How to call a business whose equipment loan is ending

A call built on a UCC filing is not a cold call. You know what the business financed, when, and with whom. Use that, and the conversation starts in the middle instead of at “who are you?”.

Before you dial

• The equipment: make, model, year if the filing has them.
• The age: months since filing, and which 36, 48 or 60 month mark is next.
• The lender and its type: captive, bank or independent.
• How many other filings the business has, and whether it's growing.
• Any recent termination: something just got paid off.

The opener

“Hi, this is Sam with Front Range Equipment Finance. I work with contractors around Greeley. I noticed you financed a Cat 308 about four years ago. Is that one getting close to paid off?”

Specific, true, and a question. It shows you did your homework and gives the owner an easy answer either way. Never claim to know the balance or the term; the filing doesn't say.

Questions that find the deal

• “Are you planning to keep it, or trade up when it's done?”
• “What's the next piece of equipment you're looking at this year?”
• “Who did you use last time, and how was it?”
• “Would it help to free up cash from the equipment you've paid down?”

By lender type

If the loan is with a captive, don't lead on rate: they probably got a subsidized one. Lead on the next machine, used or other-brand equipment, or a cash-out. If it's a bank, lead on speed. If it's an independent and the business has grown since, lead on rate.

Follow-up

Most owners aren't ready on the first call. Set a reminder for the next term mark and send one short email with a relevant offer. The businesses whose loans end in the next six months, 30,128 in Colorado right now, are the ones to keep warm.

Stay on the right side of calling rules: see using UCC data compliantly.