If you are primarily seeking new equipment for your business, you should consider equipment financing. Many companies choose this route as they need to either acquire equipment for the launch of a business or upgrade to new machinery or state-of-the-art technology. Equipment financing is a flexible solution for those who need to expand their business operations but don’t have the necessary funds available.
What Falls Under the “Equipment Banner?”
So what kind of equipment can you spend the money on? When it comes to equipment financing, the definition of the word “equipment” is rather broad.
In addition to heavy equipment like machines, it can also apply to hardware and software, POS terminals and even fleet vehicles. That means that you could finance everything from construction equipment like bulldozers, excavators, loaders and scrapers to machine tools like laser cutters, lathes, robots and grinders.
According to the Bureau of Labor Statistcs, between 2000-2010, industries that grew the quickest were producers, users or sellers of IT equipment. Computer equipment can truly add up in costs, and this is another reason to obtain equipment financing. The bottom line is that as long as you will be using the equipment for business purposes, it should qualify for equipment financing.
Getting the Funding You Need
When your businesses equipment financing is established, a variety of factors are taken into account including your monthly budget, your specific needs, as well as, of course, the type of equipment you need and its corresponding costs. It will also take into account how much money you’re able to put upfront towards the purchase price of the equipment.
Equipment financing is typically worked out as monthly payments. You can also specify the terms that work best for your business and even specific a buyout option if you wish. You will find that there is a lot of flexibility, and that makes the process far easier and more streamlined!
Growing Your Business
It goes without saying that your business needs specific equipment in order to function properly. These acquisitions are an essential part of your company’s success. Another benefit of equipment financing that many people overlook is that you actually don’t need to use all of the money towards equipment. If you wish, you can use it towards other business expenses as well.
So be sure to plan in advance. Remember that it might take a little time to get the financing, so it is a good idea to submit your application for financing well in advance. You can apply quickly and easily with Financing Factory, and we’ll guide you towards the optimal lenders for your requirements.
When you engage Financing Factory, you’ll benefit from quick approvals and a wide variety of programs. As your company continues to grow, you’ll be able to gradually pay off your investment. Now that sounds like good business, doesn’t it?