6. Financing is Only for New Equipment
Just because you need equipment doesn’t mean you need the newest and biggest model. You might be perfectly fine with something older or used. You might choose that option for cost benefits, or even equipment features. Heavy equipment financing will still allow you to get what you want. You don’t have to use it for new equipment. This means you can tailor your finance plan to your specific business needs. But, if you do want or need the newest equipment, financing is available for that too.
7. Banks Are Better
Banks offer many financing options that are perfect for many people and situations. When it comes to heavy equipment financing, though, you’re better off with a specialized company. Specialized heavy equipment financing companies know your industry. They’ll have worked with people who’ve had similar needs, and they’ll know what people in your industry are interested in. That doesn’t mean you won’t be treated as an individual, though. The company will have the familiarity you want, but they’ll still be flexible according to your specific situation.
8. Taxes Aren’t Included
You may have heard that you have to cover tax, title, and license costs. While a bank likely won’t cover those, you won’t have to worry about them with financing. That’s not to say you don’t have to pay them. You do, but they can be financed as part of your lease. That means you can work on paying for the total cost of your equipment throughout the coming months and years instead of depleting your operating capital to cover these costs now.
9. You Have Quarterly Covenants
You may have heard that servicing loans and leases for your heavy equipment through financial institutions comes with quarterly covenants, slowing down your business and creating a headache every few months. This is true. However, with specialized heavy equipment financing companies, like AvTech Capital, you are given the quiet enjoyment on your lease that allows you the ability to go on about your business without having to worry about the lease more than making your payments on time.