How to Get Equipment Finance
Today’s guest is David Heenan, the owner of Leasecorp Motor Vehicle and Equipment Finance. His business primarily finances vehicles and equipment. His expertise in the finance industry spans fo 28 years now. In this episode, we talked about financing, building a good relationship with banks, and make sure to listen in because David gave a great advice on how to take care of your credit score. Enjoy this episode of “Get to the Contest” Podcast.
Get to the Contest Takeaways!
Be Transparent to your clients
Put yourself in your client’s shoes. Serve them as you want to be served to make sure your client will have a great experience and truly get their value for money. When you treat your clients well, they will have an ongoing relationship with you and your business.
Take the emotion out of any purchase
When you do this, especially in business, you will give yourself the best chance of getting a great deal.
Get Bargains by Buying Last Year’s Stock
Dealers are very keen to get rid of old stock. So if you’re buying a plate that was dated last year in January or February, you are getting a far better deal because they are quite keen to move that stock on.
Multiple credit applications hurt.
Get your work done, get your ducks in a row, and get everything in order so that you’ve got all in order for one submission. If you go shopping from bank to bank, broker to broker, each time you make a submission, you[‘re just chipping away from your own credit score and you’ll hurt your chances of getting financed. If you want to get a yes, speak to your accountants; speak to your broker, get it all sorted in the beginning.
Have an open relationship with your bank
If you do have equipment under finance and having trouble in terms of payment, communicate with your bank at all times or with your lender at all times. Sticking your head on the sand just does not work. So communicate with them, let them know you are going to be behind a month or you’re just gonna need some time, whatever the case is, it’s far better than damaging your credit score, having your vehicle repossessed or anything like that.
David Heenan’s Get to the Contest:
“I think that in order to be successful in your business, in other words maybe to win the contest you have to be totally opaque, be honest with your client base, give them a fair product at a fair price, and use a lot of empathy. Just make sure that if you were in your shoes, how would you feel about what you're being sold, or serviced, or the advice you're getting. Really look after your client base, everything else will follow. If you're honest and transparent, the success will follow.”