Financing equipment in all markets is always a slightly moving target. Hard credit rules are constantly changing because underwriters and credit teams are pressured to make the right decision; their jobs depend on it. The squeeze on one end for lenders is to minimize bad debt by avoiding financing clients which end up in default. On the other end, lenders and investors need to make a profit and federal regulations require they approve a certain number of loans. The scenario is frustrating for both the customer and finance agent but we can confirm that investors are still lending and approvals are much higher than last year.
What are some common approval guidelines?
Complete financial disclosure is best for getting a quick decision. Knowing what your credit, assets, liabilities look like and how your company is performing will provide the underwriter a complete picture thus allowing them to offer the best … Read More