To successfully run a logging company it is important to have proper equipment. As time goes on equipment breaks and even becomes obsolete. Not every business has the cash in hand to purchase new equipment. In the logging industry the equipment needed can be well over $100,000 each. Lenders offer their services to businesses such as this that are in need of equipment to operate as usual. With fast approval processes, low-interest rates and long-term repayment schedules purchasing logging equipment is made to be fast, easy and affordable.
Types of Logging Equipment
- Feller Bunchers
- Log Loaders
- Swing Yarder
These are three main types of equipment required for logging, there are many other types of equipment and supplies required.
What is a Logging Equipment Loan?
A logging equipment loan is a loan of money provided by a bank to a logging company to purchase new equipment. With logging equipment averaging around $100,000 this is a rather large loan. Lender will hold liens on the equipment to ensure repayment, failure to repay results in seizure of the equipment which will then be sold to cover the cost on the loan. Logging equipment loans typically have low-fixed interest rates with long term repayment options to create an affordable way for logging companies to get the equipment they need to continue business as usual.
How to get a Logging Equipment Loan?
- Find a lender that offers this type of financing. Typically logging equipment vendors have their own lenders, it is your choice if you want to use them or shop around for a better lending offer.
- Make sure your business meets the lenders requirements.
- Submit and application along with your equipment needs.
- Negotiate the terms and conditions of the loan if possible.
- Sign the contract and set up a repayment schedule.