Dealing with machinery and equipment can be quite challenging. Okay, who am I kidding; equipment financing is as tricky as they come. Without proper and sufficient knowledge about the subject, it would be wise not to engage in this line of business, although, the same can be said when you go into business.
Do not go blindly forward or else you’ll end up broke. With regards to equipment financing, it would be best to have someone who underwent financial management training to help out with the general finances. Having a career in equipment finance is something that is worthy to consider.
When we talk about equipment financing, we’re not limiting ourselves to leasing or renting huge cargo trucks or heavy construction equipment. There is a lot of equipment leasing being done out there and they are not limited to big units. Although, most of the equipment being rented or leased by companies in the industry include planes, landing facilities, even trains and railing equipment, smaller units like computers are also represented.
Even office printing equipments are being distributed for lease. If you can’t believe that, then be aware that different kinds and pieces of office furniture are also being rented and leased. All of these are considered part of equipment financing products and fall under equipment financing.
Equipment finance is not all about the equipment and details of the lease and contracts though; it is also about the end users. For the end users, they can choose among commercial financing, public sector financing, and small business financing as a means for equipment financing. These are usually the kind of financing schemes that people end up applying for.
Aspiring to be a financial career professional in the field of equipment financing and leasing, you may want to get familiar with these schemes as well as concepts of lenders, investors, manufacturers, and especially the end-users of the equipment. It is certain that you will face all of these elements during your career as a financial manager of an equipment leasing and financing company.
Moreover, with regards to the process of leasing and financing, knowledge on existing legal obligations and accepted practices is also a key factor in this business. You need to update your knowledge database and be sure to know the latest ruling, restrictions, etc. It will make your life a lot easier later on.
Furthermore, you should be able to identify the different kinds of leases and should have an easy enough time understanding the concepts and explaining them when needed. That is part of your responsibility when you build your career in equipment finance.
Among the various transactions that you would encounter in an equipment financing business includes conditional sales, transactions across borders and between governments, different operating leases, the so called single investor leases and many others. Keeping track of these kinds of transaction are part of the job description of a finance career professional in the field of equipment financing.
Providing innovative solutions to leasing problems and concerns is also part of the services that an equipment financing company offers. There are different kinds of work around to common problems. But at times, despite all the solutions that implemented a total recall or restructuring of the company would be the best solution.
In this regard, as part of the financial management team, you will definitely have concrete responsibilities and essentially help in improving the status of the company.
Having a career in equipment finance is not a walk in the park. You need to work hard on it to achieve your goals and be someone in this field. Every kind of career should be like that: work hard to become someone recognized in your field.