STEPS FOR SUBMITTING AN APPLICATION FOR A CREDIT APPROVAL
1. Gather Financials and Submit a Financial Package
2. Quote the Monthly Payment
3. Prepare your Customer for a Telephone Interview
1. Submit a Financial Package
The process is simple. Once you’ve submitted your client’s full application package including financials, TEAM’s trained staff will keep you updated with time stamped and dated emails so that you can spend your time selling.
Please Collect the Following Items:
- Credit Application
- Equipment Invoice/Quote
- Personal Credit Report from all Owners
- Recent Personal Tax Return
- Personal Financial Statement on all Owners
- Past 3 Months’ Bank Statements
- Recent Corporate Tax Return
- Current Interim Financial Statements
The Importance of Gathering Financial Statements
Financial statements are essential to the credit approval process. Reviewing financial statements sets up the customer for a successful approval because it helps us discover how they can cash flow their equipment lease request.
2. Quote a Payment
(Verbal or Written) Do not be shy about quoting payments to C-credit customers. After all, the lessee’s credit is what drives the type of financing for which they can qualify. However, it is paramount that you consult with the lessee about their equipment needs before quoting the actual payment. Discover their motivation. Ask them about their anticipated Return on Investment (ROI). What are they going to use the equipment for? Expansion, replacement, new contract?
Obviously, if your lessee has heard they can get a 60-month lease at 12% interest, and now they hear a 36-month payment at a higher rate, then we run the risk of “blowing them out of the water.” So closing the lessee on payment must be conducted with a little consulting; helping them recognize that they can afford the payment and even get an ROI with this lease. Then you have set them up for success and have built a win/win opportunity. If they object about the rate being too high, help them rationalize their decision by knowing these are short-term leases (which will keep total finance costs down) and they are benefiting from having this equipment.
3. Prepare Your Customer for a Telephone Interview
It is very common that C-credit lessees have been shopping around for several days, even a few weeks. Therefore, they easily tire and lose motivation. A TEAM credit analyst will try to call within the same day or next day that you submit an application. Let your customer know that TEAM truly wants to hear about their business and why they are motivated to lease this equipment. They will receive an up-beat phone call from a TEAM credit analyst that will help them figure out how to approve their lease request.
If you are already an approved Broker with TEAM, You can submit your application BELOW: