26 Feb Equipment Financing: A Smart Approach To Fuel Your Business Growth
As a business owner, you know how important it is to have the right equipment for the job. And when new opportunities to expand come your way, the demand for new equipment arises. Securing new equipment may be costly for the business, and as a business owner, you need to figure out how to secure the equipment without affecting the cash flow. And that’s where equipment financing comes in.
What is Equipment Financing?
Equipment financing is a funding model that allows businesses to acquire machinery, vehicles, or equipment without paying the full amount upfront. Payments are spread in small, manageable monthly payments over some time. Businesses can conserve their cash flow for rent, inventory, or payroll expenses.
How Equipment Financing Works?
Understanding how equipment financing works is a great way to ensure you get the financing you need without any challenges. Here are the steps to follow.
1. Identify the equipment you need
Write down the list of equipment you will need to get the job done effectively. Do your research on the cost of each and calculate the total price. Consider manufacturers or distributors with quality equipment that can withstand the test of time.
2. Determine the Right Financing Option
Equipment financing has two options, leasing or financing. The leasing option offers you with funding you need to lease the equipment. This can be a great pick for businesses that are starting, are in a seasonal industry, or have short-term contracts.
A Must Read: Is Equipment Leasing a Viable Option for Small Businesses? Find Out More
The financing option provides funds for businesses to buy the equipment, and repay the loan in installments. This is a go-to solution for companies looking forward to securing equipment but does not have the funding to finance the purchase. Countrywide Financial Solutions offers both equipment leasing and financing.
3. Apply for Funding
Do your application, and ensure you provide the needed documentation depending on your chosen financing model. ensure all the documents are up to date.
4. Approval
Once you have submitted the required documents, Countrywide Financial Solution experts will review your application, and get back to you within 24 to 48 hours. If approved, you will receive the needed financing to secure the equipment. You can acquire your equipment from your preferred lender. Countrywide Financial Solutions experts can help recommend or locate the best vendors.
What are you waiting for? Let Countrywide Financial Solutions help you acquire the right equipment financing for your business today. Apply now!
