What To Look for When Financing Heavy Equipment

Financial advisor shaking hands with a construction business owner

Whether you’re an independent contractor or a small business needing heavy equipment, it can be surprising how quickly your wallet can run dry. The Funding Booth understands that heavy equipment is essential to keep your business growing, so we offer many financing options. Heavy equipment financing can solve your problems and we provide tips on what to look for when considering your financing options.

A Reasonable Interest Rate

The first step in looking at your heavy equipment financing options is to look for a reasonable interest rate. Interest depends on a combination of lender options and the customer’s overall credit situation. Although, due to us working with multiple lenders, we can find the best option for your financial situation and business needs.

A Monthly Payment That Makes Sense

Compare heavy equipment monthly rental costs to your monthly payment to make sure it financially makes sense. When looking at this, compare what the equipment is generating for your revenue each month. The Funding Booth provides reasonable monthly payments for you to get the equipment you need to keep your business moving forward.

Options for Good and Challenged Credit

We don’t have a minimum credit we work with. Generally, any credit score below 600 is considered challenged. Therefore, if your credit score is above that, your odds are higher. We encourage all to apply, as we have heavy equipment financing options for those with good and challenged credit.

The Lender is Experienced in Your Industry

When you’re in the market for new heavy equipment, it’s important to find a lender who is experienced in your industry. The lender should be trustworthy and also knowledgeable. Our finance specialists understand the ins and outs of various industries and will find the best financing option for your business needs.

Finding the best heavy equipment financing company can be difficult. At The Funding Booth, we make financing for your equipment easy. Contact us with any questions you may have!