Why Brokers Need a Streamlined Application
📥 Today’s big question: Brokers, when was the last time you looked at your application with the user experience in mind? Can you streamline it? Make it easier? Do it in fewer pages? Ask for one less document? 🚧 Why it matters: 41% of equipment financing applications are abandoned before the customer clicks “Submit.” 🎓 […]
Turn “I Won’t Qualify” Into a Conversation Starter
🦄 The myth: When surveyed, 52% of small-business owners believed they wouldn’t qualify for equipment financing—an assumption they based on their credit scores… 🐴 The reality: …Yet, the majority of these business owners had scores well within approval ranges for non-bank lenders. Why it matters: This misconception is costing them equipment…and costing you deals. 📈 […]
Why Financing Is a Must for Seasonal Businesses
🚤 Summer is just around the corner—which means many seasonal businesses have already started equipment shopping. Equipment dealers: Are you positioned to capture those sales? In other words, do you have financing that works for these businesses? Here’s the reality: 57% of small businesses experience significant seasonal variation in cash flow—busy months and slow months […]
Be The Expert That Says Yes
💡 Today’s big thought: A lot of small businesses who need financing deserve a second look. 📊 By the numbers: 38% of small businesses declined for equipment financing by traditional banks are approved when they work with non-bank lenders. 🏦 Reality check: Banks have narrow credit boxes. If a business doesn’t fit perfectly, it’s declined—regardless […]
4 Speedy Reasons Financing Accelerates Sales
🏁11 days faster.🏁 That’s a number every equipment dealer needs to know. Equipment deals that include financing options close 11 days faster on average compared to cash quotes for the same equipment. Here are 4 reasons why financing creates momentum that cash purchases don’t: Cash purchases are big financial decisions, triggering, deliberation and second-guessing. (How […]
Brokers: You have 24 hours. Most wait 72.
Quick: A buyer’s email arrives in your inbox. Their phone call hits your voicemail. Their referral lands in your lap. How fast do you reply? Think fast, it matters more than you think. 61% of equipment financing customers who don’t receive a substantive response within 72 hours of their initial inquiry begin exploring alternative lenders—even […]
Commercial Cleaning Equipment: A Great Fit for Financing
Today’s big questions: Are you highlighting the benefits of financing to your customers? Are you leading with a low monthly payment on every sale? Here’s why it matters: Commercial cleaning buyers are great fit for financing. Even if your customers are first-time business owners, work primarily in cash, or are shopping for less than $10K—or […]
How Financing Overcomes Price Objections
The hard facts: Equipment prices were already up an average 11% year-over-year across most categories—and that was before the oil and trade shocks of the last three weeks. And when prices rise, so do price objections from buyers. The good news: Sellers who frame their pitches around monthly payments avoid a similar spike in price objections. […]
First-Time Equipment Finance Customers Are an Overlooked Opportunity
Did you know 24% of small businesses have never used equipment financing of any kind? It’s not because they were declined. They simply don’t know financing is an option for businesses like theirs. Why it matters: The customer you educate is the customer you win. Let’s break it down… Many small-business owners assume financing is […]
Small-business demand is great news for brokers
Last week we got some very welcome news from the Equipment Leasing and Finance Association (ELFA), courtesy of Equipment Finance News: Equipment finance demand hits record high in January Total new business volume hit $11.6B New equipment finance demand reached a record high in January as new business volumes posted the strongest monthly dollar total […]