How Equipment Financing Works, and How to Apply

How Equipment Financing Works, and How to Apply

When it comes to equipment financing, EFG knows that customers are eager to receive their equipment, that’s why EFG has worked hard to make the process for our customers, fast, flexible, and easy. EFG has developed an easy five-step process that allows us to work with customers to achieve the best financing options for their equipment purchase and their business. Let’s break down the EFG process to receive financing, step by step.

Step 1 Apply:

When you first apply to receive financing, it typically starts with one of these scenarios.

Vendor Financing: EFG serves manufacturers, distributors, and dealers globally. If you are working directly with one of the vendors EFG is partnered with, the vendor sales representative you are working with, will reach out to EFG, and request financing for the equipment you are interested in.

Direct Lending: EFG can work directly with your business. EFG will discuss with you the equipment and request the vendor quotes you have regarding the equipment you are looking at.

Once we receive the vendor quotes, EFG will create proposals reflecting the machinery, auxiliary if added, and soft cost. We will then discuss the best lease options, terms, and rates allowing EFG to prepare finance proposals.

After you choose the proposal option that best works for your business, you will return the proposal along with a completed and signed EFG Credit Application; this is when your financing will enter Step 2.

Step 2 Get Approved:

EFG will then begin working on coordinating the financing for your equipment. The timeline of this process can vary depending on the customer and terms, but EFG works diligently to get you approved in a quick and timely manner.

EFG offers Application-Only Approvals up to $500,000 – per asset. App-Only allows the approval process to move quicker, getting the funds for your equipment in a very timely manner. However, not all purchases can be completed Application- Only, and if necessary and requested, we may reach out to collect more information from your business, to continue working towards approval.

Step 3 Select Your Equipment:

Once we have received approval for your equipment, EFG will finalize the equipment that is being funded.

Step 4 Documentation:

During the Documentation stage, we will work directly with the customer to make sure all funding information is correct and complete, and compile all your funding documentation.

Step 5 Funding:

The equipment will ship, and funding for your equipment purchase will commence.

Let’s discuss your equipment needs, contact us today, at 513.373.4991 for a proposal, and we can get started with EFG’s Easy Five-Step Process.

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We offer superior, industry-specific financing, solutions, and services. EFG will simplify the equipment purchase experience by combining our highly skilled and motivated team’s vast industry experience with the latest technology.

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