Timelines
At Red Fox Finance, we understand that timing is everything when it comes to acquiring necessary equipment for your business operations. Therefore, we strive to ensure a smooth, efficient process in our equipment finance applications. Here's a general timeline to give you an idea of how long each stage of the equipment finance application process typically takes
1. Initial Consultation (1-2 days)
The first step involves discussing your specific equipment needs, budget, and finance options with our team. We'll guide you through the different finance types and lenders best suited for your requirements. This process typically takes a day or two, depending on the complexity of your needs.
2. Evaluation and Proposal (1-3 days)
Based on the information gathered during our initial consultation, we will evaluate your financial situation and equipment needs to formulate the most suitable proposal for you. This phase can take between one to three days.
3. Application Preparation (1-2 weeks)
The preparation stage involves gathering all the necessary documentation to support your finance application. The duration of this step depends on how quickly you can gather the required documents. It usually takes around one to two weeks.
4. Application Submission and Approval (1-2 weeks)
Once we've received all the necessary documentation, we'll submit your application to the chosen lender(s). The approval time can vary based on the lender's processes and current workload. However, it generally takes between one to two weeks to get a decision.
5. Funding and Purchase (1-2 days)
Upon approval, the lender will disburse the funds to your account. This usually occurs within a day or two of signing the finance agreement. With the funds in hand, you can proceed to purchase the required equipment.
6. Equipment Installation and Utilisation (Variable)
The time it takes to install and start using the equipment depends on the type of equipment, the vendor's delivery times, and installation procedures. It could range from a few days for simple equipment to a few weeks for complex machinery.
The entire process from initial consultation to equipment installation usually takes between four to six weeks. However, it's important to note that timelines can vary depending on individual circumstances and specific lender processes. At Red Fox Finance, we aim to make this journey as streamlined and efficient as possible, ensuring your business can start benefiting from the new equipment without unnecessary delays.
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Securing equipment finance involves various stages, each with its timeframe. Stay informed with our detailed guide on approval phases. Before diving deep into the timeline, ensure you've followed our 12-step checklist for a smoother process. Complement this knowledge by exploring the best finance options and ensure your documentation is in order.
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