Starting your business will often require you to take charge of multiple operations. From figuring out which type of services to offer to register for the right name to use for your company. While figuring these out tends to be challenging, identifying your equipment financing tends to be a more straightforward process.
Consider Your Financing Plan
Identifying your financing plan will be the first step to ensure you get the right equipment financing. For this, consider how you intend to use your equipment. A few options to consider looking into include:
No Money Down
The no money down plan is also called the 100% financing method and will often require no down payment. If you settle for this option, the cost of your equipment is broken down into low payments, helping you pay for the expenses every month. This option works best for start-ups that are not financially stable, helping them get favorable terms while still benefiting from this type of financing.
Deferred Payment Plan
The deferred payment plan is the second type of equipment financing available to start-ups. This plan allows you to put off your payment for up to 90 days while still allowing you to use your equipment as needed. With this in mind, you can still get profit from your equipment usage, helping you get more funds in the process.
Lease-to-own equipment financing will come in handy if you plan to own your equipment at the end of your financing journey. This option allows you to secure the equipment free of any future payments. With this, you can eliminate any interest fees that often come with standard leasing terms.
Understand Your Equipment Funding Process
Even with the above plans in mind, you still need to understand how your financing works. Luckily, this only requires a few steps. The first will be the application process that will require you to fill out your application and provide the necessary documentation. After this, your approval follows, with some borrowers getting their finances in as little as a few days. Next, you will be required to sign the agreement, after which you can get your equipment.
For more information on equipment financing, consider reaching out to Park Cedar Commercial Lending today. We will help you get a suitable financing option for your next project.