Get a Toronto vendor finance program put into place for your business customers through our brokerage services.
We do not provide any type of consumer financing; only business to business applications where your customers are registered businesses or business owners.
A Toronto vendor finance program is essentially a relationship you have with one or more equipment financing companies who are prepared to entertain equipment financing applications from your customers for the equipment that you sell.
While any customer can apply for credit on their own, the value of having a vendor financing program in place all about the speed of getting financing in place so that the sale can close as fast as possible.
If the customer has to start from scratch seeking financing for a potential purchase, the process can not only take considerable time, but it can also see your customer entertaining offers from competitors that can provide easy access to equipment financing programs.
And not all equipment financing companies are a like either.
Any potential financing company is going to have to 1) be comfortable with the type of equipment and the amount of financing; 2) be comfortable that the vendor is a reputable dealer; and be able to qualify the credit and financial profiles of your typical customer in order to approve a request for finacning.
When a Toronto vendor finance program is in place, any financing companies your customer application is forwarded to will have already approved both the dealer and the equipment being considered for financing, leaving only the customer credit qualification to get a funding commitment in place.
This serves to not only greatly speed up the financing process, but to only have your customer’s credit application be directed at relevant equipment financing or equipment leasing sources that can actually fund the deal.
In the competitive world of equipment sales, not having a proper vendor financing program in place can be a real hole in your sales process that can be used against you by your competitors.
Even having a vendor finance program doesn’t guarantee success by any stretch as it has to not only be well suited to the types of credit applications that will be put forward, but must also deliver the type of customer service that is in keeping with how you conduct the rest of your business.
Every financing scenario is somewhat unique, so you need to have vendor financing program administers who are capable of taking a hands on approach with your customers in order to work through whatever details exist to get a deal closed and funded.
Too often vendor financing programs are administered through an order desk from one lender or leasing company where different people are always working on your customer files, providing less of a customized service than what may be required at times.
Our approach is to work closely with each and every one of your customers, get their application package properly assembled, forward the application to the most relevant of our lending partners qualified to receive the deal, and then work through the details with the customer until everything is properly in place with respect to their equipment financing requirements.