Vernon Tirey, founder and CEO of LeaseQ, recently penned a feature article for Equipment Finance Advisor that discusses the third wave of equipment financing – One-Hour Funding.
In the article, Vernon breaks down the three waves of equipment financing and describes where one-hour funding fits in. To set the scene for one-hour funding, Vernon says:
Equipment finance vendors and lenders want to make shopping for financing easier for borrowers by providing instant quotes, soft credit pulls, and comparison financing payments. And vendors, brokers and captives are already delivering on A-D financing. Many also have an automated platform for managing all finance activity in one place. But the third marketplace need — one-hour funding — is currently not being addressed. While auto lenders often promise they can “finance a new car in about 45 minutes,” that kind of easy, fast funding simply isn’t available in the equipment financing industry.
We call that “ideal solution” one-hour funding (1HF). Of course, we’ve helped a borrower or two fund a deal in an hour, and we fund deals in a day from time to time; but that’s not what we are talking about here. Some companies refer to 1HF as a “BHAG” (Big Hairy Audacious Goal). Others call it a killer app or the last mile of equipment financing. Whatever you call it, one-hour funding addresses a long list of business needs and forces a paradigm shift.
To read the entirety of Vernon’s article and learn more about one-hour funding, visit: http://www.equipmentfa.com/articles/7105/riding-the-third-wave-with-one-hour-funding