How Equipment Finance Solutions Can Help Your Company

When it is in your heart to try a particular business, but you do not have the right amount of money to use for purchasing tools and equipment, then you can aim to get equipment finance solutions. There is plenty of talk about banks and how they are not able to take in people’s requests for borrowing capital. Borrowing money from banks is not a feasible option anymore and it’s not an alternative, except for those with good collateral to provide.

Due to this, people have lost faith in banks and turned to firms that specialize in giving business equipment financing.

What is this type of financing? If you want to buy new equipment and it’s not possible for your current financial capacity to buy them, a company that offers financing for equipment can be tapped for this purpose. It means, you can borrow additional capital for the purchase of tools, equipment and even vehicles. The increase in number of financial institutions that are not banks have given many aspiring business owners to run their own ventures even with little funding. At present, people are relying on these finance companies to allow them to borrow money to give continuity to business goals.

For example, you are running a restaurant franchise business and you don’t have enough money to buy additional equipment to give improved services and a smooth operation such as:

Refrigeration equipment
Bar equipment
Electric slicers
Credit card machines
Food warmers
Neon signs
Griddles and grills
Ice machines
Paging systems
Computers and servers

Since a franchise has been a favorite pick of those who have not ventured into any business yet, many companies prefer to give financing to franchises. This is the reason why this type of business has also flourished despite the tight economy we are facing nowadays.

As a proven business model, franchises give people a chance to create their own venture with lesser risks compared to the traditional business. No one has to grope their way up to seek achievement of their business goals because the whole plan will be laid out to the franchisee and they only have to follow the guide. However, like all businesses, a franchise also needs the hands-on participation of the owner in order to become successful. There is no turning back when mismanagement happens and it is expected that the franchised unit will lose money if not managed properly. Hence, there’s a requirement for the owner to get personally involved in the new franchise.

Restaurant businesses cannot borrow money from banks because they are considered unstable businesses. This is the reason why it is a relief for business owners of restaurants that they can turn to companies that provide business equipment financing. If you are planning to get one for your business, you must list the items you need to buy and the suppliers for these equipment so that you may be able to compare their prices. Then, you can include this list in your application for equipment finance. Also, the company can suggest where to buy your equipment since they might also know where to source out cheaper equipment for your business.

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Business Financing Solutions – Equipment Leasing and Used Equipment Financing

To run a company efficiently, it is crucial to have complete access to the supplies and equipment needed to successfully compete within an industry. A trucking company will fail without trucks, a retail sales business needs computers for inventory and registers to assist consumers in making a purchase, and a dentist’s office cannot effectively provide dental procedures to patients without the right specialized dental equipment.

While businesses need the proper equipment to function and compete within an industry, many businesses do not have the funding to fork over thousands of dollars to purchase these crucial pieces. Many businesses do not realize there is a solution for acquiring new equipment or for replacing outdated equipment through leasing. By taking advantage of equipment leasing, companies can get the supplies they need, even if they do not have the funds to purchase them outright.

The Advantages Of Leasing Equipment

There are many advantages to equipment leasing. The following three benefits in particular show how leasing can make more sense than buying. First, many leasing companies offer fast approvals, allowing a business to get the equipment they need quick. Second, leasing provides businesses with beneficial stepped payment plans, custom and flexible terms, and seasonal schedules.

Lastly, there is much less paperwork with equipment leasing. Typically, a business only needs to fill out a short application to get the process started. Most companies that lease equipment directly review and approve applications, so there is no need to sit and wait by the phone for a credit approval company to give the thumbs up. Equipment leasing companies do not have to follow the same regulations required of banks. That means businesses will most often receive competitive rates that will not bust their budget.

Any company requiring the purchase of expensive equipment should consider the benefits and cost effectiveness of equipment leasing.

The Advantages Of Financing Used Equipment

Another option for businesses interested in equipment leasing is used equipment financing. Businesses who cannot function without necessary specialty equipment, but who have a problem financing due to limited cash flow, should consider financing solutions. Used equipment financing offers businesses a way to purchase the high quality equipment needed on a budget.

Used equipment financing is provided for businesses in a large list of industries, including seasonal, recreational, transportation, restaurant, landscaping, office, computer, industrial, construction, and more. Through used equipment financing, businesses short on cash can still purchase the equipment needed but avoid the high cost of new equipment. New companies often have a hard time obtaining financing simply because they are a new company. By purchasing used equipment through a financing company, a business can still startup with quality equipment while avoiding the debt often brought on by purchasing new equipment.

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