Select the equipment lender that best meets your business needs.
You’ve researched why an equipment financing partner makes sense for your business
and decided it’s time to start vetting prospective lenders. But how do you differentiate between all your options? And how do you keep track of their strengths and weaknesses?
Ask these five questions and download our Lending Partner Scorecard to keep track of your potential lenders and make the right decision.
Five questions to ask your prospective financing partners:
- Do they have knowledge of my customers’ industry? Your customers are in specialty industries with unique needs – and that extends to their equipment purchases and financing needs. Lenders with deep industry knowledge understand how to structure loans that align with your customers’ businesses. They can anticipate potential problems your customers may face and offer solutions, minimizing time-consuming setbacks and helping the deal close more quickly.
- Do they have financial expertise that benefits my customers?
You need a lender who can also be a financial advisor to your customers. They look at the whole business, not just this one transaction. With this 360-degree view of the borrower, they are able to utilize their expertise and provide advice that guides borrowers through the lending process. As a manufacturer, lenders can also offer advice to you and the types of deals your business may want to focus on.
- Do borrowers find them easy to work with?
Ease can mean a few different things. Direct access, repeat borrowers, and transparency are all factors to consider. Lenders who give borrowers direct access to specialists across the organization from credit to closing to post-closing can help streamline the approval and funding process. A high percentage of repeat borrowers shows that customers like working with them and value their lending relationship. Consider lenders who are honest and transparent with no surprises or hidden fees. These can be good indicators of how easy a lender is to work with and if they’re adding value for their customers.
In turn, you can benefit from that value – either through building a stronger relationship with your customers or through receiving your own financial advice from your preferred lending partner.
- What is the average length of their relationship with vendor partners?
When manufacturers offer financing programs through the same partner again and again, it shows the lender is doing something right. Building a relationship that generates an on-going financing partnership takes the right combination of industry knowledge, financial expertise, and quality customer service to continually develop high-performing programs.
- Do they offer additional banking products?
Selecting a lending partner that is part of a full-service bank with deposit, cash management, and other banking services can help not just your customers, but also your business.
For your customers, combining banking services with their loans at the same bank can help streamline the funding process. Their relationship manager is there to facilitate transactions and close loans faster – allowing you to get paid more quickly and focus on the next deal.
Download our Lending Partner Scorecard by filling out the form and keep track of your prospective partners.
Manufacturer partners include:
Loans are subject to credit approval. Programs, rates, terms and conditions are subject to change and may expire without notice. Other restrictions may apply. Firestone Financial reserves the right not to process any loan request for any lawful reason. A $300 ($350 for new customers) loan processing fee will be financed by the customer.