3 Things To Fast-Track Your Equipment Finance Loan

As the owner of a new or relatively small business, you know the gravity of ensuring you have the correct equipment to perform daily tasks effectively. Ensuring that you can economically obtain this equipment quickly is vital to the company's health. Because purchasing equipment outright can be costly, you will likely need to take out equipment finance to ensure you can meet your demands and expand the business.

Time is one of the most valuable resources, and there is often little to spare. Therefore, we will explain how you can fast-track your way to obtaining equipment loans below.

Most Recent Financial Year Tax Returns?

When applying for an equipment loan, proving that you are on top of your tax returns can be highly beneficial for obtaining the loan quickly. Proving that you meet your payment deadlines and can supply positive interims (if necessary) is one way of showing lenders that you will pay back the loan. Doing this might convince them to speed the process up if it is an emergency. Therefore, ensuring that your tax returns are in order now will be beneficial later. Some funders have advised that as at the 1 January 2023 they will require finalised 2022 Financials.

Updated Personal Asset Statement?

Personal asset statements are a sure way to prove that you are financially stable to acquire a loan. Providing this document to the lender will instill a sense of trust needed to grant you the loan and even offer improved loan terms. Funders will look at a Personal Asset Statement to assess the strengths of the Applicant / Director and can influence where we (The Broker) go to obtain finance for the applicant.

Schedule of Commitments?

When you apply for any loan, the lender may need to understand your schedule of commitments. Do you have any other concurrent loans running? If so, what are the loan terms? Your schedule of commitments will highlight your highest running costs so they can analyse your financial standing to offer the most suitable loan option possible.

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Obtaining an equipment loan fast can benefit small or new business owners. Equipment finance is a fantastic way to access the tools needed to operate the company effectively while not needing to fork out large quantities from the cash flow. Ron C Finance can assist with your financing and help you obtain equipment financing. For more information, contact us today.