Easy, Hassel-free and Affordable Financing For Your Business

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WHY EASY EQUIPEMENT

Easy Equipment Finance was started 14 years ago with the Small Business Owner in mind providing them another financing source other than their bank.

Why Finance


it’s a completely different world than the consumer market where financing a car or home is easy peasy..

AVOIDING SCAMS


There are thousands of financing companies out there that represent themselves as the “Lender”. You might have heard the term “Direct Lender” before???,,, Well,,,,, this term is used very loosely and the reason why I say that is when most people hear the word “Direct Lender” they assume the finance company they are speaking to is the actual lender that is lending their own money or putting a lien the on the collateral,,,,,,,That is definitely not true! The truth is,,, there are hundreds of financing companies out there and only so many actual lenders (lienholders) that lend their own money and place a lien on the equipment when it’s financed. It’s similar to the mortgage industry, where there are 100’s of mortgage brokers out there however, there are only so many banks that hold the note,,, In a nutshell,,,,all the finance companies go to the same banks (lienholder) to get customers credit approved.


Welcome to the Commercial financing market


it’s a completely different world than the consumer market where financing a car or home is easy peasy..The Commercial Equipment Financing Industry has its own set of risk scores which have absolutely nothing to do with or even align with the consumer market. If you are a person with 700 score, you could walk into Mercedes, get a really low rate and drive away that same day. That’s not the case with Commercial Equipment Financing because Commercial Equipment is used as an asset to produce revenue for a business.

The specific Industry you are in matters.


Meaning, are you in trucking?If so do you run long haul or short haul? Do run Dump trucks?

Do have Pump trucks for your waste removal business or do you run Box Trucks?

Are you in the Tree Trimming Industry and need a boom truck?

The collateral matters to the underwriter. Even the collateral has different factors that comes into play with the terms an underwriter will approve you for.

Every Industry is assigned a risk score

, the lower the risk score, the better the interest rate and better credit terms, the higher risk the higher the rate and you might have to put money down depending on your credit.

How long have you been in business?


Are you start up, are you a few years into or have you been around forever? This matters in the eyes of the underwriter. A Start up company will always have to come up with a down payment, how much depends on your credit score and credit history.

Testimonials

Frequently Asked Questions

Answers To Common Questions

TRUCK WARRANTY

EASY EQUIPMENT FINANCE CAN SAVE YOU 100’S of dollars on extended warranties for used trucks through Truck Master Warranty!We provide warranties for Heavy and Medium Trucks!

What goes into determining a Rate?

About equipment financing rates it is just ridiculous! Most financing companies false advertise in the hopes you will click on their website and submit your information to them. The Simple truth is equipment financing rates always run higher than a manufacturer’s financing rate a dealer might offer you on a new piece of equipment.

However, if anyone quotes you an APR rate on Equipment Financing, you need to beware because standard Equipment Financing Contracts like EFA’s, $1.00 Buyout lease, Purchase Option Leases and FMV leases do not contain the rate in contract.This is because lenders pay their inhouse attorneys to protect their interest from any liability.Interest Rates do vary across the board based on determining factors the underwriter uses.A good range of rates in today’s market is anywhere from 7% (for low risk) and all the way up to 20%+ for extremely high risk..

START UP FINANCING

How much of a down payment really depends on the your credit. The range of the down payment is 10%-40%.Of course, the better the credit the less money down.The underwriter most likely is going to require additional information such as bank statements (personal bank statements are fine if you are a brand new start up, it you have been in business under 2 years then business bank statements will be asked for.Just a quick heads up, depending on the underwriter they may want to see two years tax returns.The reason for all this information is the start up businesses are risky with about 30% of businesses going belly up after three years.If you like to see what you can get approved for please call or inquire.

What are the fees associated with this transaction?

Make sure they break down the total amount for you. With any commercial equipment financing transaction a customer will be charged fees. There are different types of fees that are charged. One thing to note, the amount of fees charged upfront has nothing to do with the interest rate associated with the transaction. Believe it or not, some financing companies try to pass off a $2500 doc fee as a way to “buy down” the interest rate,,,,A $2500 fee for one piece of equipment is ridiculously absurd and that financing company is definitely “padding” the lien holder’s fee to make more profit.1. Admin fee or Doc fee2. UCC filing fee (if not a titled unit)3. Title Agency fee (if its title equipment and the vendor is doing the title work)4. GPS Unit fee (some lenders require a GPS unit to be installed in title equipment, some lenders charge the customer for this, some don’t)5. Wire fee (some charge for this) Prefunding fee (some will charge, some will not)

What type of contract am I signing?

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GAP INSURANCE

Easy Equpment Finance now offers GAP Insurance. What is GAP Insurance you ask? It’s insurance that covers the deficiency in cost that your current insurance company won’t cover.We all know as policy holders that you can be insured up to a certain amount of coverage however, that doesn’t mean the insurance company will actually pay out the amount that needs to be collected.I honestly have not met anyone yet who hasn’t gone to battle with an insurance company at some point in their life. GAP Insurance, basically covers your back when you insurance company refuses to!  For example, let’s say you have physical damage coverage on your truck that cost $72,000,,,, You or your driver accidentally gets in wreck,,, it happens. If you have a note on that truck ,,,,,, let’s say the remaining balance is owed $50,000 and your insurance company is only wanting to pay out $30,000 because that’s what THEY state the actual market value is,

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