March 3 - With economic growth of 3.0% expected in 2014, the equipment lease and finance industry remains optimistic regarding its growth prospects in the coming year. The 2014 growth is expected to be the fastest pace of economic expansion since the 2008 – 2009 recession. Although budget stalemates on Capitol Hill linger a potential stumbling block, a combination of economic factors continue to provide an optimistic outlook for the state of the equipment leasing and financing industry into the New Year.
Robust auto sales, strong housing, falling gas prices and improving unemployment numbers indicative the US economy is largely back on track since the economic downturn that began in 2008. With steadily improving credit availability and near record high household wealth, all signs indicate that the US is poised for a record economic year in 2014. For the equipment lease and finance industry, economic growth should continue to generate stronger overall investment in software and equipment for businesses of all sizes. Companies may be further incentivized to lock in lower rates earlier in the year due to a steadily rising interest rate environment.
Positive trends in the equipment industry include transportation equipment investment, which is expected to continue its growth seen in the third quarter of 2013 and points to even stronger momentum in the next six to twelve months. Industrial equipment investment had a particularly strong Q3 2013, which is expected to remain strong moving forward. Highly affected by employment and new orders, the sector will continue to remain a bright spot in 2014.
Some industries that are expected to remain weak include agriculture equipment, as well as construction equipment. Construction equipment reached record levels in 2013 – but industry experts predict a cooling of this rapid growth, with a decline by 5% to 10% in the coming year.
Equipment Finance Marketplace LeaseQ Sees Consistent Growth on The Horizon
Like the industry itself, the free online platform at LeaseQ experienced strong growth in 2013 and is predicting continued momentum throughout 2014. Said LeaseQ CEO and Founder Vernon Tirey, "LeaseQ has seen steady growth in all sectors of our business in 2013. Although current budget discussions in Washington have the potential to derail the growth in our industry, we are seeing positive trends across the board for our services". Although LeaseQ can be adversely affected by prevailing economic conditions just like the rest of the industry, LeaseQ's breakthrough lease and finance platform is on track to continue to revolutionize how the industry does business in 2014.
Said Tirey, "We enable businesses to quickly and easily get the financing they need in order to acquire the equipment they need to run and grow their businesses. Simply put, LeaseQ matches businesses who need equipment with the financing lenders, rates and plans which best match their financial situation. Even for new businesses and businesses with challenged credit, LeaseQ is able to find the best financial solution to suit almost any financial situation - regardless of economic conditions."
Tirey continued, “LeaseQ a total win-win all around - the business gets the equipment they want, with the financing that best suits their budget, the equipment dealer network sells more equipment and equipment finance lenders get highly qualified lease and loan applications ”.
How Does Equipment Leasing With LeaseQ Work?
When a borrower uses the online platform at www.LeaseQ.com, they fill in some initial information about themselves and their company. The powerful LeaseQ One Touch Platform does the rest. They then instantly get competitive quotes before they have to choose a lender or complete the application.
After a borrower enters some initial financial information, the LeaseQ One Touch Platform instantly runs personal and company credit checks. This is a “soft” credit inquiry, so there is no impact on a person’s credit rating. The profile information is matched to LeaseQ’s proprietary underwriting engine, where LeaseQ has worked with leading equipment lenders to capture all loan and leasing underwriting rules. There’s no waiting for an application to be approved, no sales reps and best of all its free. It’s just a fast and easy way to choose the best financing for the equipment a business needs.
LeaseQ is an online market place based in Woburn, Mass. that connects businesses, equipment dealers, and leasing companies to make selling and financing equipment fast and easy.