Category Archives for commercial equipment financing
Spa Equipment Financing
“Do You Need To Finance New Or Used Spa Equipment?”
Spa equipment financing can be secured for a wide variety of Spa related equipment including but not limited to the following:
Steam showers, reception desks, tanning beds, facial table, manicure table, shampoo chair, beauty salon equipment, styling station, therapeutic system, mirror, dryer, hydro massage system, facial machine, shampoo station, styling chair, and pedicure chair.
There are commercial equipment financing programs for both new and used spa equipment as well. For used equipment, down payments will likely be higher, repayment periods shorter, and interest rates higher as well. That being said, the newer the used asset, the better the condition its in, and the amount of perceived useful life remaining can provide rates and terms similar to new spa equipment financing in some cases.
For amounts under $25,000 for established businesses, the application and approval process is fairly straight forward with financing completed in just a matter of days. As the amount of funding increases and the time in business is reduced, the requirements for funding will increase as well as the time required for a more thorough human review of the information. For larger deals, the approval process can take two to 5 business days to complete, depending on the amount of applications targeted lenders or leasing companies are processing at any given time.
Get Spa Equipment Financing That Meets Your Needs
For spa equipment financing requirements above $25,000, one strategy to get things done quickly, and at good potential rates is to break up the pieces being purchased into individual leases with several leasing companies. This allows the approval process to be completed faster as each lender will be asked to carry less of the overall debt which reduces the amount of risk analysis they may need to perform.
If you have time on your side, there’s nothing wrong with getting everything done and approved within one loan or lease, reducing the ongoing administration of the loan or lease to a monthly payment.
There also is the potential to purchase used equipment from both a licensed vendor and a private seller. The private purchase process will take a bit more work and time to assure the equipment financing company that there are no liens or claims outstanding against the asset. But this can be well worth the effort if you can secure a good deal on quality used spa equipment.
Even if you purchase with cash we can still arrange financing on the equipment after the fact for up to 6 months after the date of purchase and return all or most of the capital outlay back into your cash flow
Click Here To Speak To An Equipment Financing Specialist For All Your Spa Equipment Financing Needs.
Automotive Equipment Financing
Do You Need To Finance New or Used Automotive Equipment Equipment?
Automotive equipment financing is available through a number of different commercial equipment financing sources we work with in Canada and the U.S.
Some of the different types of automotive equipment that can be financed via an equipment loan or lease are vehicle lifts and lifting equipment, tire changer, brake lathe, pneumatic tool, alignment equipment, paint booth, diagnostic equipment, frame straightening machine, crankshaft balancer, and pipe bender.
This is just a sample list of the types of automotive equipment that can be financed and if there are any items you’re interested in getting financed that aren’t on this list, give us a call so we can quickly qualify the item with our equipment financing sources.
Used automotive equipment can also be financed through a number of different financing sources. The key to financing used equipment is the aged of the asset and expected remaining useful life. The better condition and shorter the age, the more likely financing can be secured and the longer the repayment term will likely be.
Small business that qualify for government supported small business loans can secure excellent rates and repayment options on automotive equipment purchases. In some cases, up to $250,000 of equipment financing is available through these programs at up to 90% of the acquisition cost.
Get Automotive Equipment Financing That Meets Your Needs
There are also some very attractive lease financing rates available for well established businesses with “A” credit. The big difference between equipment loan and lease financing is that automotive equipment loans are only available for “A” credit situations where there are equipment leasing programs that collectively cover a much broader credit spectrum.
Most used automotive equipment is lease financed via a capital lease where the asset is purchased by the lessee at the end of the leasing term. For new equipment, there will be more operating lease financing options available in the market place for those that want to utilize this form of equipment lease for cash flow and/or tax planning purposes.
If you have automotive equipment picked out for acquisition and need to get equipment financing in place right away to close the deal you have negotiated, I recommend that you give us a call so we can quickly assess your requirements and provide relevant equipment financing options for your immediate consideration.
Office Equipment Financing
Do You Need To Finance New or Used Office Equipment Equipment?
Office Equipment Financing can be secured for a broad range of assets and equipment types ranging from office furniture to electronic equipment and even leaseholds.
Some manufacturers and suppliers of office equipment will provide financing programs to move their product with rates that are typically lower than what is available in the general market place. But for situations where third party commercial equipment financing is required, there are both loan and lease financing options to consider.
While all industries typically will require some amount of office equipment, lenders will tend to focus their programs towards certain industries, with lower risk industries receiving stronger financing options that others. For instance, the medical profession is mostly a service industry with office equipment being the primary asset in some cases. But because of the strength of the earning potential of doctors and the lower levels of business failure compared to other industries, banks and leasing companies will extend more credit to medical businesses even going so far to finance the leasehold improvements which don’t really hold any security value for the lender.
For smaller businesses, financing is approved mostly on credit once again due to the low security value of most office equipment assets. This results in smaller companies being capped at certain amounts by leasing companies in particular. If more equipment financing is required than any one lease company can provide, the risk can be shared with leases from more than one lessor.
Get Office Equipment Financing That Meets Your Needs
Its also common place for office equipment purchases to involve several pieces of equipment. Multiple items can be included in a single loan or lease facility.
Office equipment loans provided by banks and institutional lenders and typically are part of a government insurance program that incentives the lending institutions to provide financing for small business equipment in general. Loan rates are typically going some of the lower cost offerings you will come across for equipment financing.
From a lease perspective, office equipment financing may be done through an operating lease or a capital lease. An operating lease allows the lessee to return the assets to the lessor at the end of the leasing term without further obligation to pay while a capital lease requires the lessee to purchase the assets at the end of the lease for a nominal, predetermined buyout amount.
Funeral Equipment Financing
Do You Need To Finance New or Used Funeral Equipment Equipment?
Funeral equipment financing can be secured via both equipment loans and equipment lease financing facilities. Types of funeral equipment that can be financed via a commercial equipment financing facility include but not limited to coffin cooler, mausoleum lift, autopsy equipment, embalming table, coffin cooler, funeral coach, processing station, lift, casket carriage, lift table, marker trimmer, vault lowering device.
If you have a funeral equipment asset that is not listed above, give us a call and we can quickly determine if the asset in question can qualify for equipment financing through our lending and leasing sources.
Funeral equipment financing is somewhat of a niche lending opportunity as not all commercial equipment financing companies will consider these types of assets. This is not at all unusual as banks and leasing companies can be very specific at times in terms of the industries they want to concentrate on which in some cases excludes industries from outside their focus or area of expertise.
Get Funeral Equipment Financing That Meets Your Needs
Both new and used funeral equipment can be financed with new equipment typically being financed at or near 100% of the asset cost versus used equipment that may require some amount of down payment depending on the age, condition, and amount of the used funeral equipment that the applicant is trying to finance.
Like any other equipment market, the strength of the resale market for funeral equipment will always dictate the rates and terms that lenders or leasing companies are going to provide as the resale market establishes the true value of their security as well as the risk they will take if they are ever in the position of having to realize against the security being held.
Financing provided through an equipment loan or capital lease will function in a very similar nature with respect to cash flow, accounting, and taxation treatment. Operating leases can be varied in structure according to the cash flow and taxation requirements of the business applying for financing.
If you have any questions regarding funeral equipment financing, I suggest that you give us a call so we can go over your requirements and questions together and provide back the most relevant information and equipment financing options available in the market place at that particular point in time.
Pipe Bending Equipment Financing
Do You Need To Finance New or Used Pipe Bending Equipment?
Pipe Bending Equipment can be financed through an equipment loan or lease with the actual preferred leasing or financing program being dependent on the amount of financing required.
For amounts under $25,000 there are going to be more commercial equipment financing companies interested in this type of asset on both a new and used basis due to the amount of credit risk they are looking at. In fact, for an established business, amounts under $25,o00 will likely be approved on credit alone.
Larger pipe bending equipment that comes at a higher price tag will require more supporting documentation to secure a credit approval with the process taking two to five business days to complete on average.
Get Pipe Bending Equipment Financing That Meets Your Needs
In many cases, new equipment can be financed at or near 100% of the purchase price and if there are delivery and installation costs involved, they may also potentially get covered by a loan or lease, effectively providing more than 100% financing of the asset’s purchase price.
Used pipe bending equipment financing will typically require a larger down payment, have higher effective rates of interest, and shorter repayment terms. But this can vary depending on the condition of the asset and if any vendor recourse is provided. Certain resellers or vendors may provide full or partial recourse on the assets being financed as they are more than prepared to buy them back from the borrower or leasing company and resell the assets back into the market place. This can either help get a deal approved, or allow better rates and terms to be secured.
If you have a pipe bending equipment financing requirement right now, an equipment financing approval for amounts under $25,000 can be approved in less than 24 hours if all the documentation is in order.
For larger dollar acquisitions involving several units, you may want to consider applying for a pre-approval for the equipment financing required so that you can move forward with the buying process knowing exactly what capital you have to work with as well as the related terms and conditions.
Its also good to get the financing process out of the way so you can concentrate on getting the best deal and not have to worry about delays in getting the closing done.