There are times office equipment breaks down and you can simply write a check or draw from the business line of credit for repairs or replacement. Other times this is not the case. In those instances, it is necessary to call in the big guns. Equipment financing is likely the answer when other options just will not work.
Why Equipment Financing?
Equipment financing is designed to cover equipment that is necessary for the business and beyond the scope of petty cash or a line of credit. This is more than a computer or a copy machine. This would be a new convection oven in a restaurant or a whole new printing press at a print shop. Maybe even a new donut fryer for the mom and pop donut shop down the street. Small business equipment financing is available in many forms from many lenders. The key is to find the perfect lender with the perfect financing product for your situation.
What Is “Heavy Equipment?”
Heavy equipment is often just like it sounds, heavy. Think bulldozers for a contractor and industrial freezers for a grocer or restaurant owner. When these things need to be repaired or replaced, there is no time to waste. The business can only run so long, if at all, without them.
What about Credit?
The credit question is dependent upon many variables. Bad credit equipment financing does exist, and this is made easier by the fact that often the equipment itself can be used as collateral. Of course, this isn’t always the case. It depends on what the equipment is. Small business equipment financing is tricky, and lenders do not want to be stuck with a piece of equipment that they cannot sell or otherwise use.
There are a variety of lenders of all types and sizes that offer heavy equipment financing in some form. Biz2Credit can help you find just the right lender for you. Whether it be a traditional lender offering a collateralized loan or a more non-traditional approach, our professionals will help match you with one of the lenders in our network of over 1,200 lenders. Visit Biz2Credit.com today for more information.