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.
Click Here To Speak To An Equipment Financing Specialist For All Your Automotive Equipment Financing Needs.
Automotive Equipment Financing and leasing can be secured from a number of different equipment financing and leasing sources across Canada. Collectively, our equipment financing partners cover off all credit profiles and business stages of development.
To provide a better idea of the types of assets that can be financed in this category, here is a list of the more common items that receive financing approvals on a regular basis for Canadian based businesses all across the country.
Tire balancer, waste oil heater, nitrogen tire filling equipment, tire repair machine, wheeler aligner, motorcycle lift, fluid changer, low profile tire changer, scissor alignment lift, mid rise lift, single arm tire changer, garage equipment, pipe bender, parking lift, low rise pad, dual arm tire changer, ac recovery, 4 post lift, alignment lift, waste oil boiler, frame machine, spray washer, battery charger, frame rack, 2 post lift, hobby lift, tire changer, wheel balancer, automotive lift, spray wash cabinet, Brake lathe, tire machine, scissor lift, rack.
Here are some of the more common brand name manufacturer’s approved by leasing companies as well. Gemini, Coats, Rels, RTI, Daytona, Bradbury, All Tool, Accu Turn, Hofmann, Precision, Hydra Lift, Bisherman, Corghi, Associated, Complete Hydraulic, Rotary Hoist, Cemb, Hunter, Kwik Way, FMC, Globe.
Financing options are available for both new and used automotive equipment with similar rates applying to new and used. The major difference that can occur between the two is that used equipment financing can come with a shorter repayment term and financing companies tend to require a larger cash down payment than for new equipment.
Used Automotive equipment that requires commercial equipment financing can be acquired from either a licensed third party vendor/dealer or a private third party. There is a bit more work to complete the financing process with a private equipment source as background checks have to be done on the equipment to assure no outstanding liens are registered against this. The extra administration though can be well worth it if a good deal is available from a private source.
Whether you’re considering new or used assets where equipment financing is required, we recommend that you give us a call so we can quickly assess your requirements and provide relevant financing options for your consideration.
Click Here To Speak With an Equipment Financing Specialist For All Your Automotive Equipment Financing Needs.