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If you are a business owner with slow pays on your credit, you may want to consider a Collateral Lease for your next equipment purchase. It has been a tough couple of years. It finally looks like the economy may be gaining traction to accelerate again. Even though you have tried to pay all of your bills on time, many of your clients have been slow paying you, which in turn has given you some cash flow issues and has made you late on some of your payments.

Part of the reason for this is that lots of leasing companies are under severe pressure to maintain competitive whilst tackling falling residual values and, in some cases, have experienced difficulty obtaining large-scale credit finance as a result of the credit crunch.Furthermore, without checking the “small print” it can often prove difficult to decipher the different quote formats and be certain that all the quotes you have are produced on the same basis i.e. the same payment profile, terminal contract mileage, vehicle specification, etc.By using a combination of different leasing companies for fleet vehicles, rather just relying upon one single supplier, fleet operators can be sure that they’ve secured the best market rate on every requirement, every time, and can feel safe in the knowledge that they’ve minimised their exposure to excessive price increases and fiscal fluctuation.

There are no restrictions as to the type of equipment that can be leased, your credit scores, or time in business. Plus — no financial paperwork is needed. Pricing for this program is determined by your credit scores. No recent foreclosures are allowed and you must be current on your mortgage payments at the time of application.

The reason this type of financing is made available, is that sometimes bad things happen to good people. Some lenders can look beyond just your past credit situation, but they do ask for extra collateral to secure your deal in return. You must have additional collateral in other hard asset equipment and/ or have commercial or residential real estate equity. The lender will consider the auction value of your hard assets to determine the value given to your collateral. As for your real estate, you need to have at least 30% or more in equity for it to be used as collateral. You must also be a homeowner for any deal in excess of $40,000.

Often they provide their services to the customer free of charge as they get paid by the leasing companies and, more often than not, they can secure cheaper rates than the same leasing company direct, ensuring you have only one point of contact but access to some of the best rates in the market. You win every time!

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