Contractors secure heavy equipment financing like pros today

Types of Heavy Equipment Financing

There are various financing options available to contractors, each tailored to different needs and financial situations. The most common types include:

• Equipment Loans: These loans allow you to borrow a lump sum to purchase equipment, which you then repay over a fixed term. The equipment itself often serves as collateral, making this option accessible even for businesses with limited credit history.
• Equipment Leasing: Leasing offers the flexibility of using equipment for a specified period without the long-term commitment of ownership. At the end of the lease term, you may have the option to purchase the equipment, renew the lease, or return it.
• Line of Credit: A revolving line of credit can be a versatile solution, providing funds as needed for equipment purchases while only accruing interest on the amount used.