Does Your Business Need To Lease Finance New or Used Crane Equipment?
Crane equipment leasing can be secured for a wide variety of new and used cranes. The more the transferable the asset is across industry and geographic applications, the more value it will provide as security to the leasing company.
Conversely, any specialized or customized crane or crane related equipment will needed to be financed via a strong business cash flow that is already in place as the security value tend to be lower for these types of assets.
And as long as a used crane is in good working order, it may be able to be financed even if the asset is more than 10 years old as this category of equipment can have a very long useful life. On the flip side, even if an asset is only a few years old, if its in below average condition for its age, it may be hard to attract financing.
Get Scissor Lift Leasing That Meets Your Business Needs
For construction lease finance applications to be successful, the applying business is going to have to demonstrate to a leasing company that there is little risk of loss. The more risk that is apparent, the higher the deposit is likely to be and the shorter the repayment term.
Once again, because of the long useful life of some cranes, its not uncommon for the business to take out an operating lease with a large balloon payment at the end of the lease to minimize the near term cash flow. At the end of the lease term, the company can choose to purchase the asset out right, or refinance the balance to maximize the time they have to repay the original acquisition cost in full.
Many businesses prefer equipment leasing facilities due to the flexibility a lease can provide with respect to tax planning as well as cash flow management.
Depending on the situation and the leasing company providing the approval for financing, there can be several different repayment options available that will allow you to customize your payment to better fit the requirements of your business
For more information on crane equipment leasing, give us a call and we’ll get all your questions answered right away.
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