How to choose a Finance Partner
For most EFN customers, financing means
a substantial investment relative to daily expenses.
We suggest you call 2 or 3 companies
before you decide on a finance partner.
Following are questions you can ask to help
cover the basics, while you assess compatibility.
Questions About Their Service to You
(questions about their business are shown below):
Does your company fund $27,000 Wizbangs?
How much are payments for 36 and 60 months?
It’s reasonable to be told that your credit will need to be seen
– but we can usually give a solid estimate after asking a few
questions about your credit, and time in business.
If we decide on this option, how do we get started?
We’ll send our one-page application form (or a link to your phone)
... for most, we’ll have an approval within 24 hours.
What happens after we get the approval?
We get the invoice from your chosen vendor, prepare documents
(if we can’t get together for signing, they can be done online, or via email / fax).
When does the vendor get paid?
Up to 100% can be paid in advance, and often, after delivery to you –
and after a phone call for a final review of the terms, and confirmation that
you’re happy with the equipment.
Questions to Ask About Their Business:
How long have you been funding equipment?
We think 3+ years should do it, but newcomers might deserve a chance.
How many lenders do you represent?
We think 5-9 is a good range to help place 95% of applications
based on credit-worthiness. Many say “30 different lenders”,
but if that’s true they probably don’t know any of them very well.
Do you arrange financing for this product?
Common items should not be a problem – but our experience with software,
and environmental equipment, for instance, can be a big help.
Where is your office / What territory do you cover?
Not critical, but some have stronger regional lenders.
What is your average transaction size?
Not critical either – $5k to $2MM for EFN, with most $20k to $100k.
a substantial investment relative to daily expenses.
We suggest you call 2 or 3 companies
before you decide on a finance partner.
Following are questions you can ask to help
cover the basics, while you assess compatibility.
Questions About Their Service to You
(questions about their business are shown below):
Does your company fund $27,000 Wizbangs?
How much are payments for 36 and 60 months?
It’s reasonable to be told that your credit will need to be seen
– but we can usually give a solid estimate after asking a few
questions about your credit, and time in business.
If we decide on this option, how do we get started?
We’ll send our one-page application form (or a link to your phone)
... for most, we’ll have an approval within 24 hours.
What happens after we get the approval?
We get the invoice from your chosen vendor, prepare documents
(if we can’t get together for signing, they can be done online, or via email / fax).
When does the vendor get paid?
Up to 100% can be paid in advance, and often, after delivery to you –
and after a phone call for a final review of the terms, and confirmation that
you’re happy with the equipment.
Questions to Ask About Their Business:
How long have you been funding equipment?
We think 3+ years should do it, but newcomers might deserve a chance.
How many lenders do you represent?
We think 5-9 is a good range to help place 95% of applications
based on credit-worthiness. Many say “30 different lenders”,
but if that’s true they probably don’t know any of them very well.
Do you arrange financing for this product?
Common items should not be a problem – but our experience with software,
and environmental equipment, for instance, can be a big help.
Where is your office / What territory do you cover?
Not critical, but some have stronger regional lenders.
What is your average transaction size?
Not critical either – $5k to $2MM for EFN, with most $20k to $100k.