Landscaping equipment financing can be secured by both new and existing businesses in Canada and the U.S.
This form of construction equipment financing is available both in the form of an equipment loan and an equipment lease.
There are a wide variety of assets that can fall under the category of Landscaping equipment and most will be eligible for equipment financing of some sort. If you’re not sure if the piece of equipment you’re looking to acquire is eligible for equipment financing, then please give us a call so we can quickly determine if the asset in question would fit into any of the available programs we work with.
The most common form of equipment financing for landscaping equipment is an equipment lease which can be in the form of an operating or capital lease. An operating lease must have at least 10% of the outstanding purchase price still outstanding at the end of the lease term with and option to purchase, while a capital lease will require the lessee to purchase the asset at the end of the lease term for a nominal purchase price such as a dollar.
The longer your company has been in business with profitable annual results, the higher the percentage of financing you’re going to be able to secure for your landscaping equipment with some assets being financed at or near 100% of their purchase price. The amount of financing available for start ups and new companies is going to be more limited and more dependent on personal credit and net worth of the business owners due to the fact that the business is too new to have established its own credit or created any appreciable amount of retained earnings to offer as a guarantee to the landscaping equipment financing facility being sought.
Landscaping equipment financing solutions can be acquired in as little as one day for amounts under $40,000 and up to one week for larger amounts.
Equipment loans through banks or other institutional lenders will tend to take longer due to the fact that most banks will only finance equipment through government sponsored insurance programs that require a fair amount of paper work to qualify for and administer. If you have a strong credit profile and the time required to apply, an equipment loan can be one of the lowest cost forms of financing available anywhere on the market.
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