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.
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.
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