Any contractor or construction agency will undoubtedly understand the importance of earthmoving equipment.
These machines are responsible for tackling the tasks that would take your team days to complete (if not longer), but what’s the one catch that these pieces of equipment feature? Their price!
We’re not talking about a few hundred dollars here, we’re talking about tens of thousands – and unless you and your agency have access to an unlimited amount of money, you might find yourself struggling to afford that new piece of machinery that you could really do with.
Financing Options for New Earthmoving Equipment
Fortunately for you, no one expects you to spend years saving up anymore and when turning to a bank for help with securing the cash that you need to buy a brand new earthmover for your company; you’ll have plenty of options to choose from.
So, what types of options are available and how can you take advantage of them?
A Personal Loan
If you have a great looking credit score and a track record of keeping up with your repayments, then you may well be eligible to take out a personal loan and use it to subsidise the purchase of earthmoving equipment.
If you own a construction company then this can be a very effective way to purchase your assets and expand your fleet of vehicles.
A Business Loan
If you’d prefer to take the professional route instead, then business financing may be a more ideal option.
Business loans come in all shapes and sizes – and as long as you can demonstrate the ability to repay what you owe, you should be able to take advantage of the fair deals currently offered by banks.
There are some lenders that solely deal with financing, and machinery finance just so happens to be the name used to encompass loans that are used to buy these types of resources.
Machinery finance can be a good way to cover the cost of a new earthmoving vehicle and as long as you meet the requirements proposed by your chosen lender; you could be enjoying a cash sum that will allow you to buy exactly what you need.
In some cases, certain earthmoving machinery won’t be on wheels and so the purchases might fall into the ‘equipment’ category. The great thing about many lenders in this day and age is that they will often divide their financing options into categories – making it easier for you to pick the right type of loan for your needs.
Equipment financing can be a very useful way to receive a cash sum from your chosen lending company and as repayment plans can be fair, you shouldn’t find yourself out of pocket when it comes to repayments, either.
Hiring the Professionals
If you’re keen to ensure that you pick the right type of option when it comes to financing your new earthmoving equipment, then look no further than our team right here at Tundra Mortgage Brokers.
We’ve helped countless individuals and businesses to enjoy access to fair deals from banks and as you’ll be able to pick and choose from the options that appeal to you the most; you shouldn’t have to worry about being stuck with a plan that will cost you dearly in the future!