An Equipment Finance Company or a Bank: Which Institution Best Meets Your Financial Needs?

What’s the difference between an equipment finance company and a bank? If you’re a small business owner seeking an equipment finance loan to obtain new or used equipment, then it’s crucial to evaluate possible future lending partners.

When you start researching independent lenders like Oakmont Capital Services and banks for a small business loan, you’ll need to look closely to determine which commercial loan provider is the most reliable, easiest to work with, as well as fast and personable (not to mention, will offer you the best terms).

The research into the best option for you could be challenging – most commercial loan providers won’t provide a detailed list comparing their company with the competition – until now. Yes, we’ve taken it upon ourselves to break down what OCS can offer you versus other financial institutions.

The “right” choice depends on a myriad of factors including time in business, credit score, type of equipment being purchased, and more. Our goal? It’s simple: to make your decision easy when it comes to choosing a financial partner to grow your business, helping you choose the best option for you!

MORE PERSONAL

The professional finance team at Oakmont takes pride in our expert customer service. Our Google reviews are proof that we guarantee a personal touch from the start of the application process until the funding is finalized. Our finance professionals are all real people, from our business development officers to our credit analysts and docs and funding teams.

Although we use technology to offer a streamlined funding process, you won’t find any A.I. or bots at OCS. Our customer service team includes (fabulous) humans who answer the phone and get you the information you need – no voicemail systems or prompts to try your patience!

QUICK AND EASY

As a direct lender, we have the flexibility to offer customized terms. Some larger institutions lack customizable options and are unable to work with customers to develop terms that fit a specific business model. 

If you find a piece of new or used heavy equipment that’s perfect for you and available, especially with the current supply chain challenges, we’ll do our best to get you approved quickly. How fast can we go? We strive to provide a credit decision within a few hours and funding can occur in as little as 24 hours.

A TEAM OF INDUSTRY SPECIALISTS 

At Oakmont, our finance professionals work across many different industries, with team members specializing in certain areas to provide prompt and knowledgeable advice. If you’re a tree-care provider looking to acquire a loan, you’ll need a dedicated salesperson or account manager who understands the equipment in your industry. The same goes for those in construction, landscaping, sweeping, the auto and tool truck industries, and many more.

An umbrella approach may work for some banks or other loan providers, but at Oakmont, each of our salespeople has specific industry expertise. They understand how your business operates and what can influence its success; they’re aware of your industry’s slow, steady, and/or peak seasons, which can impact your funding timeline; and they’re more than familiar with the equipment you need (some have even operated it!). This insight makes the funding process smoother and more efficient.

MANUFACTURER RELATIONSHIPS AND STRATEGIC PARTNERSHIPS

We offer financing across the country in all 50 states. As a result of our nationwide presence, we also have a network of manufacturer relationships and strategic partnerships that are beneficial to you when shopping for equipment. Our sales reps take the time and effort to get to know the different dealers and manufacturers and their equipment, establishing relationships that are not only professional and convenient but genuine partnerships.

A TAILORED PROCESS FOR YOU

Your business may be similar to other companies in your line of work, but every credit profile is unique. Many financial institutions only offer heavy equipment financing if you have an A or B credit profile. Oakmont considers all credit types when making approval decisions.  Our credit team takes the time to review each credit profile thoroughly and a real person makes the approval decision.

If you have a C credit profile, we can dive deeper and look at other indicators of financial reliability, like your debt-to-income ratio, your payment history, and more. This detailed detective work may not be part of the process with other financial institutions, and as a result, you may be one of the 80 percent of small business owners whose loan requests are typically rejected by banks, according to Funding Circle.

Choosing a lending partner isn’t as simple as being offered the lowest interest rate possible. There are a multitude of factors that can impact the quality of the loan process, and as a result, impact your business’ bottom line. Oakmont Capital Services always offers the best terms possible. Our goal is to help business owners get the equipment needed to grow.

Our finance professionals are poised and ready to offer assistance that goes beyond an equipment finance transaction – we’re in it for the long haul. Reach out to us for information, market conditions, or advice on equipment loans. We’re here to make it possible!