Printing equipment loans and leases are the most common forms of printing equipment financing available in the market today.
There are also lenders and leasing companies that are set up for dealing with different financing amounts and types of printing equipment.
The process for locating and securing printing equipment loans and leases starts with identifying the specific type of printing equipment you are looking to acquire, whether its new or used, the terms of condition of sale, and if the seller is a licensed vendor or private party.
The next step we take you through is a quick review of your financial and credit profile. Your financial profile includes the financial statements for your business and potentially your personal financial information if you are required to sign as a guarantor to any loan or lease that gets arranged. Your credit profile will typically include the business credit history and potentially the personal credit score and history of the primary owners if the business credit is not sufficiently developed.
From this information, we can then determine the specific lenders or leasing companies that would be the best fit for your printing equipment financing requirements.
In determining whether you should be applying for a printing equipment loan or a printing equipment lease, there are a number of factors to consider.
First of all, the lowest potential rates for financing are more commonly provided by banks or institutional lenders through their loan products which are typically only available for “A” credit customers. If you’re looking for the best possible rate above everything else, then depending on the financing sources interested in your particular requirements, an equipment loan is likely going to be the best option.
If you’re looking for the most potential leverage on the purchase price of the asset, then a printing equipment lease is likely going to be the better option where loan to value amounts can be at, near, or even above 100%.
If your credit falls into the B or C category, then a certain sub section of the equipment leasing market is going to be your best option as they are more specialized in working with businesses that do not have an “A” credit rating.
This will depend on a number of factors including the type of financing company you are working with, the amount of funding you’re looking for, and the strength of your financial and credit profiles.
For instance, for financing less than $100,000 where the applicant has good credit and has been in business for at least two years, approvals for financing can be obtained in a matter of hours and funding to follow in a few days.
As the amount of financing requested increases , so does the loan or lease requirements of the financing company which can take more time to put an application together and get it processed.
For larger requests, it can take two to five business days to get an approval and funding to follow immediately there after provided that all the loan or lease conditions can be met right away