Important Facts You Need to Know About Earthmoving Equipment Finance
If you are working on a landscaping project, renovation or construction project, then you will need a earthmoving equipment. Earthmoving equipment is nothing but a handy tool which can be used to clear obstacles on your way.
You can use earthmoving equipment to clear tree stumps, stones and other objects. Some of the noteworthy land clearing devices and equipment are excavators, trenchers, and dumpers.
However, it is not always possible to own all the equipment that you require to carry out the project. If you do not have the budget for the same, then you need to look for financing options.
Earthmoving equipment finance is the easiest way to finance the pieces of equipment that you need to execute your project. If you are a startup company, involved in a landscaping business, it will be more difficult to arrange money for expensive tools and devices like earthmoving equipment.
There is no need to pay cash in huge amounts to finance landscaping equipment. Buying assets are difficult for ones who are in tight budget.
If you invest a huge amount of cash to procure the items, it will impact your working capital. With the financing option, you can raise enough money to fund the earthmoving equipment.
You may borrow money in the initial stage and then repay back slowly and steadily as per the agreed terms over the period.
Earthmoving equipment finance to buy a variety of equipment
Earthmoving equipment finance is a suitable way to finance the following assets:
- Mini dumper to help you access tighter spaces in the property around corners, between the fences. As the name suggests, mini dumpers are small and can help to clear small portions of earth.
- Skid steer loader is very much needed if the project is mid-level.
- You can finance self-propelling trenchers if you are involved in road construction work. They may also be used for building demolition.
- To move larger piles of earth, you will need mini-loader. Again, this may be financed with ease.
The options you have in earthmoving equipment finance
- Hire purchase is suitable earthmoving equipment finance option whereby you need to make regular payments for earthmoving equipment to the owner. By doing so, you gain the right to possess it and use it. You pay in installments for the equipment. The hirer first approaches a supplier and checks the items he has. The hirer is required to pay 20-30% deposit to the supplier or finance company.
- In the lease purchase, the one hiring the equipment pays 20-25% of the total cost to the supplier. The payment here is done in installments. The agreement of lease purchase may be based on a variable or fixed rate of interest.
- Hiring option is also available to the user. The user hires the item and then returns it after the lapse of time stated in the agreement. There is no risk of ownership involved here while the user gets a chance to hire multiple earthmoving equipment.
- To acquire earthmoving equipment, you may even get 100% financing for all the devices. This is made possible through finance lease. Initially, the ownership of the items remains with the supplier, and slowly and gradually, it is passed to the hirer. In the initial stage, the hirer pays rental charges and additional amounts, while at the later stage the cost is paid completely.
Are you looking for a tailor-made financial solution? There are several financial companies who are there to meet your business requirements and personal needs. Get in touch with a finance consultancy company to acquire the best deal. Make sure you choose the right equipment as per your needs.
Category: Business
