Commercial equipment finance can exponentially help your business’s growth. What’s more, choosing the right broker can ensure you get the best deal for your needs at the perfect time. They have the skills, experience and industry resources to ensure you can find the best solution to meet your needs when you need it!
After all, there are no similar situations in financing, as every business is different and needs a specialised solution to help take growth to new heights.
But to find the best broker, you need to ask them the right questions, ensuring they are going to be one with whom you can build a winning partnership as the years go by and your business continues to grow.
With this in mind, here are four things to ask your potential equipment finance broker:
- How long have you been in the industry?
This isn’t only a question of experience – it’s a way to gauge if your prospective broker has built up a robust network of industry contacts. If your prospective broker hasn’t been in the industry for too long, then it is likely that they are still building up a solid foundation of industry contacts they can turn to for different lending solutions, and so you might have to find one who has the industry longevity to find you the perfect deal.
But it also does come down to experience, as there is an obvious difference between someone who has been in the industry for years and someone who is just cutting their teeth. An experienced broker will know where to look, how to analyse your business to find your best solution and how to negotiate the best deals with the optimal lending agents, thus ensuring you get the best deal for your financing needs.
- Do you have many industry connections?
An experienced and reliable broker will have many industry connections of whom they can turn to secure you an outstanding deal. A lot of work in the industry goes into ensuring businesses have the resources they need to finance their operations, and plenty of this work is centred around your broker having the right connections.
So, don’t be afraid to ask about your prospective broker’s network – they should be able to offer you a range of options that are found across a range of contacts.
- Do they have client referrals?
Because any reputable brokerage firm will be able to show you referrals from clients attesting to the amazing job they did in securing an amazing financing deal on their behalf. The financing industry is one where if the broker does a good job on behalf of their clients then it is likely that they will build an ongoing partnership and one that regularly returns successful results.
As such, they should be able to provide prospective clients with a list of testimonials or referrals from happy previous/ongoing clients!
- What options do you think may work for me?
This is a test of their knowledge and network credentials, as they should have the experience to hear about your particular situation and offer a reasonable idea of what solution will work best for your business.
With so many options available, they are the one you are turning to in order to cut through the nonsense and help you find the best deal – they should, therefore, be able to give you a good idea of what kind of options will work for your business needs before you go to work with them!
