Obtaining a pre-approval is a potent financial instrument that may help you promptly determine how much cash is available when you need to acquire equipment for your business.
What is Pre-Approval?
Pre-approval for equipment financing lets you know your maximum loan amount before making a purchase. You can better plan your finances for new equipment with this financing option.
A pre-approval is the best place to begin if you need new equipment in the future but haven't decided on a specific item.
With a pre-approval in hand, you may apply for a loan even before you have all the information on the piece of machinery you wish to finance. This way, you'll be able to obtain the necessary equipment for your company without going over your budget.
Knowing what resources you will require puts you ahead of the game. A pre-approval allows you to make purchases without waiting or figuring out whether they are within your budget.
What Does a Pre-Approval Include?
During a pre-approval process, your financial institution may provide you with the following information:
● Monthly payment estimates
● Maximum lease amount
● End-of-term options
● Total initial cash required
Pros of Getting Pre-Approved
Increase your odds of succeeding by knowing your financial situation and having the resources to buy the tools you need without delay.
1. Obtain the equipment you need without losing out on any possibilities.
Considering current constraints, the equipment market operates on a "first come, first served" basis. Get the necessary equipment right away if you have been pre-approved for the funds.
2. Shop with assurance.
You can purchase with confidence if you know how much money you will spend. Knowing how much you can afford to borrow will give you the freedom to choose the best piece of equipment for your business.
3. Gain additional leverage during challenging negotiations.
If two interested parties place bids on the same piece of machinery, but only one of them has been pre-approved for financing, the seller it's more likely to consider it.
Get Pre-Approved with Equipment Financings Today!
Getting your startup business up and running can be tough, so we offer special rates for pre-revenue startups. We can get you pre-approved for Orange County equipment financing loans in no time. We offer fast and easy approval for businesses with any credit history, regardless of credit score or past bankruptcy. Applying online takes only 3 minutes, so you can purchase your equipment quickly and easily! With Equipment Financings, you can choose from several financing options that suit your budget and needs.