What are my Backhoe Financing Options?
- Traditional Bank Loans: Traditional bank provides funds to buy the equipment for your business without having to put specific lien on the asset because banks already have a blanket lien on your business.
- Backhoe Equipment Lease: Leasing allows the use of the backhoe for a set period with regular payments with an option to own it at the end. Options at the end of the lease term may include purchasing it at fair market value, renewing the lease, or returning the equipment.
- Backhoe Equipment Financing: Specifically designed for purchasing equipment, these loans often offer favorable terms as the new or used backhoe itself serves as collateral without putting a blanket lien on your business.
- Lines of Credit: Flexible access to funds that can be drawn upon as needed, useful for ongoing expenses related to equipment or other expenses. It might be suitable to use funds to buy equipment due to lower cost of capital, but typically, LOC is not the best way use of fund for fixed depreciating assets.
What are the Qualifications for Backhoe Financing?
Qualifying for any loan can be nerve racking especially if it’s your first time. LIberty Capital will make it easy for you to access capital whether it’s your first time or looking for a better partner. Financing equipment to expansion capital, we are here to make it easy for you.
These are the few things to consider. But the #1 consideration for any lender is TIME IN BUSINESS. This matters a lot. You’re treated differently if you’re younger company unless revenue says otherwise. But typically, younger company needs more scrutiny, requires stronger profiles but it’s not impossible. We can structure any credit profile. We’ve been doing this for 20 years.
Business Loans vs. Equipment Leasing vs. Equipment Financing
Feature | Business Loans | Equipment Leasing | Equipment Financing |
Ownership | 50% | 100% | 100% |
Initial Costs | $0 (orig fees) | Low to moderate | Varies |
Monthly Payments | Monthly, Daily, Weekly | Monthly | Monthly |
Credit Minimum: | 500 | 600 | 650 |
Fund Disbursements | Client | Vendor | Vendor |
New/Used Equipment | n/a | Yes | Yes |
Maximum Term | 24 months | 60 months | 60 months |
Time in Business | 3+ years | Startup OK | Startup Ok |
Interest Rates | Moderate | Low | Low |
Application Only | $150K | $250K | S250K |
Funding Time | Same Day Funding | 1-3 days | 1- 5 days |
Bank Hopping for Equipment Loans: Why It’s Time-Consuming and How Liberty Capital Can Help.
Searching for the right equipment lender especially if you’ve already been turned down by your bank, by hopping from one bank to another just trying to figure out whether they will approval you can be a time-consuming and frustrating process, especially if you have challenging credit. Each application involves time-consuming paperwork and potential rejections. If you get turned down, how many more lenders will you apply to before seeking better options from a loan broker?
Working with an equipment loan broker like Liberty Capital can streamline the process, saving you both time and money. Brokers have access to multiple lenders that can structure any credit profile specific to you, even if your credit is less than perfect. With their expertise and network, brokers can navigate the complexities of loan applications and increase your chances of approval. You may not know all the intricacies of equipment financing thus a loan broker will be able to help you navigate.
So why go through the hassle of bank hopping when Liberty Capital can do the work for you, ensuring you get the best possible deal?
What do I need to apply?
1. ONLINE APPLICATION: You can fill out our application, upload and authorized us to process. We do soft-inquiry, and our lender will do hard inquiries once you are approved.
2. Equipment Invoice or Quote for the truck or equipment you want to buy. Multiple vendors accepted. We’ll lump them into one monthly payment for you.
3. Banks statements (3-4 months) – Proof income, proof of banking, and proof funds availability in case down payment is needed and to match for ACH Payment Drafting – as an auto pay.
Equipment financing is vital for businesses that need expensive equipment to operate efficiently. Companies in construction, manufacturing, healthcare, and other heavy equipment-intensive industries benefit significantly from these financial solutions. Understanding the options and working with top financing companies can help businesses acquire necessary equipment while managing cash flow effectively.
Use the Capital as you see fit!
Office Upgrades
Upgrade Hardware & Office Furniture
Replacement
Replace Obsolete Equipment
Fleet
Revamp Your Fleet
Machinery Upgrades
Upgrade Aging Machinery
Latest Tech
Catch up with the latest technology
New Tools
Become Efficient and Productive with new tools
Startup Equipment Financing for Construction Business
Startup Equipment Financing for Construction Business
For startups, having reliable equipment is crucial, but you can start without it if you’re in construction industry by doing short-term rental. Typically, higher cost of borrowing but with many benefits. However, instead of paying high rental fees without the equity or ownership, equipment leasing for construction start up business from Liberty Capital can provide top-notch startup funding.
Leasing for startups can provide the benefits of affordable, fixed monthly payments, preserving your working capital for growth essentials.
Our Backhoe Financing for Startups can get your business off the ground running. These are the typical financing advantages when it comes backhoe financing
- Up to 100% purchase financing
- Up to $150,000 with a straightforward application, or
- SBA Loans up to $3,000,000 with financial disclosure
- Next-day funding, with pre-funding options available for towing equipment vendors
- Fixed payment terms spanning 12 to 60 months.
- No down payment requirements for qualified borrowers
- Lowest rates in the industry for qualified borrowers
- Eligibility for all new and used equipment purchases, without impacting personal credit reports.
- Minimum FICO: 650 for starts at a pre-revenue level. Once you have revenue, there might be better chance for those with less than 650 credit.
Therefore, Backhoe equipment financing has many benefits. It will save your business cashflow by financing depreciating assets. Avoid obsolescence and inflation buster. Don’t forget it builds asset for the business while benefiting from tax deductibility under IRS section 179 of these types of purchase. these types of equipment can be too expensive to buy, and anyway, they depreciate so fast.
Flexibility of Used Backhoe Financing
Backhoe Financing involves obtaining funds to purchase a Backhoe through various funding sources. Most popular is equipment leasing, equipment financing like dollar buyout or equipment finance agreement. Backhoe are specialized equipment equipped with hydraulic hoe, front loader is another backhoe that’s similar equipment that can be more flexible for its utility.
v Lenders consider several factors when approving financing new or used backhoe, any other heavy duty yellow iron or construction equipment.
v Credit Score: Higher credit scores generally secure better interest rates and term. Even with low credit score, due to the nature of the equipment you can still qualify for financing.
v Business Financials: Lenders review the business’s financial health, including revenue, profits, and cash flow depending on the funding request as well as business and personal profile.
v Down Payment: A substantial down payment can improve approval chances, reduce payments and reduce overall financing costs.
v Collateral: The Backhoe itself typically serves as collateral, though additional assets may be required for larger loans or for low credit scores.
Application Only up to $250K
Whatever your Equipment Financing and Leasing needs, we are here to help!
Over 80% of small businesses nationwide utilize some form of funding and big part of it is equipment financing and leasing. Besides the tax benefits, cash flow and leveraging fixed asset is one big reason big companies lease their equipment majority of the time rather than using cash to pay for fixed asset.
Wide Range of Terms
Monthly Payment & Fixed Payback
Express Funding
Express Financing for Approvals Up to $75,000
Credit Score
Minimum 600 FICO Score Requirement
Large Funding
Equipment Leasing or Financing up to $500,000 per Location
Working Capital Funding
Easy Apply to Qualify Process (24-48 Hours)
Start Ups
Start ups for Equipment financing accepted.
Tax Deductibility of Equipment Financing
Liberty Capital understands that Cash Flow is king, which is why we offer Special Financing Programs, designed to accommodate clients with financing options requiring minimal working capital outlay, low documentation coupled with fast approval and funding. Approval requirements vary based on many factors such as time in business (TIB), credit, equipment type, industry type, and other underwriting considerations.
**Equipment Financing Special Program: **
Deferred Payments
Deferred Payments allows you to make no payments up to 90-days for qualified borrowers.
Seasonal Payments
Make small payment up to 90-days each year based on your seasonality. Make once a year for farmers.
Early Payoff Discount
Early Payoff Addendum Discount. Calculated based on the number of payments made at time of payoff.
Large Funding
Equipment Leasing or Financing up to $500,000 per Location
Fast Funding
Easy Apply to Qualify Process (24-48 Hours)
Start Ups
Start ups for Equipment financing accepted.
Flexibility of Backhoe Equipment Financing with Liberty Capital.
Equipment Financing Made Easy
No Application Fee
No Sales Minimum
No Additional Collateral Required
No Down Payment Required
No Payment for 90 Days
Special Financing Options
Finance New or Used Equipment, Machinery or Vehicles
Industry Restriction-free
What’s Your Expansion Needs?
Our small business financing experts are available to guide you through the funding Process.
Despite technological advancements, loans, especially in backhoe equipment financing, predominantly involve personal interaction with an underwriter to ensure as fraud prevention. Automation may not suffice, particularly when dealing with a third party like the vendor and the complexities of equipment purchase. In such scenarios, business owners are often better served by collaborating with a Business Loans Broker like Liberty Capital Group, Inc., who can steer them in the right direction.
Instant Quote Online
Use our instant online quote calculator to get an accurate no obligation quote.
Apply Online
Complete our quick online application. Application takes 5 mins.
Review Your Options
We will contact you to review your options.
Get Funds
Money will be deposited in your account in as little as 24 hours.
