Whether you're in the research phase and collecting info about equipment and financing, or you're gearing up to make your purchase at the next open house or trade show, pre-qualification is an important (and simple) step to take.
Here's how it works:
What's the difference between pre-qualified and approved?
// Pre-qualification //
Pre-qualification will give you an idea of what you'll likely qualify for, but it isn't a guarantee you'll be financed for that amount. It's based on the info you provide us with and a soft pull of your credit. (A soft pull will not affect your credit score or be seen by other lenders. Read more here!) You'll get an answer virtually instantly.
// Approval //
An approval is a step beyond pre-qualification. When you're ready to actually make the equipment purchase, you'll fill out a more comprehensive credit application. We'll do a full credit check with the major bureaus, and our credit team will do a personalized evaluation. The majority of applicants will get an answer within the hour. Once an approval is in place, it's valid for the next 120 days!
Why should I get pre-qualified?
Peace of mind
Pre-qualification can give you confidence to take the next step when approaching a large business purchase.
Yes. I can afford this purchase.
Yes. I'll likely be approved for financing.
Determine your budget
Once you're pre-qualified for a purchase, you'll gain a better understanding of what you can afford. This can help narrow down which equipment to purchase and determine if accessories and add-ons are a likelihood now or down the road.
There's no cost, obligation to finance, or effect on your credit score.
Pre-qualification is just a tool - a form you complete to get an idea of what you'll be approved for. We don't charge for this service, and you're not obligated to finance with us when the time comes to purchase. We don't ever do a hard credit pull on pre-qualifications, so your credit report (and score) won't be affected.
// Q: When should I get pre-qualified?
// A: We suggest anytime within the 3 months leading up to a potential equipment purchase!
// Q: When should I complete a full credit application?
// A: When you've done all research and shopping around, and you're ready to make a purchase!
// Q: What does the pre-qualification process look like?
// A: You complete this 1 page form, then immediately receive a response.
There is truly no downside to getting pre-qualified and arming yourself with the additional buying power.
But don't worry if you aren't pre-qualified! A Geneva representative will work with you to discuss your unique business and financial position. We have a team of live, human analysts (not a pre-determined credit model) reviewing each application that comes in our doors. This individualized approach allows us to look at factors beyond credit history to approve transactions other lenders won't...and help you acquire the equipment you need to grow your business.