How to Avoid the Bad Apples of Equipment Leasing

Every business owner has enough confidence to fill an auditorium. So why is that a business owner feels uneasy when they are making big decisions? Why is it that a business owner feels uneasiest when they are getting ready to take on debt?

Finding an equipment leasing company that you feel comfortable with doesn’t happen naturally. You are dealing with an industry that doesn’t have the best reputation, and worst of all, you are on their turf. Here is a shortlist of some of the reasons that a business owner may not feel comfortable with their equipment leasing company. They:

1. Are uncomfortable taking on new debt in the first place.
2. Don’t like sharing their personal and business information with a stranger
3. Don’t know much about equipment leasing, and they fear what they do not know
4. Are worried they are getting ripped off

And these are just the beginning.

Finding and working with an equipment leasing company that you can trust does not need to be difficult. In fact, it will make you happy to know that most companies in this industry aren’t out to steal your money. Just like any business they are out to make money, but in an honest manner. But here are a few tips to follow in order to make sure that you stay away from those bad apples.

Tip #1

Check out Better Business Bureau. By looking for the company you are working with on the better business bureau, you can see what other customers have said about them. If you see several lawsuits and complaints that have gone unresolved it may be a sign that you are working with a bad apple.

Tip #2

Google Them. Much like the Better Business Bureau, Google is a resource of all the things that people say about your equipment leasing company. It’s amazing how many times a bad article works it’s way to the top of the page. Don’t judge your company by one article, but if you start to see a pattern, be sure to take note.

Tip #3

Ask Lots of Questions. Never finalize your deal unless you understand everything in the documents. Questions that go unanswered can lead to big problems down the road. You may agree to something you never intended to and end up paying more money than you ever anticipated. If your equipment leasing representative tries to dodge your questions, this might be an indication that you aren’t working with an honest bunch.

Tip #4

Beware of Who You Share Your Information With. Talk to the person who is asking for your information and really get a feel for who they are. How long have they been in business for? Who do they share their information with? Do they have a traceable web address?

Tip #5

Research, Research, Research!!! The best way to feel comfortable with your big purchase and new debt is to know exactly what you are getting into. So buy a book, talk to your CPA,