Virtually all construction businesses must have the appropriate equipment in order to stay in business. Not only is heavy equipment needed to do the actual construction, but office equipment is also needed to support field operations. There are a number of reasons why construction equipment financing could be very beneficial to your growing business.
These days, the most successful businesses are often those which have the most modern and updated technology. Some businesses simply can’t afford to buy the equipment they really need in order to be successful and prosper. By funding your equipment through term financing, you will generally be able to acquire much better equipment and more of it. Without equipment financing, your options for acquiring the equipment you need may be very limited.
There can be some tremendous flexibility built into the terms of equipment financing, especially if you acquire favorable lease terms. Some leases will permit you to make lower monthly payments while your construction project is slowly ramping up, and while you’re not yet receiving solid incoming revenue. You might also be able to tie your payment terms to seasonal productivity and revenues.
Nowadays, there are a great many more equipment experts whom you can deal with at financing companies, and these individuals will understand the nuances of your construction business. Some of these companies even specialize in specific types of construction business, as well as the equipment which is particular to them. This will make it much easier for you to acquire the financing you need, because you’ll have experts who understand your situation.
Most construction companies are not equipped to sell off old equipment or dispose of it in any manner which is at all favorable. When you lease your equipment from a finance company, this is something you won’t have to deal with at all, because the leasing company retains ownership of the equipment throughout the terms of the lease and beyond. That means you’ll never have to be involved with the disposal of old equipment.
Looking for equipment financing?
If you need financing for a major piece of equipment that will be critical to your business, we may be able to help. Contact us at Lighthouse Capital so we can discuss some construction equipment financing options which you may qualify for.