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If you are looking for Equipment Financing Companies, Speirs Finance is one of them. Equity Business Finance will help you to establish your business well.
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Basic you should know related to heavy machinery finance Businesses based on heavy equipment to carry out their day-to-day operations face some severe costs for upgrading, acquiring, or replacing their equipment. These large machines can be challenging to finance out of pocket, and even if you can afford them, it may not be the most practical way to do so. Let’s dive into some of the Heavy machinery financing basics and cover what you should know about small business hefty equipment loans and leases. 1. What is heavy machinery financing? Heavy machinery financing includes loans and leases used to acquire specialized vehicles, like backhoes, dump trucks, and bulldozers used in construction, excavation, or timber projects. There are several different ways to finance heavy equipment, depending on whether you would prefer to own the heavy equipment or operate it for a set period. Each has its advantages and disadvantages. © Copyright Speirs Finance 2021
2. What is heavy machinery? While the phrase “heavy equipment” is mainly associated with construction projects, it encompasses various specialized vehicles controlled by licensed operators. Common examples of heavy equipment include: ▪Tractors ▪Dump trucks ▪Street sweepers ▪Pile drivers ▪Backhoes ▪Forklifts ▪Cranes ▪Tunnel boring machines 3. How the application process works With any equipment financing, it is usually a good idea to have the specific make and model of equipment and a vendor/seller in mind before you apply to help expedite the process. If you are going through a bank, credit union, or captive lessor, you will probably need to apply on-site. Online financers, as you might expect, will typically give the ability to use through the websites. Both the entities will be looking for the following information: Time in Business: Has the business been around them long enough to be stable? Personal Credit Score: Do you have a history of paying it back on time, and how much of your credit are you using? Debt-To-Revenue Ratios: Do you have the resources to be able to pay your lease and loan? Your financer will try to learn all of the above by asking for corroborating documents. You can save yourself some time and grief by having these documents available when you apply: © Copyright Speirs Finance 2021
▪Three to six months of bank statements ▪Personal identification/driver’s license ▪Tax returns/financial statements ▪A quote from your equipment vendor ▪Some financers may ask for additional information. After you have submitted the information, the financer will consider the application and likely do a hard or soft on your credit. Equipment financing needs to be on the quicker side as bank financing goes. Still, with more substantial investments like heavy machinery, you have to look at a lead time as long as weeks, maybe a month or two. If you go with an online lender. The process will be highly faster — mainly estimated in days — though you will probably end up with a high rate than you would by going through a bank. If you are approved, the financer will usually directly pay the vendor. However, you may receive the money now to buy the equipment in some less common causes.So if you are looking for Equipment Financing Companies, Speirs Finance is one of them. Equity Business Finance will help you to establish your business well. CONTACT US Address: Floor 11, 63 Albert St, Auckland 1010, PO Box 1061, Shortland St, Auckland 1140 Phone No: 0800 773 477 Email ID: enquiries@speirsfinance.co.nz Website: www.speirsfinance.co.nz/ © Copyright Speirs Finance 2021