What You Need to Know about Financing for New and Used Equipment in Canada
If you're like most small and medium-sized business owners, finding the funds to expand and grow your business can be a challenge. That's especially true when you need to purchase large equipment or vehicles to expand your operation. Finding financing for new and used equipment to replace old, worn-out machines and vehicles and/or to be able to offer more services to your customers can sometimes be difficult without large reserves for such purchases. Fortunately, there are companies in Canada, like Money in Motion, that can assist you with those large equipment purchases.
Large Equipment Financing
With the average new semi truck costing $80,000 to $150,000 or more, and the average harvester priced at $350,000 to $500,00 or more, few independent truckers or small farms have the liquid funds available to make such a purchase. That's why we offer financing tailor-made for the heavy equipment industry. We work with businesses in a variety of industries, including farms, construction companies, health care facilities, logging companies, manufacturing plants, mining companies, snow removal and towing companies, transportation and trucking companies, and waste and recycling companies.
Using the equity in your equipment
Another way we help companies grow their businesses is by helping them tap into the equity that they've amassed in their heavy equipment. We let you use your existing equipment to free up funds to use for things like hiring new personnel, renting a new warehouse or buying additional equipment. Our financing packages allow you to use your existing equipment as collateral to purchase or lease a new or used piece of equipment, thus giving you the opportunity to grow your fleet faster than if you had to wait to have a down payment or full purchase amount.
Services we offer
We understand that no two businesses are alike. That's why we offer a diverse array of financing options. These include:
- Loans and leases
- Skip payments -- We allow you to skip loan payments during your slow season.
- Balloon payments -- To make up for skipping payments in your slow season, we allow you to pay extra during your boom period.
- Lease-to-own contracts -- Why rent when those payments could go toward purchasing your equipment?
- Equipment loan consolidations -- Are multiple loan payments breaking your business budget? We help to refinance these loans so that you are only making one payment each month.
- Flexible financing plans -- Allow you to pay more during your peak sales periods and pay less or skip payments during your slow time of year.
- Cross-border equipment purchases -- Our Canadian location makes it possible for us to facilitate cross-border equipment purchases so you can take advantage of often better pricing in the United States.
working with money in motion
Money in Motion is a leading provider of financing for new and used equipment in Canada. We offer funding for dump trucks, agricultural equipment, semi trucks, construction equipment, logging equipment and much more.
To learn more about how Money in Motion can help you with financing for the equipment you need for your business, visit moneyinmotioninc.ca or call us at 1-(800)-461-8625. We've been helping companies just like yours get the financing they need since 1989.
The Money In Motion Team