You deserve a financing partner that understands your business needs. When you need equipment sooner rather than later, it pays to know whether your financing application will get approved.
However, when processes and qualifications vary per lender, where do you begin?
Don’t waste time second-guessing your odds of being approved. Start by looking at the average approval rating of a lender. Beacon Funding has a high (7/10) approval rating, which means more flexible qualifying criteria. Then, learn what you’ll need to disclose during the application process, so you feel confident about your chances of getting approved.
Equipment 101 Series: Part I of III
Our goal at Beacon Funding is to keep the application process simple so you can use your time efficiently. We understand the faster you get approved for equipment financing, the sooner you’re going to be able to get your equipment working for you.
In the first part of this three-part series, I am going to walk you through what you can expect to disclose to your equipment financing partner so you can get approved for the equipment you need quickly and hassle-free.
- Be sure to subscribe to our newsletter so you learn more tips and benefits from the financing experts. The next two recommendations will be crucial to help ensure you are saving time and get the best financing deal for your situation.
3 things you should disclose in your application to improve your chances of getting approved for equipment financing…
- Background Information
- Financial Statements
- Equipment Quote
If you have all these documents listed, that will make your process much easier, and you will be able to experience a more streamlined process.
Background Information
First, you should provide some background information so the financer can check your credit quality.
This will be basic information that you can find on any business credit application. It will include business information like a legal address, business structure, tax identification, and some personal information such as a home address, contact info and social security number.
You Will Need a Business Plan (If You’re A Start-up)
Secondly, for businesses that have less than two years’ time in business we ask you to fill out a start-up plan questionnaire.
This is a chance for you, the business owner, to advocate for your business. Give your financing lender a little insight on what your industry’s experience so you can let us know the plans you have for growing your business.
Financial Statements
Next will be financial statements.
It is not uncommon for lenders to ask you for documentation that speaks to the overall financial health of your business. The easiest way that we get this information is simply by getting three months of bank statements.
We make it easy to disclose these statements with electronic verification. If you’re able to provide us with your bank routing number, it will make this process a whole lot faster. All you have to do is click the link in the email and simply follow the instructions.
Equipment Quote
Lastly, you need to provide an equipment quote.
If you do not have a quote, don’t worry. We can always go for a pre-approval first. Just know by the end of the process we will need an official dollar amount so we can get you an official approval.
See How You Apply Today by Talking with an Equipment Financing Expert
Don’t waste time with a financing partner who won’t approve your business. Unlike traditional lenders that approve 30% of applicants, Beacon Funding approves 70%. That means seven out of ten businesses that come to Beacon Funding get approved for the equipment they need to achieve their goals. And because we specialize in 24-hour approvals, you’ll get quick answers with our hassle-free process.
With thousands of happy customers and over $1 billion worth of equipment financed, you can rely on us to help scale your business and acquire revenue-generating equipment.
To see how we can help you, visit beaconfunding.com/talkwithus today