Equipment financing broker

Lenders and leasing companies typically pay your commission. Dealers and business owners benefit because the sale or purchase goes ahead.

A commission on each funded deal, often a percentage of the equipment cost. Dealer partnerships can bring repeat business. Deals can be uneven from month to month.

• Relationship building with dealers and owners
• Understanding basic business credit
• Sales and negotiation
• Following deals through to closing

• Some states require a license or registration for finance brokers, even for business loans, so check with your state regulator
• Check commercial financing disclosure rules in your state
• Ask about errors and omissions and general liability insurance
• Read lender agreements for commission clawbacks and payment timing
• Dealer relationships take time, so plan for slow early months
• Do not promise approval or rates before a lender has reviewed the deal

Startup costs are typically estimated at around $1,000 to $6,000, depending on your setup, insurance and the travel and marketing you plan for dealer visits. Your own figure will vary with how you choose to build your network.

Monthly revenue is typically estimated at around $1,500 to $7,000, depending on the deals you place and the commission terms in your lender agreements. Dealer relationships take time, so plan for slow early months. Hours start at around 15 per week.

Some states require a license or registration for finance brokers, even for business loans, so check with your state regulator. Also check commercial financing disclosure rules, ask about errors and omissions and general liability insurance, and avoid promising approval or rates before a lender reviews the deal.