“Boring Mill Leasing For New And Used Equipment”
Boring mill leasing is available through several of our equipment leasing sources.
The process for securing manufacturing equipment financing for this type of asset starts with an initial assessment of your financing requirements.
This is typically done over the phone and does not require a credit check or for you to provide any documentation.
Based on the information you provide and the requirements you outline to us, we will provide an initial estimate or quote for boring mill lease financing rates and terms.
If you want to proceed with any options we have outlined, the next step would be to complete a formal application which will include the completion of a two page application form, a copy of the vendor’s invoice/estimate/quote describing exactly what you want to acquire and the terms of sale, a copy of the front page of your articles of incorporation or business registration to show that you have an established business, and other supporting information that may be required depending on the specific financing request.
Once we complete an application package, it typically takes 24 to 48 hours to get an approval back from most lenders. For larger deals, the process can take few additional days if more than one level of lender or leasing company review is required.
Once approved, the deal can typically be funded within 48 hours, provided all documentation is in order.
Boring Mill Leasing Approvals Will Depend On A Number Of Factors
One of the main leasing criteria is going to be the credit rating of the business and the lease guarantors.
We have the ability to place A, B, C credit scenarios with our lending sources.
While not a hard rule, most A & B credit lenders will require a credit score of at least 650.
The longer your company has been in business, the stronger your boring mill lease financing options will be.
As mentioned earlier, financing options are available on both new and used boring mills.
The key to financing used equipment is the actual age of the asset and the estimated remaining useful life. Because boring mills typically have a long operating life span, it may be possible to finance mills that are 10 years old or older, depending on their condition and remaining useful life.
If you require boring mill leasing for either a new or used unit, I suggest that you give a call so we can quickly conduct our free initial assessment and provide you with relevant lease financing options for your consideration.