asphalt & concrete equipment financing can be hard if you are not working with the right concrete equipment financing company. This type of business financing allows small construction, logging & forestry, plumbing, HVAC, asphalt & concrete & many other industries finance new & used asphalt & concrete equipment, regardless of having good or bad credit. BFC provides commercial equipment financing & business loan solutions up to $500,000 in as little as two business days & 60M in as little as two weeks. BFC enables business owners to save money by not having to purchase the equipment upfront, allowing them to invest in their business or simply keep higher reserves for other projects.
When most people talk about heavy duty asphalt equipment, what usually comes to mind is construction equipment or large equipment that is used for digging, excavating, grading, land clearing, real estate development or some heavy work task related to moving of dirt, asphalt & materials within a construction job site. Most types of equipment used in heavy equipment will be dozers, bobcat loaders, excavators, backhoes, skid steer loaders, track loader, asphalt pavers, concrete compactors, heavy cranes, crawlers, draglines, direction drills, heavy mining excavators, logging & forestry, road pulverizers, tele-handlers.
Despite having the funds to pay for the heavy construction equipment you need, it's highly recommended that you go with BFC's Equipment Financing Solution. Having cash flow reserves is crucial for every business to stay afloat, especially within the construction industry. Make sure to apply for our award winning commercial equipment financing solution today.
Generally speaking, asphalt & concrete equipment financing is used to purchase equipment that will perform heavy duty tasks & cost above $10,000 or so. Construction & logging contractors know exactly how it feels to be around heavy construction equipment, since this will perform heavy duty operations in the construction job site. The obvious reasons for contractors to finance heavy equipment is due to the price tag construction equipment generally goes for, especially when you are looking for the right equipment. Without the right equipment, you will not be able to complete the job within the timeframe & budget that you had initially set. Having the right logging equipment helps finish projects before time, cut back on staffing expenses, decrease general equipment wear to keep value & lower your overall expenses. The result of doing quality work on time leads to satisfied customers, which leads to more contracts for your business.
The ideal customer for asphalt & concrete equipment financing would be construction or logging business owners who prefer to keep cash reserves instead of making a full payment for the cost of the equipment. Construction equipment can be somewhat expensive, which is why working with the right equipment financing will lead to lower costs in the long run.
Asphalt & Concrete Equipment Financing: How to Qualify for Commercial Equipment Financing With Good or Bad Credit In Florida & The US.
Give our staff a call to make sure that your business qualifies. Just like every other type of business loans, heavy equipment financing is only for business owners who meet certain requirements.
1. Credit - Having a FICO credit score above 635 and having in business for at least 2 years is always a great indicator, however this is not the case for every construction business.
2. Cash Flow - Assuming your credit is not the best, however, your cash flow revenue is high(compared to the cost of the equipment being financed), your business can qualify for construction equipment financing on the grounds of your cash inventory.
3. Down Payment - If you don't have perfect credit or great cash flow revenues, you might still be able to get approved based on your down payment. Fr example, if you are looking to finance heavy equipment worth $60,000 & you come in with $10,000, that could increase the chances of being approved for your equipment loan.
Asphalt & Concrete Equipment Purchasing: Should My Contracting Business Compare Leasing vs Financing For Paving Heavy Equipment?
One of the most crucial factors for the purchase of your heavy equipment is to decide if you will be leasing or financing this equipment. Most business owners will prefer a lease to avoid the hassle of owning equipment, and some businesses will prefer to finance equipment to fully own the equipment. A lease is somewhat similar to renting equipment. You monthly payments until the end of the lease & determine if you would like to keep it or return it. Some leases do not show up on your balance sheet. When financing equipment through our equipment loan, this will in effect make you the owner of the equipment, and this will appear in your balance sheet.
Affordable Asphalt & Concrete Equipment Financing: Cost & Terms for Your Asphalt Contracting Business
Once your business has contacted our staff and you have been qualified of our heavy equipment financing solution, you can find the equipment from any vendor or seller & we will finance, it's that simple. The best thing about our equipment loan is that you will receive the most affordable, flexible & reliable terms & rates for your industry, time in business & credit.
BFC is able to finance up to 100% of the cost of the equipment, helping your business keep cash flow reserves to a maximum. Depending on the amount of the transactions & other credit factors, the amount will vary from 50% to 100%. Having challenged credit, weak cash reserves and you are financing an outdated piece of equipment, it''s highly likely you will have to put a higher down payment.
The repayment length for your heavy equipment financing will depend on the type of equipment your business needs. The average life-span of your finance agreement is around the projected lifespan of the equipment. The term very rarely will go above the useful life of the equipment.
Because your construction equipment serves as collateral, this allows us to take risks that other lenders are not willing to make. Generally speaking, heavy equipment financing rates are as low as 8% or as high as 28% for more challenged credit business applicants. We're able to offer 5-7% interest rates for qualified applicants who meet the required criteria. Other things that can affect your interest rate is your personal credit score, time in business, cash flow revenues, equipment, & down payment for the heavy equipment. The stronger the credit & cash flow volumes, thew lower your interest rate or cost of funds will be.
Heavy construction equipment financing is as fast as your business requires it to be. We do not have a long line of excessive documents or required collateral sign offs in order to issue an approval. BFC is able to provide equipment financing for heavy construction equipment up to $500,000 in as little as 2 business days as as much as 60M in as little as 2 weeks for qualified applicants. Make sure you have picked the heavy equipment before you contact BFC with all of your required documents.
Reliable Asphalt & Concrete Paving Equipment Financing: Personal & Financial Documents Required
Did your business qualify for heavy equipment financing ? Awesome! Now you'll need to gather all of the necessary paperwork before completing the equipment financing process. Here are the documents that your business will need to apply for BFC commercial equipment financing solution:
- Driver's License
- Voided Check
- Financial Statements - Most Recent Bank Statements
- Business & Personal Tax Returns
- Equipment Quote
The amount of documents & paperwork that your business will have to submit will depend on the type of equipment you are looking to finance.
Where to Get Heavy Asphalt & Concrete Paving Equipment Financing for Your Contractor Business in Florida & The US
If you've already decided the heavy equipment financing is the best solution to purchase your construction equipment, it's time to apply. BFC is helping business owners save time & money by offering a price-match guarantee for qualified business applicants. BFC is a small local equipment finance lender that offers financing for heavy construction equipment. If you do qualify, you should probably take it, since this is the most affordable option in the market.
Heavy Asphalt Equipment Financing & Leasing Tax Benefits
Construction companies that finance heavy equipment receive several benefits that help your bottom line. 90% of corporations in the United States use this trick to save money at the end of the tax year through Section 179C law. This allows business that finance or lease equipment to deduct the full cost of this equipment for up to $1 million in the year of purchase. The best part is that equipment will not be depreciated year after year, you will receive tax savings instead.
Asphalt & Concrete Paving Equipment Financing: The Bottom Line For Your Business
This is all of the information your business needs to start the process of applying for heavy construction equipment financing. BFC has a long term client commitment promise, which means that we will help your business before, during & after the financing of your equipment. We love our customers & take great pride into helping your business grow.
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