It’s not easy running a business, and it’s not always cheap, either. Depending on what industry you’re in, you may find that you need advanced and specialist equipment, which could leave a deep hole in your finances — and damage your cash flow — if you bought it outright with your company’s money. Thankfully, there’s another way to fund your expensive purchases. It’s called equipment finance.
With this, you’ll get the money you need to fund the purchase or loan of the equipment you need. You’ll then pay the money back over a set period of time. While it’s possible to go through the process of acquiring equipment finance yourself, you don’t have to. And in many cases, it’s better if you don’t. A broker can help in more ways than you might think.
This article will run through some of the key benefits of using a broker to get equipment finance.
It never hurts to have expertise on your side. When you work with a specialist broker, you’ll have peace of mind that you’re working with someone who has the experience and in-depth knowledge of the equipment finance process. They’ll take the time to understand your situation, needs, and requirements and can put together the best possible plan of action. The end result? You’ll end up with an equipment finance product that’s perfect for your needs.
It’s not easy going through the equipment finance process. In fact, it’s not easy to do anything related to your business. You’re busy running your business, and finding the time to not only understand but then go through with the equipment finance process can be a real challenge. When you work with a broker, you’ll know that there’s an expert in your corner who’s available to answer any questions or queries you may have. While the primary goal of the broker may be to get you the best equipment finance package available, the secondary goal is to make your life easier. And you can’t put a price on that.
You can talk to a bank about equipment finance. But they’ll only be able to discuss the products that they have available. You could talk to many different lenders about their products, too, but that’ll take up far too much of your time — and some of the best deals may not be visible from your side, anyway. A broker will have access to countless lenders, which will help ensure that you get a deal that offers rates that suit you. And when the broker finds that deal, they’ll be with you to make sure that the finance request is successful.
It Saves You Money
You need equipment for your business. But the reason you’re looking at equipment finance options is that you don’t want the equipment to have a negative impact on your overall finances. You want to fund the purchase, but only if it’s in a financially responsible way. As such, your aim should be to get the best deal possible. While you may get a good deal if you go through the process by yourself, it’ll be much more likely that you get one if you work with a broker. Plus, while banks charge a fee to access their financing products, in many cases, the broker will charge the lender, not the business owner. So that’s another way that you save.
And as we all know, time is money. When you run a business, you’ll hope to spend the bulk of your time working on tasks that help to deliver your best work and push your business forward. You don’t want to spend too much time browsing lender options and filling out paperwork. Another advantage of working with a broker is that it frees up your time. You’ll be able to get on with your primary duties, secure in the knowledge that someone is out there, working on getting you the best deal.
They Understand the Market
The lending market doesn’t stand still for too long. It’s always in flux. In an ever-changing market, it’s always useful to have someone on your side who understands how to sort through the many options and find the best deal — and how to get it for their client.
As we’ve seen, there’s no shortage of benefits to using a broker to get equipment finance. If you’d like to know more, or you’re ready to get started, then be sure to get in touch with us at your convenience.