13 Questions You should Be Ready to Answer When Applying for Equipment Financing

Whenever a business owner is looking to purchase equipment, whether it’s a dump truck or software, they’re always looking to get the best deal. Be in a position to sell yourself, it will help you get the better deal. Here are some questions you should be prepared to answer about your company in a positive light.

  1. What exactly do you do? This will help your Loan Officer get the best pricing and terms. If he or she is a pro, they will properly summarize the loan in a positive light before submitting it into underwriting.
  2. What kind of equipment do you want to buy? New or used and if it’s used, what has been your experience with buying used in the past?
  3. How will this equipment affect your business? The underwriter will sometimes want to know what sort of impact the equipment will have on your business. This is a good thing. The underwriter wants to know because the lender wants to know that it will help the business.
  4. Why do you need the equipment? What are you solving for?
  5. Do you have a timeline? When do you need it on site and operational?
  6. How do you acquire new business?
  7. Have you ever financed any equipment in the past? If so, with whom? How much did you borrower? How many times? What were the terms and anything you liked or disliked about the experience?
  8. Do you know where you are purchasing the equipment from? Have you already contacted the vendor? Have you purchased from this vendor in the past? If so, when, how many times and if not, where do you learn of the vendor?
  9. Does the vendor work off of a purchase order? If not, why?
  10. Does the vendor have any special requests or needs?
  11. Are you shopping around with other lenders? If so, who’s in the lead and why?
  12. What are the best times to reach you?-
  13. Do you need any working capital too?

You might want to summarize this information into a couple paragraphs before calling 858-222-7534

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