The Benefits of Taking out Loans for Heavy Equipment Such As Bobcats and Forklifts
Whether it’s for the transportation of products and goods, or if the aim is to minimise the man power needed to address a particular construction task – there’s no denying that heavy machinery can be a huge advantage to have in your arsenal. From bobcats and forklifts all the way to cranes and trucks; if there’s one thing that these vehicles are good at, it’s helping to enhance the effectiveness of a particular operation.
Not all businesses are in a position to purchase these types of vehicles outright. In fact when considering the value of the equipment, combined with the running costs – it’s no wonder why more and more organisations in Australia are turning to the potential of loans, as opposed to delving into savings accounts to make larger purchases. But what are the benefits exactly and why would borrowing money for a bobcat for example, be so much more advantageous than buying one outright?
Avoiding lump sum expenses
Whether a business is new to the industry or already established – the impact that a lump sum investment can have will be quite a substantial one. Diggers and other utility vehicles can cost tens’ of thousands of dollars and this money could be better spent elsewhere. Rather than making an immediate purchase, it makes much more sense to consider loans for heavy equipment instead. The costs can be repaid over time and the financial expense will be far less.
Minimising business expenses
Many companies find that they purchase a particular piece of machinery, only for it to receive minimal activity when the need arises. Considering the cost of these resources, it’s unlikely that any business will want to pay out thousands on a forklift for example, for it to only be used a couple of times a month. By taking out a loan on the vehicle a company will be able to use the utility if and when they need – whilst repaying over time.
The option for organisations without much financial backing
One of the main reasons that might lead a business to take out a loan relates to their financial situation. New companies are far less likely to be able to pay out for heavy machinery – but they will undoubtedly stand to benefit should they have access to the best facilities. That’s where loans come in handy and they are ideal for organisations hoping to obtain the resources that they require in order to function; without the initial expense. As most banks and lenders are willing to lend to businesses, there’s no reason why resources couldn’t be purchased and used immediately, whilst paying back the amount over the course of a few years or longer.
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