If you want a challenge then start dealing with machinery and equipment and do not kid yourself it can be more than a challenge and as hard as it comes. You will need previous experience or knowledge about this, although, the same can be said when you go into any business.
Do not go in to this blindly or you will end up going broke. With equipment financing, it is best to have some financial management training, this will help with the general finances. But a career in equipment finance is still something that is worth your consideration.
If you do consider equipment financing, you are not just limited to renting or leasing cargo trucks or construction equipment. Although most of the renting or leasing done by companies in this industry includes planes, airports, even trains and there associated equipment. But there are still many opportunities available to lease smaller units like computers.
Even office printing equipment are being distributed for lease. If you can not 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 financing is about a lot more than the equipment and details of the lease or rent and contract. It is also about the customer who is the end user. The end users, can choose among commercial financing, public sector financing, and small business financing as a means for equipment financing. This is usually the types of schemes that customer will apply for.
If you do wish to be a professional in this field, then you must become fully acquainted to all these schemes and the concepts of lenders, investors and manufacturers, and do not forget the end users of the equipment. In your career as a financial manager of a equipment leasing and financing company, it is a certainty that you will have to face all of these elements.
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 numerous transactions that you will come across in an equipment financing business comprises of conditional sales, transactions across borders and between governments, different operating leases, the so called single investor leases and there are many others as well.
Offering groundbreaking solutions to leasing problems is also part of the services that an equipment financing company will offer. There are lots of different kinds of work arounds to common problems. But sometimes, despite all the solutions that are applied a total restructuring of the company would be the best solution.
In this regard, as part of the financial management team, you will definitely have delegate responsibilities and essentially help in improving the status of the company.
Having a business in equipment finance is certainly not a walk in the park. You will certainly need to work hard to achieve your goals and be somebody in this field. Every kind of business is like this, you will need to work hard to become someone established in your field.
