Many leasing companies are legitimate - many are not. Please take time to investigate before you begin a business relationship with a new lending company. Don’t be “taken to the cleaners”!
Some Do’s (Questions to Ask of a Lender):
- How long has the company been doing business under their current name? Ask this question!
- Seek information on the company with the state or city BBB where they are headquartered.
- Has the equipment vendor you are seeking equipment from done business with this company before? Have they even heard of them? Will they do business with them?
- Ask for references regarding equipment companies they have worked with in the past.
- Do they finance both new and used equipment?
- What are their rates?
DO NOT:
- Do not submit personal credit information on-line. Ask the company to fax or e-mail you a lease application.
- Never send money to a company based upon “pre-approval”. Legitimate companies will send contracts to you when you have passed final approval. Deposit money and documentation fees may be sent at the time the signed contracts are returned.
- Do not sign contracts if the information and dollar amounts differ from that which was given verbally. Always question any discrepancies.
Related Carpet Cleaning Business Information:
- Cash Flow.
- Equipment Lease Application Form (PDF).
- Leasing Equipment.