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Heavy equipment financing and the
debate of New vs. Used
While you probably know exactly the kind of equipment you want, you my
not know
the type of financing you want or need. There are several choices when
it comes
to heavy equipment financing that you may not be aware. Knowing and
understanding
all of them will help you acquire the best possible deal available. A
fact to know
and understand is that you can acquire financing for both new and used
heavy equipment
and are not limited to only new equipment.
New vs. Used:
The advantages with new are first the equipment is just that. The newest
advancements
in technology, the latest model on the market and all the warranties are
still available.
However, the main drawback is when choosing to buy, will likely be more
expensive.
The main advantage of used equipment is cost. At the end of
equipment-leasing terms,
many times the product is returned. Companies then sale this used
equipment, and
at many times below cost simply to reduce their stock. Generally, this
equipment
has been maintained, and is in excellent working condition. Some of the
drawbacks
to used equipment are: Warranties may not be offered; the models are not
current;
possible problems that are not noticeable.
If financing new or used equipment is not a viable option for you, there
are other
options available. For instance, if you only need the equipment for a
short amount
of time, then renting may be an affordable option for you. However, if
you need
the equipment for a longer amount of time, than leasing maybe the right
answer for
you.
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