Applying for Earthmoving Equipment Finance is a relatively simple process if you have no history of applying for loans and own a business. The interest rate will vary depending on a number of factors, such as the age of the equipment. New machines tend to have the lowest rates, while older equipment will have higher rates. If you have a good repayment history and have no significant changes in your business since your last application, you may be eligible for a lower rate.
ELFA members reported that new business volume for heavy equipment was seven percent in 2009, compared with 11.2 percent the previous year. The industry is constantly evolving, and companies must adapt to keep pace with changing requirements. Luckily, there are Earthmoving Equipment Finance options that can meet your needs. Whether you’re in need of a small, medium or large piece of equipment, an ELFA member is likely to be able to help you find the best solution.
ELFA members are seeing a surge in new business volume for construction equipment. This is great news for small and midsized businesses in this sector, as the industry’s needs for heavy construction equipment are on the rise. However, if you don’t have a track record of successful financial development, you may want to consider an ELFA home loan or a full doc equipment loan. These loans offer flexible financing solutions, which can help you allocate your cash flow in more important channels.