Your Guide to Financing Equipment Faster with Amur Equipment Finance
At Amur Equipment Finance, we want your equipment purchase to be as quick and smooth as possible. Whether you are a small business owner or work for a larger company, we want to help you acquire the equipment you need to succeed. If this is your first time looking to finance equipment for your business, you may feel you do not know where to start. In order to improve your equipment financing experience, here are five tips to guide you through the financing process and help you to access your equipment financing as quickly as possible. Following these steps will help ensure your vendor is paid in a timely manner and allow you to stay focused on generating revenues and managing your projects.
Understand the Sales Tax on Your Equipment
When reviewing the terms of your approved transaction, it is always important to discuss sales tax with your sales representative. Sales tax is always included on an equipment lease unless you specify that you are tax exempt, preferably as early as possible in the process to avoid time-consuming last-minute revisions to your contract. You should take advice from your accountant or state tax department to determine if you qualify for any exemption; if you do, please supply us with your exemption certificate. Sales tax is never included in an equipment finance agreement and remains your responsibility, even though we can add it to the equipment cost we are financing; if so, will need to know early in the application process to avoid you having to re-sign documentation.
Complete your contract checklist
In all our document packages, we will supply you with a checklist to ensure you complete all the required documentation to receive financing. Make sure you carefully review this list and check off each item. Missed items may result in a delay when we review your signed package.
Review Your Contracts
Be sure to carefully read your contracts. Neatly sign every place that is required on the contracts. We use your driver’s license to verify each signature, so it is important to make sure your signatures match and are consistent throughout your document package.
Contact Your Insurance Agent
All financed equipment must be insured, regardless of its type and cost, for both property and liability. Insurance is vital to protect your business in the event that the equipment is damaged, destroyed, stolen or itself causes damages. Once you sign your contracts, it is important for you to contact in a timely fashion your insurance agent to let it know you are purchasing the equipment and we will have a priority interest in it. This will help expedite the insurance process, as we will request proof of insurance before funding your vendor.
Provide Verbal Confirmation
As the final step in our financing process, we will contact you via email or phone to make sure you are satisfied with your equipment before we release the payment to the vendor. We will go over your payment due dates, payment information and address. When we reach out, be prepared for our call and ready to answer all questions so we can reach out to your vendor and finalize your equipment financing.
By following these steps, we can help you receive the fast equipment financing your company needs to grow and succeed.
