FAQ

Have question in mind?

Equipment Finance Quotes brings business owners (and/or their advisers) and equipment lenders together. Equipment finance options are presented with just a few questions answered by the prospective borrower. As you enter your specific equipment needs on the online application, the system narrows down the lenders that are appropriate for the request. When you are done with the brief application process, your odds of approval are estimated and a list of items is requested to begin a formal underwriting by the lender. At this point, you will be placed in direct contact with the lender and deal with them through closing. 

 

Equipment lenders are not one size fits all. Your equipment loan request may not fit with one lender and be a perfect fit with another. 

For example, some lenders only want to lend to companies with gross sales of $20 million or more, some have minimum equipment loan requirements of $500,000 or more, some only finance new equipment, some have no minimum loan requirements, and some require a personal guarantee and some do not. These are only a few of the variables, there are too many to mention. 

EFQ takes the time and headache out of finding the right lender for your needs and streamlines the process. A quick, easy and hassle free process is what we aim for when looking to finance either new or used equipment. Whether you're a contractor looking to finance heavy drilling equipment or need to purchase new trucks for your business, we have you covered. 

No. The lenders compensate us for bringing them finance opportunities. There is no additional cost involved for the borrower. The rates received would be the same if you went to the lender directly. 

Some lenders offer an "application only" option for loans under $500,000, but not all. Typically, what is required is the following: 

1) Description of the equipment as described on the vendor invoice

2) Company bank statements for the last 6 months

3) Lender's application (sent by the lender once preliminary approval is received) 

On larger requests, you would add the following: 

1) Last two year's company tax returns

2) Last two year's financial statements - balance sheet and income statement

3) Current interim financial statement  - balance sheet and income statement

4) Company debt schedule

5) CPA prepared Reviewed or Audited financial statements versus internal statements

New inquiries from borrowers and partners will come in through the platform and be prescreened according to the lending parameters entered by the lender through the lender portal. For example, if a particular lender has a maximum loan amount of $500,000, they will not see requests higher than that amount. If a lender only lends to companies with gross revenues over $15 million with CPA prepared statements, they will only see loans fitting that criteria and so on. 

Once the initial questions are answered and the supporting documentation has been uploaded the lender will receive an email with their required documentation. From that point, they will be in touch with the borrower directly to complete the underwriting process through closing. 

Business owners and/or their advisors can enter the equipment financing need details and receive interest in their request after a few simple questions. Through EFQ's lender relationships we have most every equipment financing need covered. Whether the need is for $50,000 in kitchen equipment for a restaurant or a $200 million dollar commercial aircraft, Equipment Finance Quotes delivers the loan or lease options to meet your request. 

Business owners save time and energy in selecting the right lender for their request. Their consultants/advisers add value by delivering solutions for their clients. All through a user-friendly and streamlined process.