What To Look For When Choosing An Equipment Leasing Company

August 21st, 2014 Comments off

There are a number of advantages to considering equipment leasing over purchasing expensive items outright. You can improve your cash flow and keep important equipment up to date, signing a new lease and taking on the latest items once your lease expires.

There are also a choice of different options available, which is another important factor to take into consideration when looking at equipment leasing companies.

One of the big factors you will want to take note of is the size of the company providing you with the finance. Some of the larger companies are managed by financial institutions, while the smaller companies are independent. Ideally you want to go with a company that is of a decent size with extensive financial experience.

Remember you are choosing equipment leasing for your business, you don’t want to end up in a difficult situation should the company close and they arrive to collect the items, that you need in order to operate. Ensure any company you choose has the relevant experience and has a number of happy customers under their belt, ensuring you make the right decision for you and your business.

A large number of companies, varying in size, turn to equipment leasing companies on an annual basis. In fact over thirty percent of equipment deals are leased items rather than purchased items.

Ensure you speak directly with the equipment leasing company to determine their area of expertise. Some will focus on the types of leases while others only focus on specific industries, such as those that only cater to the construction industry, as an example. Depending on your business, you may want to choose a company that will be willing to help you secure the products you need in order to operate on a daily basis.

The best place to find the good equipment leasing companies is through word of mouth or online. If you know someone in your industry that has already taken advantage of this service, you can pick their brain to find out as much as possible, helping you decide if it’s the right choice for your business. In addition, if they have had a good service, they will be happy to refer you to the company, which can make the search much easier and save you a lot of time.

The other alternative is to search online. There are three important factors you are looking for when searching online. The companies you put on your shortlist should have an excellent reputation, they should offer a good performance and they should provide outstanding service.

Narrow down your list to three companies that you can call and discuss your requirements with. Ensure you ask them as many questions as you can think of about themselves. This can include the company size, their expertise in this area of financing, how many customers they deal with daily and how long do they take to approve the financing.

With the interviews concluded, you may have struck one or two of the companies from your list. Now is the time to have a look at the different leasing options available and determine which the best choice is for you. The company should provide you with all the information you need to make an informed decision. If they try and bully you into a decision, cross them off your shortlist and move onto the next company, they should have your best interests in mind.

Finally, take careful note of the options that are available to you once the lease expires. When the lease comes to an end, do you have the ability to purchase the equipment? Can you return it and get a later model? Can you renew your current lease?

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Paid Collections Don’t Automatically Get Removed

August 13th, 2014 Comments off

Are you one of many Americans who have collection accounts on your credit report? If so, you unquestionably want it to just go away. This is a pivotal part of credit repair but raising your credit score back up to a favorable status is much easier said than done. That’s because according to U.S. law, collection accounts can be reported in your credit history for seven-and-a-half years from the original date you fall behind on payments.

Yikes!
Seven-and-a-half years. That’s a long time a bad record can weigh down your FICO score. Even worse, it’s possible that you can settle your debt with a collection agency and the record will still weigh down your credit score. Why? Because collection agencies are required to report information that is both accurate and complete and that includes this negative aspect of your credit history.So now that you know why collection agencies won’t wipe a record clean, even after you’ve settled your debt, you might be wondering if there’s anything you can do? I mean, 7.5 years is a long time to wait out a bad record.

The good news is that there are some things you can do to wipe bad records from your report early, thereby allowing you to advance and repair credit. The bad news is these things are not sure-fire. Here’s a look at a few credit tips for working with collection agencies on this matter:

First, pull your credit history so you know what’s being reported. There’s a chance you might find an inaccuracy within the report, which can lead to a favorable outcome, as collection agencies aren’t legally allowed to report inaccurate or incomplete information.

Negotiate a “pay for removal” debt management deal: If you haven’t settled any debt yet, contact the collection agency and see if they will remove your record should you settle the debt. Many will likely respond and say that they’re unable to remove the record, as credit reporting agencies frown upon this policy. But it’s worth a shot.

Build new, positive credit: Part of your credit score is based on any new credit you’re building. So if you’re striking out with getting records removed from your credit report, it may just be best to cut your losses and focus on building new credit. As time goes on, these negative records will have less of an impact on your overall score, as long as your finances and credit history are headed in the right direction.

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