If you own a construction business or other kind of company that relies on certain kinds of machinery, you may need help financing its purchase. Buying new heavy equipment for sale is a big deal. These purchases are not just in tools you need but these purchases are investments in your and your business’s future. You need to work out what your immediate, medium term and long term goals are and how leasing or purchasing this construction equipment fits into all of that.
The process of buying new heavy equipment starts with the decision to acquire it but that is not the end point. Most construction companies look to outside financing sources to help them acquire the equipment they need. There are some things you should look for and consider when you are looking for a company to finance the acquisition of new or used construction or other equipment.
- Talk to other construction companies. You know other people in your industry, where did their company go when they needed to finance the purchase of new equipment? Getting a personal referral is always the best way to find quality products and services. There may be one company that everyone knows to go to (or avoid) that handles this. It is always good to know what your options are in this area.
- Look for a company with a lot of experience. If you go with a company that is just starting or who has just moved into the area of financing construction and heavy equipment, you may find that they do not have as much in the way of resources for you or in the expertise you need. There are resources out there for business owners to help them with projects. A company that has been around a long time may know about programs that are out there to encourage businesses like yours and help you get the equipment you need to get a new project off of the ground.
- Ask what industries they work with. Look at the company’s experience with your industry and others. Sometimes, it can be helpful to talk to a company for your equipment financing needs that has experience with working with your industry but also with firms in different industries. You may have the need for equipment that is not traditionally used in construction. Your computer system may need to be overhauled, updated or upgraded, for instance. If the financing firm has experience with other industries, they may be able to help you more with those items.
- Check in with the government. Talk to your Congressional representation and local or city government officials. If you are working on a big construction project that will bring businesses or jobs to your area, you may be able to get help acquiring the heavy and other equipment you need from the government. The Small Business Administration is also a good resource for that kind of thing. Most Congressional offices love to hear about projects that help their districts so you should, at the very least, call the district office and ask to speak to someone who helps local businesses. There may also be city or state programs to help businesses like yours.
- Look at the company’s reputation. How happy are the financing company’s customers? Ask about talking to their current and former clients about what it was like working with them. If they have testimonials on their website, you should try to check them. Companies have been known to fake this to look better but reputable financing companies will not have any problem with you talking to their clients. If you see companies you know on their list of testimonials, you should reach out to them. If you see some bad reviews online, be careful if they were posted anonymously because people are much more likely to complain than compliment, especially if they can do it anonymously. These may not be real complaints or bad reviews.
Your business is an important part of the community. If you are looking for heavy equipment for a new project, you will find help for that if you really look.