Scissor lift financing is provided by a number of our construction equipment financing sources in Canada and the U.S.
Finance options come in the form of equipment loans and equipment leases, both with their own features to consider.
Equipment loans are mostly offered through banks and represent lower cost forms of financing that require strong credit and business financial profiles to qualify for.
Equipment leasing is more broad based in that there are leasing companies and programs the collectively cover the full gambit of credit from the very best to the very worst.
So regardless of your personal or business financing profile, there is likely going to be an equipment financing solution of some type available for you.
Used scissor lift financing is also available, although the effective interest rate compared to new scissor lift acquisition is likely going to be higher with a shorter potential repayment term. However, this is not always the case as this type of asset, if taken care of, can last a long time, and the rates and terms offered on some used equipment will rival what would be available for a new asset.
As long as the equipment is viewed to still have a considerable amount of useful life remaining, there will likely be good financing options available.
In situations where companies need to refinance owned assets to generate more cash flow for the business, items like scissor lifts can be good candidates for sale and leaseback programs whereby the asset is sold to a leasing company in return for an operating or capital lease. While sale and lease back transactions can be an effective strategy to raised needed capital, they can be more difficult to arrange and require a solid view of the go forward operation to make the leasing company comfortable in the company’s ability to pay back the debt obligation over time.
If you’re just starting to shop the market for a new or used scissor lift, I suggest that you give us a call so we can get you pre-qualified for equipment financing in order to get the financing process out of the way and to allow you to go through the buying process knowing exactly how much money you have to work with and the related impact the repayment terms will have on your cash flow.
Or, if you currently have an accepted offer or bid and need scissor lift financing right away, we can help get an equipment loan or lease approved in one to five business days, depending on the equipment and your financing profile.