Equipment Leasing Solutions to Supply Chain Costs
Three Ways to Deal with Today’s Higher Cost of Equipment
It’s no secret that the supply chain crisis is driving up the costs of doing business and making it harder to find the heavy equipment that you need.
Competition for used equipment was already fierce at the end of last year, when it was reported that earthmover, truck, tractor, and other equipment prices were at least 25% higher than in late 2020. Then November’s flooding and mudslides cut the rail lines and highways in BC, slowing down the flow of new parts and equipment coming into Canada through the port of Vancouver.
So what can you do about it? Get creative with a leasing strategy that keeps you making money despite supply chain disruption!
How a Small Construction Company Can Compete with the Big Dogs
Focus on Service, Flexibility, and Dedication
Construction is a competitive industry, so you need to find what sets you apart and make the most of it. Build strong customer relationships, be flexible enough to make the most of your opportunities, and be dedicated enough to do the tough stuff.
Personal Service Builds Strong Relationships
Offering good customer service is crucial. Without it, you won’t be able to get repeat customers. That means you’ll lose out on the regular income they could bring.
And there’s another good reason you need satisfied customers: their word-of-mouth advertising can win you new customers without you spending a cent.
Make Sale and Leaseback Financing Work for You
Get Equity from Your Equipment to Grow Your Business
Did you know there’s a way to sell your equipment and without losing it? Yes, you get cash from the sale and keep using the equipment.
That’s called sale and leaseback financing.
It might be a good option for you if:
- You need financing quick to seize an opportunity
- You don’t want to increase your company’s debt
- You own your equipment
What is Sale and Leaseback?
Sale and leaseback – leaseback for short – is a way to turn the equity in your assets into cash. The way it works is that you sell the equipment to a leasing company and then lease it back right away. You still have the equipment and you can keep using it like before. It’s your best option if you want to have your cake and eat it too.
Buying and Selling Equipment Safely Online
Save Money, Time, and Heartache by Detecting Scams & Fraud
Online scams can be costly and damaging to your business, so it pays to take some steps to protect yourself.
Make Sure Everything Passes the Smell Test
Avoid shopping on websites that just don’t seem right. Maybe the content isn’t well written, or the design is shoddy, or the links and buttons don’t work. Whatever it is, a bad website is a clue that the company doesn’t value it’s customers and might not be entirely above board.
How a Small Construction Company Can Compete by Participating in the Community
How to Grow Your Construction Business and Beat the Big Guys
While big construction businesses seem to dominate the market, small businesses can carve out a niche in their communities. In fact, if a small construction business can integrate with the local community, they will have no trouble getting contracts and growing their business.
Of course, it takes some skill and dedication – and a mindset to contribute to your community. If you follow these tips, your business might become a formidable competitor in your region.
Equipment Financing Collateral
What is Collateral? And Why Does it Matter?
Collateral is an asset(s) a lender accepts as security for a loan, finance, or lease. It is something you would commit to guarantee a loan. Almost all equipment, vehicle, or home loans will require some sort of collateral assets.
Loan collateral is purely for the protection of the lender. The lender wants to ensure you will pay for the loan or lease they are providing to you. Thus, if you default on your payments, it is possible that the lender may attempt to repossess an asset or put a lien on it.
The more confidence you can give the lender in your ability to pay back the loan, the more likely you will get approved with better terms.
So how does collateral work in equipment financing and equipment leasing? Let’s explore…
Why Choose Lease to Own for Your Next Equipment Purchase?
Understanding the Pros and Cons of this Popular Financing Option
In the market for new or used equipment? Maybe your business is in a growth cycle, changing strategies or replacing equipment that is past its prime.
Whatever the reason, you’re likely thinking about financing. Should you lease or buy? What financing strategy will prove most affordable—and help you stay flexible for the future?
Getting a clear picture starts with comparing the two basic financing types. Leases and loans both have a lot to offer. You can optimize your return on investment by identifying the format that best suits your business needs.
The Bottom Line: Understanding Your Monthly Payment and Cost of Loan
How to Evaluate Your Lease and Make the Best Choice for Your Business
Financing can be confusing and, yes, kind of boring. It does pay to understand a few things though, especially when it relates to saving on your monthly lease payments.
Give yourself an advantage by understanding the breakdown of monthly payments. There are a lot of moving parts in a lease. If you just compare payment amounts, you may not be getting the full picture.
Your lease term, end of lease agreement, inspection or transport fees, down payment and interest rate all go into determining your monthly payment. Let’s take a closer look at the factors that go into determining your monthly payment.
The Secret to Fast, Hassle-Free, Used Truck and Equipment Sales
How to Compete Effectively with the Big Dealerships, Avoid Sticker Shock and Move Your Used Equipment
You want to sell your used equipment with a minimum of hassle. Your buyer wants a deal with a minimum of hassle.
So how do you both get what you want?
It’s not really a secret.
You don’t need to be a big equipment dealer to offer financing on your sales. With simple third party financing tools, you can make your used equipment more affordable to potential buyers, complete the sale quicker, and get the best price for it.
7 Benefits to Leasing Your Next Dump Truck
Leasing Can Minimize Your Upfront Costs and Offer Surprising Flexibility
Dump trucks and dump trailers are expensive. Even used dump trucks can set you back over $100,000—easily making cash purchase difficult for most owner-operators. You need the dump truck to get the contracts to pay for the truck.
The good news? There are more financing options than you might think.
Traditional bank loans are not the only way to finance new and used equipment. This article will lay out 7 ways leasing can change the financing game.