For those who have experienced it firsthand, obtaining equipment financing or leasing for a business of any size can be a painful and often expensive ordeal.
“Similar to the automobile leasing industry, equipment leasing is one in which the quality and pricing of this intangible product has become increasingly difficult to judge for many different and sometimes complex factors”, according to Tom Tolman, independent leasing consultant and founder of Equipment Funding Resources.
“As just one example”, continues Tolman,”an Automatic Renewal Clause included as part of equipment lease documentation, if not properly recognized and addressed, can add an additional 6-12 payments to the original lease term. This effectively increases the rate on the transaction by up to 20-30%. It turns a leasing transaction which looks good going in, into a bad one coming out.”
This process is about to become much simpler and more cost effective. At least that is the intent of Equipment Funding Resources. They recently launched their website.
This coincides with the release of a number of “how to” publications for business owners and decision makers who may be involved in this process.
Tolman has worked for the last twenty- seven years in a variety of lending and marketing positions for such major companies as Avis Leasing, Hong Kong Shanghai Bank and U.S. Leasing International.