Running a business in Prince Edward Island can be difficult, time-consuming, and quite expensive. While not all businesses require a lot of funds, the ones in which a lot of equipment is required most certainly do. Equipment costs can be a real burden to many companies, but thankfully, equipment loans can lighten some of the load and allow you to continue following your dreams.
Need a personal loan in Prince Edward Island? Try reading this.
Benefits of Choosing Equipment Financing
Without equipment financing, you will likely need to spend thousands of dollars (or more) upfront. And unless you’re lucky enough to have an investor, there is a good chance you simply don’t have that much cash available.
Get The Equipment You Need
As a result, equipment loans are a great option for many businesses. The biggest benefit of going with equipment financing is obviously that you will be able to secure the (potentially large) equipment you need without having to spend all of your money.
Did you know you can also get a business loan to buy equipment? Click here to know how.
Work With Experts
However, that is far from the only benefit you will experience when you finance your equipment. Financing equipment means you’ll also be matched up with experts who understand your industry, can help you set a realistic budget, save time, and who will understand the needs and requirements of your business.
Customizable Plans
When it comes to repayment, many different lenders will offer customized and/or flexible repayment plans so no matter the unique requirements you may have, lenders will likely find a way to make it work.
Types of Equipment That Can Be Purchased
Depending on the kind of business you have, the types of equipment that you will need to purchase will vary. Some equipment is cheap and quite easy to find, while other types might take time and a lot of money to purchase.
The industry you are in will also dictate the kind of equipment that you may need to purchase. For example, if you own a restaurant, you will need to buy:
- Industrial cooling equipment
- Professional cooking equipment
- Specialized appliances
- Dining room supplies
Look here if you’re a restaurant owner in search of the right business loan.
However, if you own a construction business, you will need to purchase:
- Safety equipment (helmets, vests)
- Handheld tools like hammers, saws, and nail guns
- Larger tools such as jackhammers and reciprocating saw or a table saw
- Bulldozers, dump trucks, and other vehicles.
Really, anything that you need to purchase for your business to operate at its best can be considered equipment. However, before getting an equipment loan you will often need to tell the lender what sort of equipment you need, so be sure to know exactly what you will need before searching for financing.
Are you a farmer? Do you need a loan to finance a tractor? Check out this page.
Use Your Equipment to Borrow in Prince Edward Island
In addition to borrowing money for your equipment, you can also use the equipment you already own to borrow money. If you already own some equipment that you use for your business, you can often use it as collateral to secure a loan to help grow your business. You can leverage trucks, farm equipment, or any other assets you own in order to secure the working capital that you need.
Doing this is often cheaper than unsecured financing, as there is less risk involved for the lenders as you are leveraging your equipment to get the money. You can use the money you get from this for anything from hiring new employees, marketing your business, or introducing new services or products.
Click here for more information about business loans in Prince Edward Island.
Frequently Asked Questions
What are the rates and terms of equipment loans?
Do I need collateral to get an equipment loan?
Should I get an equipment loan or a finance lease?
The Perfect Equipment Loan For You
If you are in need of some new equipment and feel a loan would be the best way to get it, be sure to contact Loans Canada. We are confident that we can find you the right financing for whatever type of equipment you need.
