Is Equipment Financing or Equipment Leasing a Better Choice for Your Business?
There’s no question that every business needs high-quality equipment. Restaurants rely on and kitchen equipment and payment systems to serve customers. Construction businesses need heavy machinery to generate profits. Automotive repair shops need things such as hoists, lifts, diagnostic equipment and specialized tools to service vehicles. At Big Mountain Capital, we provide a range of equipment leasing and equipment loans for these needs. Which option is better for your business’s needs?
How Often Do You Upgrade?
One of the biggest differences between equipment financing and leasing has to do with upgrades. With an equipment loan, you typically want to own the piece of equipment for a long time. Leasing, on the other hand, makes it easy to upgrade frequently. Depending on the length of the lease, you can get the newest equipment every few years or so. That provides many benefits for businesses:
- Stay at the cutting edge of technology
- Offer services your competitors don’t
- Gain access to time-saving features
- Market your high-tech solutions to customers
A few examples of things that work great with equipment leasing include payment systems, software, computer systems and GPS technology. As these fields advance, so does your business. This can help restaurants serve customers more quickly and comfortably, or it can help trucking businesses reduce lead times with cutting-edge tracking systems.
How Much Capital Do You Need?
Large purchases that take quite a while to pay off often benefit from the lower interest rates of equipment financing. For example, construction companies often turn to our excellent loans to add to their work fleet. With our generous terms and incredible interest rates, getting heavy machinery such as excavators and backhoes is within reach of even small construction businesses.
We provide different loan options for different types of equipment, so getting financing that fits your business goals and budget isn’t complicated. Our financing experts have a lot of experience with equipment acquisition.
What to prepare for a consultation:
- invoice, quote or proposal from the vendor on the equipment
- most recent three months bank statements
- time in business
- FICO score
To get a free consultation or fill out an application, contact our team right away.