What Is Equipment Leasing / Financing / Loans ?
There are many types and sizes of equipment that are needed for different types of businesses. When acquiring equipment, a business has two options - either lease equipment which is like renting, or purchase it, which would involve financing it through a loan.
What types of equipment are leased or financed?
Generally, there are three categories of equipment: heavy, industrial, and business equipment.
The heavy equipment category has many types of subcatagories:
- Construction equipment, which includes:
(A) Earthmoving and Mining [articulating trucks, bulldozers (tracked or wheeled), cable/hammer tractors, dragline excavators, drills, haul trucks, loaders (track or wheeled), motor grader, mass excavators, scrapers, shovels, underground mining vehicles and machines];
(B) Excavation and Trenching [backhoe loaders, dredgers, excavators (tracked or wheeled), and trenchers (chain or wheel)];
(C) Hoisting and Lifting (boom trucks, bridge inspection units, bucket trucks or cherry pickers, container handlers, all types of cranes, forklift or lift trucks, all types of manlifts, pipelayers or sidebooms, rigging hardware, and telehandlers or telescopic handlers);
(D) Road and Highways [air-track drills, chip spreaders, cold planers, compactors, concrete plants, curb machines, crushing machines, motor graders, oil distributors, pavers, paving plants, redi-mix trucks, road reclaimers, mixers, rollers, sander trucks, snow plows, sweepers, water trucks, and water wagons];
(E) Transportation [A-Trains, B-Trains, lowboys, oilfield bed trucks, single axle trucks, tandem trucks, super B's, super B triples, tractors and wagons, turnpike doubles, and heavy haulers];
(F) Lumber and Forestry [delimbers, feller bunchers, forwarders, and skidders];
(G) Railroads [ballast tampers, and locomotives];
(H) Agricultural [tractors, combines, sprayers, balers, and disc harrows]
- Manufacturing equipment, which includes:
(A) Machines that create goods;
(B) Machines that assemble goods, and
(C) Machines that assist humans in creating or assembling goods
- Office Equipment, which includes:
- Computers, computer-based hardware (printers, scanners, fax machines, networking devices), document manipulation equipment (photocopiers, shredders), and communications (telephone systems that join everyone in the office together and which also provide conferencing and message recording capabilities; cellphones and smartphones), dictating machines, bookkeeping and billing equipment, calculators, electronic typewriters, transcription machines, cash-handling systems, and voice recorders.
Heavy, Manufacturing, And Office Equipment In Relation To Loan Brokering
A loan broker is an intermediary between a borrower and a lender. A borrower that owns heavy equipment, manufacturing and/or office equipment whose business is seasonal with their equipment in storage or has equipment sitting idle for other reasons may want to borrow money for a number of reasons such as capital improvements, payroll, inventory, or additional equipment. A loan broker will arrange for a suitable lender to provide a loan against the borrower's assets.
In the case of purchasing new or used equipment, the broker can arrange financing for the purchase of the equipment that the borrower needs.
By enabling the borrower of a seasonal business to obtain a loan to maintain the business during the off-season, the borrower's business can function all year round.
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