5 Things You Need To Know About Earth Moving Equipment Finance
Earthmoving is a highly-skilled industry and earthmoving equipment like excavators, tractors, or dozers isn’t cheap. Chances are you can’t pay for these outright and this is where earthmoving equipment financing helps. Offered by an increasing number of institutions to keep bigger banks on their toes, we’re here to help you find a lender who can bring you the best heavy machinery financing deals your business requires. They can give you the capital you need to buy earthmovers and other heavy equipment, and they have leasing services available as well if you only need equipment temporarily. But what should you know about earth moving equipment finance and how do you get one?
5 Important Points About Earthmoving Equipment Financing
Flexible Financing Solutions
Let’s say you’re thinking about leasing or buying earthmoving equipment for a specific period. This solution provides you with a flexible financing option that is tailored to your business’s needs and financial capability.
We consider your accounting, cash flow, and taxes too, to give you a plan that works best for your business. Lastly, our solution won’t pressure you so you can focus on your business more.
Preserves Your Capital
Buying heavy equipment needs a large amount of capital, which can take a toll on your finances throughout the year. This can be very risky since you’re unsure if you’ll get your expected profit back, especially if you’re new to the business.
With earth moving equipment finance, you can free up your capital and decrease the risks for your business. This is especially true for leasing options.
Huge Equipment Expertise
We are experts in earthmoving equipment so you’re assured that we know how to handle any issue related to heavy equipment. We can also offer specialized services traditional banks can’t provide. With years of experience and connections with manufacturers and distributors, it’s easier for us to get your application approved and get reasonable payment terms.
The higher the investment, the higher the risk. With earthmoving finance, your risk decreases so you can have more time and energy to focus on more important aspects of your business.
Earth moving equipment finance can help you with specialized payment services. For example, we can help find a plan where the money you release is within budget so other business expenses aren’t at risk.
Helps With Equipment Disposal
If there are old machines stuck in your company, earthmoving equipment finance can help you get rid of them and put them in the proper disposal area.
Old equipment takes up a lot of space that makes your area look crowded. It has chemicals that can harm your health too, that’s why it needs to be disposed of properly. Our company can help sell your old equipment and even help you earn some money in the process.
Applying for Earth Moving Equipment Finance: What to Expect
Lenders will ask you a series of questions first to measure your business’s eligibility for finance. Some questions may include:
- Questions about the industry you’re in
- Your ABN
- Any credit defaults
- Whether you’re renting or own your home, or if you’re paying off mortgages
- Existing equipment finance or business loans
- If you have sufficient funds to shoulder your business’s ongoing costs
- How you choose to purchase the equipment
- The description, cost, and purpose of the equipment
Once they’ve determined your eligibility, they will run a credit check on you to find out your credit score and history. They’ll consider your business experience and the financial status of both you and the business. You’ll also need to give your and your business’s financial information, such as tax returns and bank statements for the past two years.
Why Choose MHF for Your Earth Moving Equipment Finance Needs?
We’re a brokerage company that can help your business find a lender who can give you the money to buy any earthmoving equipment you need. With years of experience in securing funds for purchasing equipment, you can trust our professional brokers to help get the funding you need when you need it.
We are based in Brisbane and are committed to providing you with superior service. We cater to clients throughout Queensland and are accredited with all financial institutions and non-bank financial institutions. If you have further questions about our services or would like to get started, then call us right now and let us be your earth moving equipment finance partner today!