Machinery Financing Information
Financing for any type of Machinery you need for your business!
- Competitive Rates
- Lease options with $1 Buyouts
- Loan Amounts starting at $25K
- Leasing or Financing
- Easy Application Process
- Minimal Paperwork
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Neal Business Funding – Machinery Financing Specialists
The Benefits Of Machinery Financing And Securing It
Are you wondering how to get the equipment you need for your business? If so, then consider machinery financing or equipment financing as it is sometimes called. With that said, let’s discuss what equipment financing is, who should get it, what the benefits of it are and much more. Afterwards, you’ll have a better understanding of what the benefits of equipment financing is.
What is Machinery Financing & Leasing?
Machinery/equipment financing is exactly what it sounds like, it is financing that is used for the purchase of equipment and machinery. It is a loan that is given to a borrower who then buys the equipment they need and then they pay the loan back. Generally speaking, financing for equipment works almost the same way as financing for a car, but it is typically given by a lender that has extensive experience with providing loans to those in the manufacturing industry or an industry that uses all sorts of equipment.
Machinery leasing is exactly how it sounds too. It’s when a borrower leases equipment for a specified period of time. Once the lease is up, the equipment is either returned or the borrower will have the option to pay it off so they can own it. Leasing equipment is similar to leasing any other kind of large ticketed item.
Who Can Get It
Generally speaking, anyone can apply for equipment financing, but not everyone will be able to get it. Businesses are the ones that typically apply for it, and this includes business of all sizes. Small, medium and large businesses all can apply for equipment financing or leasing if they need equipment to use in their operations.
How it Works
Many industries need equipment, whether it’s new equipment or used equipment. Businesses that are just launching might want to purchase new equipment and companies that have outdated equipment might want to upgrade their machinery. This includes businesses in the restaurant industry, construction industry, factories and retail stores to name a few.
The way equipment financing works is straightforward and simple, when you go through a reputable company. It all starts with applying for financing, which involves filling out an application and providing a few key details about yourself, your company, the type of machinery you’re going to get and things of that nature. After you submit your application, you’ll be contacted with a decision and if you’re approved, then you’ll be told what the next step/steps will be.
As for what requirements you need to meet in order to get approved for financing, this depends on various factors. Generally speaking, you have to have decent credit. Poor credit might be ok, but each customer is different, therefore it’s hard to say who can get approved.
Who Should Get Financing For Equipment
People in all 50 states can apply for financing for machinery, so the chances are you should consider getting it. To be more specific, you should get financing or leasing if you are looking to buy equipment for your business, but you don’t want to come up with a large amount of money or you don’t have access to a large sum. You should also consider financing if you don’t want to go through traditional avenues for loans, such as banks and credit unions. If you have already applied for a loan with a bank, credit union or another type of financial institution and you have been denied, then consider going through a company such as ours.
The Benefits Of Machinery Financing
When it comes to financing machinery or leasing it, there are many benefits. Although we could list dozens and dozens of benefits, we’ll only discuss the top ones for now. With that said, a few of the top benefits of equipment financing and leasing are as followed:
- Cash Flow- Without a doubt, one of the main benefits of financing equipment is cash flow. When you finance equipment, then you won’t have to worry about coming up with a large sum of cash, which can stop the flow of cash and hamper your profits. As a business, you want a smooth and positive cash flow, and this often means not spending large amounts of money if it’s not necessary.
- Affordable- Not only does leasing equipment have an effect on cash flow, but it is more affordable in the short-run to do financing instead of buying equipment outright. For example, if you need $20K in equipment, then financing allows you to make payments to pay for the equipment, and you might be required to pay a little back in interest. However, this also means you wouldn’t have had to come up with that amount of money.
Do you want to save money? Are you not wanting to shell out cash for big ticketed equipment? If so, then you should look into applying for financing with us.
- Fast & Convenient- Applying for equipment financing is fast. All you have to do is lodge an application with us and we will take care of the rest. Generally speaking, it is a lot quicker to receive financing from us than it is from a bank.
Furthermore, it is convenient. Financing and leasing applications can typically be done online. You simply fill out the application at your convenience and then you wait for an answer. If you are approved for the financing, then the funds will be places within your bank within a short period of time.
Those are only a handful of the many benefits of Machinery financing and leasing. If you want to buy equipment for your business and you don’t really want to obtain a bank loan, then consider going through us and applying for financing for machinery. You might be surprised at what type of rate you get.
About Neal Business Funding
Our company specializes in providing financing to those who need equipment for their businesses. Our team consists of professionals who are in knowledgeable, friendly and helpful. We understand the industry and we strive to provide each and every one of our customers with the information they need to decide whether or not equipment financing is for them. If it is, then we will help guide them through the process of securing financing.
What We Offer
As previously mentioned, our company serves customers in all the states. We have been providing financing and leasing services to customers across America for a very longtime and we have many satisfied customers. When it comes to financing machinery, equipment or leasing it, then we are the ones you want to choose to do business with because we offer an array of financing and leasing options.
How We Can Get You The Financing You Need
The way we get help is simple, we have worked with many companies throughout the united states that required funds for equipment they needed. Whether it was equipment to operate on construction sites or equipment used in restaurants, factories or elsewhere, we have helped many customers get the funds they needed to get their equipment. With our experience and our team of passionate professionals, we are confident wee can get you the financing you need.
What we can exactly do for you will depend on several factors. Every situation is slightly different. The good news is we are confident we can provide you with financing or help you lease equipment.
Tips For Securing Equipment Financing
Generally speaking, there are a few tips that can help you out. This isn’t an extensive list of tips, but they can come in handy. That said, those tips include:
- You can try a bank first but they turn down over 65% of applications of for Equipment Financing- That’s right, we strongly advise applying with a lender like Neal Funding who specializes in Equipment Financing in order to get the equipment you want because most banks don’t have enough understanding of the industry. They may look at prospective borrowers as being too much of a risk if they are trying to get funding to purchase machinery. This is because many banks just don’t have sufficient experience with machinery. The same goes for credit unions and other financial institutions.
- Use A Reputable Company- When applying for financing or evaluating your lease options, always make sure the company you’re going to use is 100% reputable. You want to do business with a company that has been there, done that. What this means is they should have helped many customers receive funding for their equipment.
A reputable company knows what they are doing and they have seen many scenarios and situations. In turn, you’ll likely be able to secure a lease or get the loan you want in order to get your equipment. Finding out whether or not a company is reputable does take a bit of research, but we will say this: Our company has many positive reviews written about us, and we are confident we can help anyone get the funding they want.
- Credit- Is your credit less than perfect? If it is, then do what you can to repair it or to build it back up just a little bit. Decent credit can play a role in what kind of interest rate you’ll receive or what kind of leasing options may be available to you. Do bear in mind that bad credit won’t necessarily disqualify you from a loan for equipment.
- Easy Process- Another benefit of financing equipment with us is the entire process is simplified and we have made sure it has been this way for a very longtime. We have worked with many customers and this is why we continue to work hard to make sure the application process is easy, as well as making payments back. Generally speaking, we can approve you for equipment financing within a short period of time, but do bear in mind that everyone is different and it all depends on various factors. Do you want financing for equipment and you won’t want to apply for regular financing, then give us a try.
Applying us instead of a bank is a smart idea. Trying to repair your credit might be worth doing and you should make sure you apply for equipment financing with a reputable company, which we are. If you want to increase your chances of being approved for financing or leasing options, then contact us.
Getting the financing for your machinery is probably easier than you think. All you have to do is contact us and we’ll be more than happy to help you secure the financing you need. It doesn’t matter what size your business is or what kind of budget you’re working with, we are here to help you navigate the waters of machinery financing.