What Goes On In The Credit Underwriting Process And What You Can Do To Help It Along
When your business needs new equipment, where do you go? Do you go to bank and hope that you meet their standards lending guideline for a loan or a line of credit to obtain that equipment? Would it be better to lease, instead? Less bite on your capital, no worrying about overhead and depreciation, and even maintenance is usually taken care of by the leasing agent. There are measures that still have to be taken, in order to be approved by the leasing agent. Credit underwriting is part of that process, and can be a whole lot less painful than dealing with the bank.
Curious as to whether credit underwriting a lease for equipment might be the right thing for your business to grow? Our team of professional underwriters at Sun South Leasing can show you all the options available today to get you the financing you need. Call us today to set up an appointment.
A Tale of Good Coming Out of a Tragedy, Thanks to Underwriting a Loan
Prized and desired by nearly every other country in the world, Amelia Island during the 16th century was a natural deep harbor in the New World that everyone was willing to fight for and kill anyone who stood in their way. The defenders were mostly privateers and pirates, hiding their loot there for years, on the run from the very countries who prized the island so much. Eventually, the new county of the United States dominated and won that prize, along with the booty laid buried for centuries.
Over the years, several tried to turn it into a fort, a harbor and other failed businesses. Then, in 1935, Florida obtained the necessary credit underwriting to develop it as one of the first National Parks in the country. Today, that deep harbor is enjoyed every year by thousands of visitors who flock to its pristine beaches and dreams of treasure hunting.
Underwriting an Equipment Lease
There are several areas that come under review by any leasing agent when we look towards approving someone. Your credit worthiness is an important factor, of course but not always the deciding factor. We look at your time in business, the asset desired and the price for that asset. If your business needs this asset to expand and grow, it may be a done deal if your business history shows that it is worth the risk.
What you can do to improve your chances, first of all, is to provide us with a documented history of success so we can do a credit analysis; even the smallest sign of success in business will do. You have to have a track record, something that some businesses just starting out will not have. Doing your best to keep your credit on track is another way to improve your chances of obtaining the credit underwriting you need. Keep your expenses reasonable, so that you can pay your bills on time.