[VIDEO] How To Get An Approval That’s Right For You

By David Lowe| May 26, 2022| 1508 Views

You deserve to get financing that puts your business in the best position possible. When you need an approval that matches your budget, Beacon Funding’s financing representatives have your back.

Finding a lender who matches your financing to your business objectives is key! Here at Beacon Funding, we have an approval rating of 7/10 businesses (vs. an average approval rating of 3/10 businesses for traditional lenders and banks).

Equipment 101 Series: Part II of III

If this is your first time watching this video, check out the first part of our Equipment Financing 101 series. Our first video tells you three things you should disclose to improve your chances of getting approved for equipment financing.

In the second part of this three-part series, I’m will discuss how you can get the best financing for your unique situation. Our goal at Beacon Funding is to keep the application process simple and transparent so you can get the right financing deal that solves your problems.

By sharing important information with your financing lender, you can put yourself in the best position possible to get an approval that’s a good fit right for your business needs.

This guide will cover:

  1. Information To Disclose
  2. Other Important Details to Get the Right Deal
  3. Importance of Discussing Target Price Points

Information To Disclose To Your Equipment Financing Partner

A lot goes into your business’s financial and day-to-day health. Before buying equipment, you need to consider how much money you can put down, and what type of cash flow you anticipate generating from the equipment you are acquiring. 

PRO TIP:   By disclosing as much relevant information as possible, your financing consultant can help you find financing that fits your business goals.

By providing important details related to your business, you can receive a better equipment financing approval with the details you provide.

Be sure to tell your financing representative about…

  • Cost of any outsourcing or rental fees
  • Estimated equipment revenue
  • Current or upcoming contracts
  • Relevant industry experience

If you have this information readily available and share it with your financing consultant, you can enjoy a more streamlined process.

Other important details to tell your financing consultant include:

  • Possible trade-in
  • Additional collateral
  • Possible co-signer
  • Another approval

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What if You Have A Specific Price Point in Mind?
If you have a specific business need or have a price point in mind, tell us right away.

Most equipment buyers don’t want to pay too much, but they also want a low monthly payment. If you select a term that is too short, you save money but at a great sacrifice to your cash flow. The key is to find the proper balance that satisfies your business’ cost and cash flow requirements.

Let’s use a towing business as an example.

Let’s say you find out how much money you could make by adding another truck to your business.

After you factor in your operating expenses (like insurance and fuel), you discover you need your monthly payment to be around $1,500. This is important to tell your financing representative so you can make sure your business is profitable.

Why knowing your target payment upfront matters: By letting your financing consultant know your target payment upfront, they can better tailor your approval and help you find the right equipment that matches your budget. By sharing as much relevant information as possible, you can rest assured there should be no surprises when you receive your approval letter.

Your time is important. Don’t hesitate to ask questions, so you feel comfortable. Your dedicated representative is there to get you the best deal for your situation.

See How to 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%.

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.

David Lowe

David Lowe

P: 847.947.6712 |  ESchedule a Meeting with Me

As a Senior Financing Consultant, David enjoys helping businesses achieve their goals with the right financing option that works for them. No matter the challenges, David is always willing to get on the phone, go the extra mile, and help his customers get affordable equipment financing that pushes their business to the next level.