Construction Equipment Financing Takes Planning

Establishing or expanding an existing construction business can be an overwhelming experience.
In deciding the proper direction you’ll need to plan out what type of equipment to purchase but more importantly how to pay for it. Are you able to pay cash or will construction equipment financing be necessary? Is it better to buy new equipment or will refurbished or used equipment be a better value.

Unable to pay cash is not unusual and often the need to seek out a construction equipment finance company is the best alternative. In researching equipment financing you’ll want to have a clear understanding of what your company needs in the way of equipment and how your cash flow will allow you to pay for it.

Determine The Type Of Equipment You Need

Your construction equipment finance company will need to know exactly what type of equipment you intend to purchase, as they will tailor the finance terms to match the need. Different types of equipment will have different types of financing. For example, if you plan to upgrade your computer system the finance company may offer shorter term financing as computer equipment becomes obsolete in a short amount of time. The purchase of a bulldozer or cement truck may have a much longer life span and be eligible for longer term financing.

Consider Used Or Refurbished Equipment

Once you decide how much equipment to buy, the brand you want or need, how much your budget can support, etc. you will then need to decide if buying new or used equipment is the best route to follow. Refurbished or used equipment may be an ideal solution, especially if the primary use is to be used as a back up to your existing construction equipment and not put into use on a daily basis. Not all used construction equipment will be reliable enough if you plan on making it your primary equipment. Just as you’d research the pros and cons of purchasing a used car you should perform diligent research on your proposed used equipment purchase.

Not All Financing Companies Are The Same

Now that you know what you want or need and have decided between refurbished or new it’s time to start researching financing companies. A good place to start is the bank that maintains your business checking account. Although they may not offer the most attractive financing options it may offer a good comparison to a company that is a construction equipment finance specialist.

Because it’s all that they do, an equipment financing company will be more knowledgeable than a commercial bank with regards to your specific business and equipment needs. Seek out a company that maintains its own underwriting department since these companies are more able to respond to your request for equipment financing quicker than if they had to send the application out of the department for review. The end result will be you have your financing quicker and delivery of your new equipment will not be delayed due to financing.

If you’re not in a position to purchase new or refurbished equipment another option often offered by equipment financing companies is equipment leasing. This is a great option for a seasonal business, someone just starting out or where tax advantages come into play. If you’re concerned about tying up liquid assets as you establish or expand your current construction equipment fleet, look to a construction equipment finance company. They have the experience and knowledge to help guide you in financial decisions that are right for you.

Working Capital Business Financing Sources

Working Capital business financing is never a question of why – it’s just simply a matter of when! Working capital and cash flow are of course the heart of every business. The challenges of obtaining that financing become a question of time.

Perhaps you need cash for for your regular ongoing business cycle – that’s the simple one – you buy inventory, your produce things, you sell, bill and collect. In a perfect world your suppliers give you unlimited time to pay, and unlimited credit limits. And of course your customers pay you in exactly 30 days. Guess what? It’s not a perfect world!

If you are a traditionally financed firm you have access to bank capital for revolving credit lines based on your business needs. But for a growing number of Canadian firms that access to traditional bank capital is not available. Those scenarios require a special expertise in identifying sources of business financing that work for you. The solutions actually are quite numerous – its becomes a questions of which solution works for your firm, what are the costs involved, and does the solution fit within your business model.

The business financing we are talking about can take many different forms – it might include an asset based line of credit, inventory financing or purchase order financing, a sale leaseback on unencumbered assets,, working capital term loans, or accounts receivable financing, otherwise known as factoring.

One of the most important things you can do for business financing is to ensure that the type of financing you source matches your needs. What we mean by that is that you should match short term needs with short term financing. Factoring might be a good example. If your receivables aren’t financed, and you need cash to meet inventory and supplier commitments that type of financing is immediate and addresses your needs. Why would you enter into a five year term loan at fixed payments for a short term capital need or requirement?

The best way to think of short term financing is to focus on the current assets part of your balance sheet – those items include inventory and accounts receivable typically. Those assets can quickly be monetized into a working capital facility that comes in a variety methods. The reality is that your inventory and accounts receivable grow lock step to your sales and your ability to finance them on an ongoing basis will give you access to, in essence, unlimited working capital.

There are some solid technical rules of them around how you can generate positive pricing for operating facilities. By calculating and analyzing some basic financial ratios (we call them relationships) in your financial statements you can get a strong sense of whats available in working capital business financing and what pricing might be involved. Those ratios are your current ratio, your inventory turns, your receivables turns or days sales outstanding, a, and your overall debt to worth ratio. Depending on where those final ratio calculations come in will ultimately allow your working capital financier to put your firm in a low risk, medium risk, or high risk band of pricing?

In Canada working capital rates range from 8-9% per annum to 1-2% per month, depending on what assets are financed and how they are financed.

So whats our bottom line in working capital business financing? It is simply there are alternatives available and you as a business owner of financial manager can assess those alternatives in terms of short term needs or long term needs. Pricing and solutions vary, and your ability to convey the positive aspects of your business to the working capital lender will ultimately lead to a final pricing and solution. Speak to a credible, experienced and trusted working capital business financing advisor to determine what solutions are the best for your firm.

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