is to be proactive, a pre-approval should be your first step. If you’re serious about adding equipment, a pre-approval should be your first step.
Apply for a pre-approval so you’ll know what you can afford, shop comfortably within your budget, and speed up your purchasing timeline.
This article will walk you through how a pre-approval makes buying easier in this competitive equipment market.
Why Get Pre-Approved?
The Business Problem
Imagine one of your trucks is out of service because of repairs. Your business begins losing revenue every day your truck isn’t on the road working. Or perhaps you get a new contract and need to immediately double your operation to make your client happy.
In either case, you need to act quickly, but how do assess what equipment you reasonably?
The Solution: Boost Your Buying Power with a Pre-Approval
When your business needs to quickly buy equipment and stay within budget, getting a pre-approval is a powerful fiscal tool to quickly see how much you can afford (and helpful to use when negotiating with equipment sellers).
Let’s break down what this powerful financing program is and its benefits.
In this article…
- What is a Pre-Approval?
- What Does a Pre-Approval Involve?
- Perks of Getting Pre-Approved
- [Case Study] What a Pre-Approval is Like
- How Do You Get Pre-Approved?
- How Beacon Funding Can Help You Get Pre-Approved for Equipment
What is a Pre-Approval?
An equipment financing pre-approval is a way to see how much you qualify before buying your equipment. It is a financing plan that allows you to budget and plan smarter for new equipment.
If you know you’ll need new equipment in the future, but don’t have a specific piece picked out, then a pre-approval would be the perfect place to start.
With a pre-approval in your pocket, you can get approved for funding without knowing the full details of the equipment you want to finance. This allows you to know what you can afford and get equipment that’s right for your business.
By the time you know the equipment you want to purchase, you’re already a step ahead. A pre-approval makes it easier to buy what you need without having to wait or guess what fits in your budget.
What Does a Pre-Approval Include?
When you apply for a pre-approval, Beacon Funding will provide:
- Monthly payment estimates
- Maximum lease amount
- End-of-term options
- Total initial cash required
- Details to help better understand what you're getting off the bat.
Important to keep in mind is a pre-approval is not a commitment to enter into an agreement by any party. A final approval will be required once you select your equipment – all Beacon Funding needs is an invoice from the vender.
Perks of Getting Pre-Approved
By knowing what you can afford and having available funds gives you the best possible chance to get the equipment you need when you need it.
The advantages of getting pre-approved (and how your business benefits)
Get your equipment without missing out on opportunities.Equipment is a first come-first-serve market, especially during today’s shortages. A pre-approval means you don’t have to wait for funding and can get equipment when it’s available.
Shop with confidence by knowing what fits into your budget. When you know how much you can borrow, you can be sure you can get the equipment that fits into your budget.
Receive more negotiating power for tough negotiations. Two potential buyers make offers on a piece of equipment, but only one has a pre-approval… who do you think the seller is more likely to consider?
[Case Study] What a Pre-Approval is Like
Let’s show you an example of a pre-approval in action.
A recent customer of mine was recently frustrated with the current equipment market. He told me he needed to replace a truck that was broken and unrepairable. Without his truck, his business couldn’t keep up with customer calls and contracts.
Looking at the used truck market, everything was much more expensive than the previous time he bought a truck. Plus, he was a little worried that his credit wasn’t strong enough to get approved for a loan. As prices kept rising, it was a race against time to keep his business on its feet.
Obstacle #1: Getting a New Truck without Wasting Time
My customer was concerned. He didn’t want to spend all the time searching for a new truck only to get declined in the end. Instead, he and his business partner applied for a pre-approval with me.
A Pre-Approval Eliminated My Customer’s Worries
I got them pre-approved for the top end of their budget at $50,000. Because they got pre-approved, he knew roughly how much he’d need for upfront monies and how to budget correctly for monthly payments.
They ended up finding a truck for just over $47,000 and were able to move on it quickly because all we needed was the final approval on the equipment selected.
Now my customer has the truck they need even though he didn’t think he could afford it or qualify for it in this competitive market.
How Do I Get Pre-Approved?
The best way to see if you qualify for a pre-approval is to give me a call at 847.627.1611 – let’s discuss fast and easy ways you can get your next piece of equipment with pre-approved funding!
Here are the steps for a pre-approval (it’s only 4 steps):
Step 1: Fill out a short application form.
Step 2: Receive a confirmation on your application.
Step 3: Have a 5-minute chat with your equipment financing consultant to discuss your goals.
Step 4: Receive your pre-approval.
Getting pre-approved for financing can happen within 24 hours from the time you apply and be good for 45 days!
Get Pre-Approved With Beacon Funding Today
There’s always time to get pre-approved. If your situation sounds similar to the ones discussed, apply today for your pre-approval. Remember, there’s no cost or commitment to enter into an agreement. You’ll receive the following:
- Get an answer within 24 hours
- See how much you could potentially get approved for
- Receive top-class service from dedicated financing reps
If you liked this video, be sure to hit the like and subscribe buttons for more educational content on how you can grow your business in the future. You can receive content about financing directly in your inbox when you subscribe to Beacon Funding’s newsletter.
This concludes Robby’s interview about financing equipment with Beacon Funding’s pre-approval program.