How to Qualify an Equipment Finance Prospect | Broker-in-a-Box
The questions to ask, green flags to look for, red flags to avoid, and a 5-minute call framework to decide if a deal is worth your time.
Frequently asked questions
How long should a qualification call take?
Five minutes. That is all you need. Ask the key questions, listen for green and red flags, and make a decision. If you are spending 30 minutes on a first call, you are qualifying and selling at the same time. Separate the two.
What if a prospect has bad credit but a strong business?
That is not automatically a disqualifier. Some lenders specialize in challenged credit with strong revenue or collateral. The key is knowing which lenders fit and being upfront with the prospect about realistic terms. Do not promise A-credit rates to a C-credit borrower.
Should I charge a fee to qualify a prospect?
No. Qualification is your internal process, not a billable service. You are deciding whether to invest your time, not performing a service for the prospect. Your compensation comes from funded deals, not intake calls.
How many prospects should I qualify before I get a funded deal?
Early on, expect to qualify 10-15 prospects for every deal that funds. As your qualification skills improve and your pipeline matures, that ratio tightens. Experienced brokers often work at 4-to-1 or better because they have learned which deals to take and which to pass on.