Need some new equipment and don’t want to wait MONTHS for approval? Got it.
Growing your business is tough enough. Competing in today’s market requires cutting-edge tools, but your cash flow just can’t keep up. Meanwhile, your banker wants to make you wait weeks or even months for that equipment loan. Grrrr… The good news?
Say hello to your new competitive advantage – fast approval equipment financing solutions.
Here’s the real deal… 82% of businesses finance their equipment purchases already. And there’s a very good reason for that.
Table of Contents
What you’ll discover:
- Why Equipment Financing Speed Is Everything
- Fast Approval Options That Actually Work
- How to Choose the Right Equipment Finance Partner
- Preparing Your Fast Equipment Financing Application
Why Equipment Financing Speed Is Everything
Want to know what makes all the difference in successful businesses?
Speed of execution. Deadlines drive results. And the faster you can move, the more you can grow.
You know this already…
If you work in a successful growing business, chances are your company is already hustling like crazy. You can’t wait around for the financing to come in. Orders are getting filled. Customers are being served. And if you get a big one?
Boom. You have to react instantly, no matter what.
But what if your equipment purchasing process was just as fast?
Here’s the crazy thing…
Traditional equipment financing is built for the stone age. Paperwork. Waiting. Waiting some more. Repeat. And that’s if you even get approved, of course.
Fast approval equipment financing solutions are coming along and changing the game though.
See, what most business owners don’t realize? You can get the financing you need in DAYS, not MONTHS.
These new lenders are nimble. They know how the modern economy works, which is to say it moves FAST.
How fast?
- Traditional bank loan: min 30 days
- Fast equipment financing: 24-72 hours max
- Alternative lenders: Same-day approval
Oh, and by the way… 85% of small business owners say speed to approval is the most important characteristic when they’re choosing a lender. YET. They still waste time on outdated, inefficient processes.
Talk about irony…
Fast Approval Options That Actually Work
The best solution isn’t always the most obvious one.
If you’re in a hurry, you can’t afford to waste time on ideas that don’t work. Here’s a list of fast equipment financing options that actually deliver fast approval and funding.
Equipment Loans vs. Equipment Leasing
First things first…
Equipment loans give you ownership. Period. Simple as that.
You buy your equipment and own it from day one.
Some of the perks include:
- Full ownership (no sharing equity with lender)
- Tax advantages through depreciation
- Use equipment however you like
- Create equity in your business assets
Equipment leasing is a little different:
- Lower monthly payments
- Easier to upgrade to newer equipment
- Maintenance is sometimes included
- 100% financing (no down payment required)
Both types of equipment financing can provide fast approval these days if you know where to look.
The next major shift that’s changing everything? Online equipment finance platforms.
Online Equipment Finance Platforms
Here’s a game-changer…
Online equipment finance platforms have helped cut approval times to an absolute minimum. Forget the bank lobby. Forget fax machines.
Here’s how it works:
- Fill out online application (takes 10-15 mins)
- Instant pre-approval decision
- Digitally upload supporting documents
- Receive final approval in 24-48 hours
- Funds in your account, purchase your equipment
Speed is the name of the game for these platforms. Automated underwriting systems. Algorithms that can evaluate your business instantly based on more than credit scores alone. Cash flow is the new credit, after all.
Alternative Lenders vs Traditional Banks
Secret tip number two…
Alternative lenders approve equipment financing that the banks reject every day. Why? Well, that’s the big question, isn’t it?
How come most businesses just give the money to the bank while alternative lenders jump through hoops to get it to them?
Turns out it’s all about how they look at the business:
Traditional banks are looking for:
- Perfect credit scores
- Ample collateral
- Long business history
- Complex approval process
Alternative lenders are looking at:
- Cash flow patterns
- Equipment as collateral
- Business growth projections
- Speed of decision-making
How to Choose the Right Equipment Finance Partner
Choose poorly, and you’ll waste weeks never getting anywhere.
Choose well, and you’ll have that equipment in hand before you know it.
Look for These Key Features
Fast application process – If a lender can’t approve you fast, then they can’t fund you fast. Look for lenders promising decisions in 24-48 hours.
Equipment expertise – Generic business lenders don’t understand how equipment values. Look for lenders who specialize in YOUR industry.
Flexible terms – Your cash flow is not your neighbor’s. You need unique financing to match your needs.
Transparent pricing – Fees are the hidden killer of so many deals. Make sure you know all the costs BEFORE you apply.
Red Flags to Avoid
Run away from lenders who…
- Need reams of paperwork
- Can’t explain their approval process
- Won’t talk about rates until AFTER approval
- Have awful online reviews
- Push you to sign ASAP
Preparing Your Fast Equipment Financing Application
There are ways to speed up an already fast process even more…
Get your documents ready:
- Last 3 months bank statements
- Tax returns (business and personal)
- Equipment quotes/invoices
- Business license/registration
- Financial statements (income, expenses)
Pro tip: Keep everything digitized. If you have to scan paperwork while your application is pending, what’s the point?
The Equipment Quote Strategy
This one trick speeds up approval in a BIG way…
Equipment financing lenders need to know exactly what you want to buy and how much. Vague applications will get rejected. Specific applications get fast approval.
Get your quotes in before you apply for the best results.
Make sure quotes include:
- Exact equipment specs
- Total purchase price
- Delivery timeline
- Vendor contact information
Common Equipment Financing Mistakes
Here are the things that slow down approval or KILL it outright:
Mistake #1: Waiting until you desperately need equipment
Apply before the situation is urgent. Waiting until the last minute leads to panic and mistakes.
Mistake #2: Only checking with your bank
Your bank might offer equipment loans, but they’ll likely be the slowest option.
Mistake #3: Not comparing terms
Rates are important, but so are fees, repayment schedules, and approval times.
Mistake #4: Buying too much (or too little)
Know how much equipment you need for the next 2-3 years. Too little, and you’re back here soon. Too much, and it drains cash flow.
The Future of Equipment Financing
This is going to change in a BIG way…
Equipment financing is speeding up as we speak. Mobile apps, AI underwriting, digital document processing. The future is now.
What it means for you?
- Faster approval times (some lenders now approve in hours)
- Less paperwork/hassle
- Better rates
- Overall better experience
It’s going to separate the winners from the losers in today’s market. The businesses that adapt to fast financing first will leave the competition eating their dust.
Wrapping Things Up
Fast equipment financing isn’t a luxury, it’s a competitive advantage.
Your slow-as-molasses banker may tell you you’re putting your company at risk by not “properly vetting” vendors. BS.
In fact, your banker telling you to wait while he “reviews” the paperwork is just a fancy way of making sure YOU pay for his golden parachute if something goes wrong.
The truth is, fast approval equipment financing gives YOU the advantage.
You’re out hustling while they’re sitting on their hands. You’re growing your customer base while they’re…what? Watching paint dry?
The point is you get to act. And that means YOUR business will outperform the competition every time. By a country mile.
Oh, and one more thing.
Don’t forget to do your research. The best equipment finance options for your business aren’t always the ones you know about.
There’s an entire world of fast approval equipment financing out there just waiting to be discovered.
Why not find it today? Your future customers will thank you.