Lathe equipment financing can be secured for different types of Lathe’s as well as the supporting equipment and attachments that can be required with certain setups.
In order to get a quote for Lathe financing, we would first need to have an idea of the type of lathe that you are looking at acquiring.
Ideally, if you have a written invoice/estimate/quote from a licensed dealer for a specific new or used lathe where the year, make, and model are provided along with the terms of sale, then we can provide a more accurate quotation.
Alternatively, if you can outline the price range, models, and years of age you are considering, then we can also provide quotations based on that information, knowing that any lathe you end up acquiring may be different that the preliminary information provided.
Once we have the lathe equipment acquisition information and a completed equipment financing application form, we can provide you with a financing quotation.
The requirements for manufacturing equipment financing are going to vary depending on whether the lathe equipment you are looking to acquire is new or used, the amount it will cost, your credit and financial profile, and your time in business.
Typically, “A” and “B” credit applications require time in business of at least three years and a guarantor credit score of at least 650.
As we mentioned above, lathe financing options are available for both new and used lathe equipment.
Financing for new equipment can be secured at or near 100% of the acquisition cost of the asset, and in cases where there are going to be costs for delivery, installation, and training, or some combination of these items, the financing amount may potentially be increased to cover these costs as well, providing more than 100% financing in some cases.
For used lathe equipment financing, the financing leverage that you can secure is likely going to be lower, but can still be as high as 90% of the asset purchase price.
For the most part, lathe equipment will be acquired from a licensed dealer who is bonded and responsible for providing clear title to the purchaser.
And while this is going to be the preferred acquisition channel for any source of equipment financing, there are equipment financing companies that will also consider purchases from private sellers as well.
The financing options with private sellers will be few as now all equipment financing companies will consider a transaction such as this.
That being said, it still can be possible to arrange the financing. Just keep in mind that the application and approval process will take longer as the financing company will have to perform a search on the title of the asset to make sure that there are no outstanding charges registered against it.
And if there are registered charges, even if there is no balance payable, they will have to be removed before funding can take place.
So if you are looking to acquire lathe equipment and want to better understand your financing options, I suggest that you give us a call and go over your requirements with us on the phone and we’ll make sure you get all your questions answered.
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