If you are a business owner, you are well aware that you need the proper equipment to run it successfully. While some of these heavy equipment items are a necessity, the funding isn’t always available for you to get what your business needs.
Fortunately, there are options for heavy equipment financing to make sure you have what you need to keep your construction business operating smoothly.
Whatever the reason, be it insufficient funds, bad credit or no credit at all, or a budget with no flexibility, you and your business have other options. You can try looking into heavy equipment financing companies, used equipment financing, or construction equipment leasing. Some of these options may be a smart alternative for your business.
Heavy Equipment Financing Options
A financially responsible option to obtain the equipment you need for your business is to look into construction heavy equipment financing.
When you pursue heavy equipment financing, you will have to put forward a certain percentage of the cost of the equipment down. This can seem expensive, but compared to purchasing the equipment in full, it is a much cheaper option. You will have to make payments every month for the equipment to the company you are purchasing from.
If you won't need the equipment for an extended period of time, consider going through a heavy equipment leasing company. When you lease products for your company, where you lease from maintains ownership of the item you pay to use for the duration of the time you have it.
If you do decide to purchase your equipment, you have different financing options based on your situation. These two options are a business line of credit and small business loans.
With a business line of credit, you can compare it to having a credit card for your business. Having this will allow you to be more flexible with expenses and have the funds to cover unforeseen circumstances.
One of the main benefits of having a business line of credit is that it can help keep your business running successfully, even amidst bad circumstances and unexpected expenses. It also can help provide growth to your business, allowing you to make necessary business-related purchases for the things you need to expand.
The other option, a small business loan, can be a great choice providing low rates for small businesses. The unfortunate side of this is that you have to have a good credit history to qualify for a small business loan.
If you are able to get an SBA loan, you should. However, it is not a realistic option for every small business owner due to all of the requirements.
Heavy Equipment Financing Calculator
You can calculate what kind of financing options you have by contacting us at ROK Financial. Our team of experienced business advisors are here to help you through the process and help you learn more information about your financing equipment options.
Applying For Equipment Financing With Bad Credit
If you need heavy equipment financing and have bad credit, you are not out of options. While it may be more difficult for you, it is still possible to get financing options for the equipment you need for your company.
If you have bad credit but need construction equipment financing, there are alternatives such as non-traditional financing companies who can help you get the equipment you need. Going through equipment financing banks is not the only option that will still help you get the financing for your equipment.
For business owners who have a less than stellar credit score, feel confident in contacting ROK Financial for advice on heavy equipment financing with bad credit.
If you want to obtain a small business loan to purchase heavy equipment for your company, there are a few variables to consider. Having a good credit score will allow you more loan options, but other factors play into what kinds of loan options you are eligible for.
The length of time you have had your business and the income your business yields every month consistently can aid in helping you get a small business loan for your equipment.
While these variables may be more strict if you are looking at bank loans, alternative lending companies, like ROK Financial, have more reasonable requirements to help businesses that may just be starting out and need a hand to get going.
How To Apply
To apply for construction heavy equipment financing, you can contact us to find out what options your company has and what type of financing or loan option would benefit you the most. Depending on which type of financial aid you choose, the process time may vary. You can trust that at ROK Financial we will do everything we can to get you the funds you need to keep your business operating successfully.
What To Do Next
Applying for construction heavy equipment financing can be a stressful process. Make sure that as a business owner, you are following steps for stress management.
According to statistics, financial worries are the number one stressor for small business owners. This can be even more true for business owners who require construction heavy equipment to operate. It can feel incredibly taxing knowing that your business’s survival rate depends on having the resources to obtain these expensive items.
Especially with the pandemic this past year, finances have been a big stress for everyone. In a time when the entire world is stressed out and businesses are closing left and right, it’s never been more important to prioritize taking care of yourself and your employees.
When you take stress management as a small business owner seriously, you will have a clear head to make crucial financial calls to ensure your small business survives.
Remember, here at ROK Financial, we want to support a healthy you creating a successful business in any way we can. Reach out to us today for financial advice from our experienced and knowledgeable financial advisors.
About the Author, Madison Taylor
Madison Taylor is the Brand Ambassador at ROK Financial. She is responsible for raising brand awareness and business relationships with business owners across the country. Madison loves that she plays a small role in getting Business Back To Business Through Simple Business Financing and looks forward to hearing what you think about the blogs she creates!Madison has been working in the financial space for six years, and loves it! When she is not at work, you will find her at home learning a new recipe to test out on her family or going on new adventures with her friends.