When you have heavy equipment leasing and financing needs you must know where to turn. As you know, your business is not going to operate efficiently if you don’t have the right equipment. Although you may be worried about buying or leasing the proper heavy equipment, with the right strategy you can get what you need in order to take your business to the next level.
Many businesses prefer to lease.
Due to the high cost of equipment, you will find that many businesses opt to lease rather than purchase outright. The lease process is generally straightforward and simple to understand. On top of this, there are flexible payment options that allow you to get what you need without making too many changes to your current financial structure.
No matter what type of heavy equipment you are interested in, make sure you calculate your monthly payment before signing on the dotted line. You want to make sure that you are actually saving money when compared to the cost of buying.
Note: when you lease heavy equipment, instead of buying, you can trade it back in at the end of the contract. At this point, your obligation is fulfilled and you can once again decide how to best move forward.
Are there any benefits to buying heavy equipment?
The main benefit is the fact that you can actually own the equipment once your payments are complete. This means that you may be able to get everything you need for your business, pay it off, and never again have to make a payment.
If you have any interest in taking out a loan for the purchase of heavy equipment it is important to know the exact terms and conditions. How long do you have to pay back the loan? What is the interest rate? What is your monthly payment?
Businesses that are required to use heavy equipment oftentimes worry about the finances involved with getting everything they need. Fortunately, you can consider both leasing and buying.
- Lower monthly payment
- Easier to get all the equipment you need
- New equipment more often
- You can eventually own the equipment
- Don’t have to worry about trading the equipment in at the end of the lease term
Are you more interested in heavy equipment leasing or a heavy equipment loan? Contact us now!
Chris Fuller went to the University of South Florida and has worked in the financial sector for over 20 years. He has extensive experience in all aspects of personal and small business lending, from personal loans, equipment finance to cash flow based solutions for small mom and pop businesses, and large corporations.