The benefits of pre-qualification for your equipment financing.

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Many small business owners spend significant time going back and forth with equipment specs and spend virtually no time preparing the financing. Unfortunately, knowing how and where to get the money should be a first step and not an afterthought. The lack of up-front preparation for the finance process can lead to frustration on both ends of a transaction and a difficult experience. There is a simple solution that can better position you for success.

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4 old attitudes that are hurting your equipment sales.

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“We leave the financing to the customer”

  • Nearly 6 out of 10 business owners secure their financing at the dealer
  • Business owners are 3 times more likely to buy from a dealer that offers a finance program over one that doesn’t.

“My customer would rather get financing from their bank”

  • 64% of business owners prefer to finance equipment with an equipment lender versus their bank.
  • Banks fund dealers an average of 23.3 days later than equipment specific lenders.

“We never lead with a payment.”

  • 6% of commercial equipment sales teams lead with a payment
  • 69% of business owners value payment over purchase price

“Equipment Specs and Brand are more important than price.”

  • 63% of equipment sales teams believe asset specifications and brand are the most powerful points in the decision to buy commercial equipment.
  • 11% of business owners believe asset specifications and brand are the most powerful points in the decision to buy commercial equipment.
  • 84% of business owners look to price/payment as more important that asset specification and brand

Don’t let old attitudes about finance hold you back. At SLS, we keep equipment lending downright uncomplicated. Let’s talk.

 [source: 2015 Sawbux-Greenwich Study of Commercial Finance Decision Making]

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The benefits of finance pre-qualification in equipment sales.

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How many times do small business owners spend significant time going back and forth with equipment specs, only to find out they’ve spent virtually no time preparing the financing? Unfortunately, this is all too common for manufacturers, dealers and vendors. The lack of up-front preparation for the finance process can lead to frustration on both ends of a transaction and a difficult experience. There is a simple solution that can better position your sales team for success.

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Talk about money…sell more equipment.

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Have you ever noticed salespeople that are strong equipment experts are often not your star performers? Why? It could be work ethic, drive, the love of the hunt, the ability to connect with people. Or, it could be that they don’t talk about the money until it’s too late.

If you can’t pay for it, they can’t buy it. Yet, too many equipment salespeople spend time sharing their brilliance of the technical details of the assets when the customer is simply not in a position to buy financially.

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The importance of an equipment lender with industry expertise.

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Experience is great. Expertise is better.

Across the landscape of equipment lenders, there of companies full of experience in a wide variety of industries. Decades of funding assets in all kinds of credit situations and economic circumstance behind their chase for the next manufacturer, dealer or vendor. Our complements. But that’s not enough.

Where experience is a valuable asset, expertise is a growth engine. Expertise is the application of experience through the effective and consistent delivery of ideas, insight and solutions. All the equipment finance experience in the world struggles to power growth without the ability to make it really work for those delivering commercial equipment to market. To make it work, the lender needs to deliver new ideas, programs and solutions so regularly you count on them to achieve your revenue goals.

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The undisputed key to more equipment sales

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If you make your equipment easier to pay for, more people will buy it. The previous sentence is not a famous quote. It’s not a parable or the end of some tale spun by some unrealistic self-help book. It’s a truth. A fact. It’s like saying the sky is blue or that kids like Easter candy. Leading with a payment is the undisputed key to ensure more equipment sales. But…

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