What should we require in an asset finance RFP?
We're putting together an RFP for an asset finance provider and I want to make sure we ask for the right things so the responses are actually comparable. What should we require in it?
We're putting together an RFP for an asset finance provider and I want to make sure we ask for the right things so the responses are actually comparable. What should we require in it?
For an asset finance RFP, require the essentials so you can compare like for like: pricing structure (rates, fees, residual value assumptions), financing types offered (lease vs loan vs hire purchase), eligible asset classes and terms, credit and approval process and timelines, early termination and end-of-term options, reporting and portfolio visibility, integration with your ERP or accounting system, and compliance and regulatory credentials. Ask for references and sample documentation too. Structure it so every vendor answers the same questions in the same order, which makes scoring far easier. Since this is a buyer-side RFP, the real work is defining clear, weighted evaluation criteria up front.
make sure u ask for the all-in cost not just the headline rate. fees and residual assumptions are where they hide stuff
weight ur scoring criteria before u send it out or comparing the responses is a nightmare later