WHEN FINANCING, ALWAYS UTILIZE YOUR OWN FINANCIAL CALCULATOR
I get it, your busy, the business is moving in 50 directions, and your adding a new piece of equipment to full fill the needs of your long term customer. You make the deal with the dealer, who helps secure your financing just like the previous ten times, you sign your docs and you're out the door. Aaaaah, that was easy. But wait, what was my interest rate again? And possibly equally important did I receive an accurate amortization schedule INCLUDING a pre-payment schedule? Not to imply your lender or any lender would mis-lead you or monetize a different interest rate other than what was discussed, however it is always good to be well informed.
There are many tools out there, but one of my favorites is www.tcalc.com. Too many times a client will reach out for an accurate equipment payoff only to find an insurmountable pre-pay / accelerated payment fee often squashing a potential opportunity. At Chelax Industries, we will help build your model for equipment financing & payoffs. Chelax will identify unfavorable finance terms, assets with hidden equity, as well as provide access to industry finance leaders increasing competitive options for your business. Regardless of the asset you finance and the partner you chose always leave the finance table with a mutually agreed amortization schedule, it just might be the difference in finalizing your merger / acquisition.
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