In order to secure financing for a crane, one is made to wait for what seems like an eternity these days. After having waited for quite a long time, the last thing that you would want to face is the running from pillar to post scenario just to get your financing application approved. This is just an indicator that one must bear in mind while opting for Crane Finance.
Therefore it is imperative that the financing company that you choose is right and that their involvement in a business as such is backed by the concrete legal and financial assistance that it provides. Moreover, choose a company that has been in the ring for quite some time and deals with a plethora of financing options as this will work to your advantage.
Look for a financer that has good knowledge of the business and is up to date with financinglaws and can provide you with information on related to purchasing new cranes and as well prices quoted at auctions. Your finance provider should also be able to give you information on the capacity and limitations of a particular crane model.
Issues related to having your crane financed
What you have read till now is like scratching the tip of the iceberg and your financing company should treat your finance application and the method of presenting the same with utmost importance. Your financer is your representative in the financial market and thus make sure that the dealing authority has a sound understanding how the serviceability of the loan can be strongly aided by the additional income it will generate. This will lead to improving your chances of securing finance in a positive manner.
Having a financer that knows the nitty-gritty of upgrading of existing crane equipment and the removal of cross hire expenses will be of great benefit to you. What this does is reduce operating expenses and increase available cash flow to service the loan for your Crane Finance. The financing company should also able to advice on GST, tax issues and look at all the finance factors involved in the process.
Quicktips to get you going
Here are a few quick points to bear in mind while opting for the facility. The company must be able to look into the whole process from application to approval of the same. Look for a company that can arrange Import/Trade finance also known as Letter of Credit as a part of the long term business finance. This is a requirement and as a business or client you must focus on the same. You should be allowed to choose your supplier and leave all the negotiation with your financer.
Let your financer deal with all the paperwork while all that is required of you is your signature. Some financing companies facilitate Telegraphic Transfers secured by Escrow Finance Documents. This is a loan document which commits you to the term debt on the Crane Finance. In the event of you importing a crane, you financer should be able to provide the required foreign exchange cover that may include any currency hedging. Other factors include making sure that the financer pays the supplier for delivery and that it can also arrange 'pre-approved' amounts for future acquisitions.
Therefore it is imperative that the financing company that you choose is right and that their involvement in a business as such is backed by the concrete legal and financial assistance that it provides. Moreover, choose a company that has been in the ring for quite some time and deals with a plethora of financing options as this will work to your advantage.
Look for a financer that has good knowledge of the business and is up to date with financinglaws and can provide you with information on related to purchasing new cranes and as well prices quoted at auctions. Your finance provider should also be able to give you information on the capacity and limitations of a particular crane model.
Issues related to having your crane financed
What you have read till now is like scratching the tip of the iceberg and your financing company should treat your finance application and the method of presenting the same with utmost importance. Your financer is your representative in the financial market and thus make sure that the dealing authority has a sound understanding how the serviceability of the loan can be strongly aided by the additional income it will generate. This will lead to improving your chances of securing finance in a positive manner.
Having a financer that knows the nitty-gritty of upgrading of existing crane equipment and the removal of cross hire expenses will be of great benefit to you. What this does is reduce operating expenses and increase available cash flow to service the loan for your Crane Finance. The financing company should also able to advice on GST, tax issues and look at all the finance factors involved in the process.
Quicktips to get you going
Here are a few quick points to bear in mind while opting for the facility. The company must be able to look into the whole process from application to approval of the same. Look for a company that can arrange Import/Trade finance also known as Letter of Credit as a part of the long term business finance. This is a requirement and as a business or client you must focus on the same. You should be allowed to choose your supplier and leave all the negotiation with your financer.
Let your financer deal with all the paperwork while all that is required of you is your signature. Some financing companies facilitate Telegraphic Transfers secured by Escrow Finance Documents. This is a loan document which commits you to the term debt on the Crane Finance. In the event of you importing a crane, you financer should be able to provide the required foreign exchange cover that may include any currency hedging. Other factors include making sure that the financer pays the supplier for delivery and that it can also arrange 'pre-approved' amounts for future acquisitions.