Secure Heavy Equipment Financing Contractors Secretly Love

Types of Heavy Equipment Financing

There are several types of financing options available to contractors, each with its own set of advantages. Equipment loans are a popular choice, where the equipment itself serves as collateral, and you own the machinery outright once the loan is repaid. Leasing is another option, allowing you to use the equipment for a specific period without owning it, which can be beneficial if you need machinery for short-term projects or prefer to upgrade frequently.

For those seeking flexibility, hire purchase agreements offer a blend of leasing and ownership. You make regular payments over time, and once the final installment is paid, ownership of the equipment is transferred to you. This option is ideal for contractors who want to eventually own the equipment but require a more gradual payment structure.