How to Become a Lease Broker
An equipment leasing broker handles the transaction details of financing equipment to a business. Equipment leasing broking is a prosperous and growing profession. The National Association of Equipment Leasing Brokers states that eight out of 10 companies in the United States lease some or all of their equipment. There are usually no licensing requirements to become a lease broker and several paths you can take to start your career.
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Instructions
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Take a training course. If you desire to branch out on your own and become an independent equipment lease broker, you need relevant training. Though not required, these courses offer invaluable comprehensive training of the details of equipment leasing. Many companies also offer ongoing support to help you get started in your career. Canyon Leasing's website outlines its broker training programs.
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Become part of a franchise business. Companies such as Waterford Leasing Co. offer training and support while giving you licensed use of the parent company name. Operating under a known business name can give you immediate credibility. The parent company may also provide marketing tools and funding sources.
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Work as a sales representative for a leasing company or lease broker. This allows you to learn the basics of equipment leasing while receiving support from the company. It also gets your foot in the door with known companies and provides you an opportunity to see if the equipment leasing is the right career for you.
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Become a referral source for a lease broker or leasing company. As a referral source, you will find customers who need equipment and turn them over to a lease broker. You will get a small fee at the close of the deal, likely 1 percent or 2 percent of the equipment cost. This option requires minimal work or education and is another good way to get a feel for the business.
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Tips & Warnings
Investigate leasing companies thoroughly before you sign on or do business with them. You will be investing time and money and you will want to work with a business you trust.
