Your construction company continually needs more, updated, new equipment and it can be frightfully costly. How do you find the right financing for the equipment you need?
PBC can help you with the right financing. We will also make sure that you understand the interest rates, what information you need to have, and guide you through the paperwork. You will never have to do it all alone when coming to PBC for construction equipment financing.
What type of equipment do we finance?
We finance a wide array of construction equipment. Dump trucks, cranes, skid steers, excavators, wheel loaders, dozers Some of the names you know are
- John Deere
Other equipment for construction we finance cranes such as Grove, Konecranes, Krupp, Terrex, and Coles. These include hydraulic truck cranes, boom trucks, all terrain cranes, rough terrain cranes, and lattice crawler cranes.
Logging and forestry equipment that we finance includes:
- Feller Bunchers
- Knuckleboom Loaders
- Logging Trucks
These are just some of the types of logging and forestry equipment you may need that we finance.
Road and bridge construction companies you may need to finance certain pieces of equipment, we finance the following:
- Articulated trucks
- Cold planers
- Concrete mixing trucks
- Milling Machines
There are other pieces of equipment that your company may need that we also finance.
Other equipment we finance that your company may need includes backhoes, excavators, scrappers, off road trucks, and other pieces of equipment.
What are the benefits of financing heavy equipment?
There are several tax benefits to financing heavy equipment. You can deduct the full cost up to one million dollars the first year instead of deducting it year over year of depreciation.
If you decide not to take that advantage you can write off loan interest as a business expense.
Lastly, you can depreciate the equipment year after year that you own it taking a smaller tax break.
You will need to discuss the options with your accountant to decide which one is right for your business.
What is the difference between financing?
Heavy equipment financing is a little different than normal equipment financing. Heavy equipment financing is a loan for just that heavy equipment such as bulldozers, loaders, cranes, etc. instead of regular equipment like file cabinets, chairs, desks, and the like.
What will I need to apply for a heavy equipment loan?
Each lender is different, but, for the most part, heavy equipment loans are a little easier to get than other business loans. The equipment can be used as security. Also, the amount you finance is based on the price of the equipment not solely on your credit history or score.
What do you need to apply for financing?
These are the basics you will need.
- Credit Application
- Driver’s license
- Financial statements
- Recent bank statements
- Equipment price from the dealer
Each lender has its own requirements if any beyond the basics.
Remember PBC is here to help you with financing heavy equipment and provide answers to questions about financing you may have. Contact us today.