When you become serious about buying a tub or horizontal grinder, you may want to consider financing it. By doing so you may be able to preserve cash flow, set up custom payment plans or take advantage of tax breaks or special depreciation schedules. Contact your Accountant for specifics and be sure to ask about IRS Section 179 Depreciation.
Credit unions may be a good resource. Often times an existing credit line or banking relationship is a good start. I also recommend leasing companies for their simple credit applications and quick turn. I have gathered a few options for your convenience. These companies seem to be easy to deal with and try to do the right thing for our customers. These folks offer a wide range of products for all credit scores and all businesses, including start ups. (Be sure to read all of your loan or lease documents and the fine print.)
Many used equipment purchases require “prefunding.” Prefunding basically refers to complete payment prior to the piece of equipment leaving the owner’s site. This really comes into play if you try to buy a piece of equipment and do not plan on picking it up in person. Most owners are not comfortable with sending a grinder away without “cleared” payment.
Please keep in mind that I am NOT an Accountant nor am I qualified to give you such advice. Always contact your professional Accountant or Attorney for details.
If you would like to apply for credit or contact one of these companies, please down load the application(s), call them or complete them and fax them to the finance company. Caution! Multiple credit pulls can adversely affect your credit rating.
