At Planet Financial we specialize in helping new businesses and people who have overcome financial difficulties secure a loan. You can count on us to make your business dreams come true. An up to date, well functioning and effective heavy equipment is an asset to any company and is essential for a project’s success. Worn out and out-of-date equipment can hamper the construction process and impact the outcome of the projects. It may also be dangerous for onsite workers. For this reason, one must keep their equipment up to date. Financing the right piece of equipment can help you provide quality services to your clientele. The types of heavy equipment can be a backhoe, asphalt paver, cranes, excavator, chipper, concrete mixer, boom lift or a bulldozer, we can offer a heavy equipment loan to make sure you get the right equipment fast. Our services are the most well priced, quick, and transparent services in the market.
Canadian construction companies have been ramping up their resources to tackle these projects more efficiently and smarter. However, purchasing heavy machinery is always costly and normally requires some financial assistance. The dilemma that concerns many businesses about heavy machinery financing is the length of the entire process. Usually, a company would like to own their new heavy machinery as soon as possible. However, it is not abnormal that providers can take at least a month to execute the process. Taking out a loan to purchase and leasing heavy construction equipment both have their advantages. Which one is best for you depends on your goals as a contractor at any given time. There are two financing options for heavy equipment: financing and leasing. With a heavy equipment lease, you don’t put any money or collateral down — you simply pay a monthly fee to rent the equipment for a set period of time. At the end of your lease, you can either return the equipment, renew your lease, or buy the equipment at market value.
With heavy equipment loans, however, you borrow money upfront to purchase the equipment right away. Once you finish making monthly repayments, you own the equipment outright. Depending on your credit and the cost and condition of the equipment, you may be able to finance up to 100% of the cost of your machinery, though this isn’t a guarantee.
Being a heavy equipment operator, you can get a heavy equipment loan easily. It depends on where you decide to apply. Banks generally offer more favorable interest rates, but the application process can be tedious. You typically have to submit a stack of financial documents, which may or may not include a business plan, then wait 90 days to receive a response.
With brokers, like Planet Financial the application process for heavy equipment loans is very easy. You just need to the documents online and we can get your approval on the same day.
Compare the advantages of loans and leasing to find out which one matches your needs best.
- You are building equity – you own the equipment when you’re done paying for it.
- You can depreciate the asset.
- The equipment appears as an asset on your balance sheet.
- No limit on your equipment’s hours and wear.
- You will build equity with installment payments.
- An opportunity to pay less upfront.
- Generally, you may make lower payments than with an installment loan.
- Deploy equity elsewhere in your business instead of building equity in equipment.
- Pay for the use of the heavy equipment, return it at lease-end, or exercise your purchase option.
- Return machine at lease maturity and enjoy more flexibility and potentially easier scheduled equipment replacement.
Our application process is extremely fast, and we guarantee the most competitive rates of interest. Don’t wait any longer.
If you need a heavy equipment loan here is our Document Checklist
- Valid ID
- Bill of Sale
- Article of Business Incorporation
- Last-three-month bank statements.
- Credit Application (download it here)
You can email all the documents at firstname.lastname@example.org or you can also get your free inquiry at 647-710-0620.
Click that “Apply Now” button to proceed with your desired heavy machinery loan provider. Some clients will rather have some guidance throughout this process, so we also have the added option for you to pre-apply at Planet Financial. Our team will sort through your information and give you the best rate of interest all over Canada. . You can also Sign up for our newsletter for our recent updates and get special offers on heavy equipment loans. Apply online by filling up the credit application for quick approvals for your own or commercial truck loans or Call us and book an appointment. We would be happy to serve you.