Some construction equipment can cost hundreds of thousands of dollars, a price that’s out of range for most construction companies. Even purchasing smaller pieces of construction equipment can strain the budget. Fortunately for construction company owners, they don’t have to forgo large and profitable jobs because they don’t have the money to buy new equipment. Financing equipment such as cranes, bulldozers, skid steers, and computers offers many benefits in addition to convenience.
Better Flexibility Than a Bank Loan
Not only do banks require extensive documentation and have strict eligibility requirements, they often have inflexible repayment options as well. You must pay the same amount by the same date each month or face penalties such as a late fee or having a higher interest rate assigned to your loan.
At Whitefish Funding, an alternative financing company, we work with you to find the ideal repayment amount and due date based on revenue cycles and cash flow. It gives you one less thing to worry about when you know that you won’t have a big payment due during your slow season.
Preserve Your Equipment Company’s Capital
Maintaining consistent cash flow is essential to keep up with your company’s budget. The last thing you want to do as a construction business company owner is spend a large portion of revenue on a single piece of equipment. Financing the equipment with flexible payment terms allows you to hold onto capital and keep your business moving forward instead of trying to operate from a position of extensive debt.
Remain Competitive by Having Access to the Latest Technology
Technology within the construction industry changes so quickly that you could lose business to the competition by using equipment even a few years old. By financing the cost, you see a return on investment sooner while also maintaining critical company capital. Equipment financing provides ongoing access to high-tech equipment that likely would have been out of your reach if you had to fund the entire purchase at once.
Are you ready to pursue the various equipment financing options available from Whitefish Funding? Please contact us today to request an appointment.