Financing Heavy Equipment: A Beginners Guide

So it’s come to the point where you need to look into financing heavy equipment. Great! That means your company is growing.

But the process can be a bit confusing for those initially. Where do you even begin?

Financing Heavy Equipment: Getting Started

The first thing that you want to do is get a quote. Once you get a quote, you’ll be able to get a better idea of what quality and quantity of equipment you will be able to set your goals toward. Now, going out to different financial institutions all around and allowing them to ding your credit won’t benefit you down the line. This will lower your score and add many unnecessary hard inquiries to your credit profile. Why is this bad? Well, excessive hard inquiries on your report are looked at as a negative factor by most lenders and will count against you in getting your approval, best rate, and terms.

This is why TopMark funding is a good match for business owners looking to into financing heavy equipment. We have a pre-approval program that allows you to get a quote without the hard inquiry or any impact on your credit report. With soft inquiries alone, we can get you an idea of what you’re approved for before you sign any papers, agree to any contracts, or commit to a transaction.

Your specific business needs can be met with TopMark’s tailored finical programs. No matter your credit score, the process is fast and straightforward.

You can finance trains, tractors, bulldozers, scrapers, trenches, graders, loaders – any type of heavy equipment you’re looking for, there’s financing for just that.  And no restrictions.

New or Used?

It doesn’t matter if you want to finance new or used heavy equipment: there’s financing for all of it. You can lease it or you can buy it, too: there’s funding for that. And you can actually get your funding as quickly as twenty-four hours. Heavy equipment financing has never been so quick!

Next Steps

Talk with a business funding adviser. Business funding advisers will be your guideline through the entire financing project. Getting personal guidance on your precise needs is a breath of fresh air, so you don’t feel like you have to go through the process alone. They will be able to create a budget for you, decide on your options, and talk you through what will work best for your business.

A Few Questions

Your funding adviser may ask you some questions so that they can begin to develop an effective plan for you. For example, you’ll want to know beforehand how long you plan to use the equipment because this will affect whether you need long-term financing or not. They’ll ask, of course, what type of equipment you need, and may ask to see your financial records.

Wrapping it Up

Working with your business funding adviser, you’ll secure equipment financing approval. Woohoo! You’re at the finish line. First, you’ll have to sign some contracts to make it official. Often, you can sign most of these documents online meaning you don’t even need to leave the office.

Once those contracts are signed, you can just sit back and relax. Your business funding advisor will work with the vendor you’ve chosen to buy your heavy equipment through. You get your needed equipment for the business to keep growing while they get paid.

Ok, But What if I Have Bad Credit?

We’re not judging. We know that the world of finance isn’t one size fits all, and you aren’t either.
We can look past credit profiles and get to know you and your business on a personal level. That way, we can build a relationship with you based on your values and get to know what options will work most effectively for you.

Take the First Step

Fill out our contact form and get your quote. Once you get the ball rolling, the process of financing heavy equipment can be all squared away in a single day. Choosing people with experience in financing will open doors for you that you weren’t able to open for yourself, so make the informed decision and don’t go it alone.

You can Apply here for top of the line heavy equipment financing or Contact Us here to inquire about our programs! Call (866) 627-6644