Expert advice and access to lenders: Why businesses choose finance brokers

MORE THAN HALF OF SMALL BUSINESSES USE EQUIPMENT FINANCE BROKERS FOR A SIGNIFICANT PORTION OF THEIR FINANCING NEEDS? THERE ARE SEVERAL REASONS FOR THIS TREND.

Relationships

First and foremost, brokers can offer the benefits of a long-term relationship, which can be particularly important in a world where bank and account managers frequently change. Business owners appreciate working with someone who understands their business and can represent them to the market without having to repeat their story multiple times.

Service

In addition, brokers offer a service that works around the clock. Because much of the administrative work is done outside of normal business hours, it’s essential to be able to speak with a broker or banker when it’s convenient for you.

A good broker will also manage the entire project, taking care of everything from arranging invoices and insurance to signing documentation and ultimate settlement.

Spreading debt

Brokers can also help businesses spread their debt over several competitive underwriting financiers, which provides a broader base for expansion and some competition to ensure the best interest rates and commercial conditions.

Brokers deliver a competitive facility, in a pain-free manner, that feels like a breath of fresh air compared to the banks.

Advocacy

Another benefit of working with a broker is advocacy. Many business owners are experts in their specific industries but may not be as knowledgeable about financing equipment. A broker will ensure that any approval is most closely aligned with the client’s needs, not just what the bank wants. A capable broker will have the experience, knowledge, skill, and influence to negotiate the best outcome for the client.

The changing market

It’s worth noting that the market for equipment and vehicle financing is changing rapidly. With the increasing popularity of behavioural lending, many underwriters now offer automatic “low doc” competitive finance approvals for selected equipment and vehicle financing up to $150,000 and $500,000 for replacement equipment, trucks, and trailers. Brokers can provide some great alternatives for business owners.

Selecting the right one

However, as with any industry, there are good operators and not-so-good ones. To find the right broker, it’s essential to look at what existing clients are saying and ask other business owners who they use and why. The best referral is a happy customer.

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ELEVATING WORK PLATFORM ASSOCIATION OF AUSTRALIA INC

ABN 32 545 830 419

EWPA BOARD OF DIRECTORS

President

John Glover Tel: 0419 663 863

Vice President Tim Nuttall Tel: 03 9547 7700

Past President Doug Rawlings Tel: 08 9350 570

Chief Executive Officer James Oxenham Tel: 02 9998 2222

NSW President Luke Schubert Tel: 0458 770 002

VIC President Keith Clarke Tel: 0400 369 900

QLD President Richard Gannon Tel: 0437 477 279

SA President Ray Green Tel: 0473 217 310

WA President: Will Reilly Tel: 0408 474 261

TECHNICAL DIRECTOR:

OPER ATIONS

Peter Davis Tel: 02 8796 50551

TECHNICAL DIRECTOR:

ENGINEERING

Peter Wenn Tel: 03 9568 7211

COMMITTEE Bob Mules Tel: 0402 982 999

James Nightingale Tel: 0457 110 110

Tony Fish Tel: 0427 115 711

TELESCOPIC HANDLER ASSOCIATION OF AUSTRALIA (TSHA)

PRESIDENT Stuart Walker Tel: 0418 849 107

EWPA & TSHA PO Box 1304, Mona Vale

NSW 1660

Tel: 02 9998 2222

Email: info@ewpa.com.au

Web: www.ewpa.com.au

Opinions published in Hire & Rental Magazine do not necessarily reflect the opinions of the association or the Editor. The HRIA accepts no responsibility for the accuracy of any information contained in this magazine and readers should

Max. work height 15.9m

300/450kg dual-capacity design

Oscillating, full-time floating axels

Integrated four-wheel-drive system, 45% gradeability

Self-levelling platform

Three steering modes

Articulating Boom Lift

JOHN GLOVER EWPA PRESIDENT