Equipment financing for snow plowing equipment can be provided for seasonal entrepreneurs plowing snow on contracts or for businesses that require their own snow plowing equipment to manage the snow fall on their own lots and land.
Because of the seasonal nature of the asset use, snow plowing equipment can have a very long useful life, which makes the financing of used snow plowing equipment very possible provided that the owner of the assets keeps all items in good condition and good working order.
For seasonal businesses where snow plowing may be the primary source of revenue, equipment loans and leases can be set up so that the payment being made are also seasonal to correspond better to when cash is on hand and generated from the assets. This can be quarterly, semi annual, or even annual payments, depending on the particular situation and strength of application.
Snow plowing equipment that can be financed can range from walk behind snow blowers to self propelled tractor units specifically designed for plowing snow. All the snow plowing blades and accessories can also be financed with lease and loans being able to combine multiple items if required.
To secure commercial equipment financing for used snow plowing equipment, be prepared to have to put down a down payment of between 10% and 25%, depending on the age and condition of the asset and the strength of your credit profile. The older the asset, the more likely that the repayment period will also be shorter that what you would expect with new equipment.
Snow plowing equipment financing can come in the form of an equipment loan or an equipment lease. Equipment loans are typically provided by banks and institutional lenders provide financing for “A”credit applicants. Equipment leasing companies cover off a much broader range of credit profiles for both new and used equipment types. Leasing companies also tend to have a more streamlined application and approval process than institutional lenders which can cut a significant amount of time off the process from start to finish.
If you’re in need of snow plowing equipment financing for new or used snow plowing equipment, please give us a call and we’ll quickly assess your situation and provide the most relevant equipment financing and leasing options for your consideration.