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Being located in one of Canada’s prairie provinces, Red Deer is home to many farming and agricultural businesses. However, the economy of the city is also largely based around retail trade, healthcare, and social assistance, construction, and manufacturing. One thing all these businesses have in common is the need for reliable equipment.
Then again, even a single piece of equipment can drive your own business costs way up, so a financial solution is often necessary. In this case, we’re talking about an equipment loan.
Establishing a business in Red Deer? Be sure to read this.
What Equipment Can this Financing Cover in Red Deer?
Traditionally speaking, an equipment loan is a lump sum of money that you can apply for through many kinds of lenders in Red Deer, such as banks and alternative institutions. There are also many lending sources in Red Deer that revolve exclusively around equipment financing for small to large scale businesses.
Although most equipment loans in Red Deer are deposited into your business bank account via a variety of methods, certain lenders can even pay equipment retailer directly. Under the right circumstances, this type of financing can be extremely helpful in making otherwise expensive machinery, tools, and vehicles more affordable.
Equipment that a loan can help cover:
- Computers, printers, and other office gear
- Stoves, refrigerators, and other kitchen appliances
- Tractors, hay balers, and other farm vehicles
- Forklifts, assembly lines, and other warehouse implements
- Cranes, cement mixers, and other construction technology
- Heating, cooling, lighting, and ventilation units
What Are the Other Benefits of an Equipment Loan in Red Deer?
Getting the right loan won’t just help you cover the cost of your equipment, it can also help you build and expand your Red Deer business in plenty of other ways. After all, as the owner of your establishment, you need to pay constant attention to your profit margins and deal with any problems that come your way.
An equipment loan can also be a great asset because:
- You’ll be able to work with a lender in Red Deer that understands how expensive your particular industry can be.
- You will know all loan costs in advance and be able to modify your business budget accordingly.
- Your upcoming payment plan can also be adjusted to suit your financial needs.
- You’ll have an easier time leasing or purchasing heavy equipment and vehicles, which are some of the most expensive equipment types.
- Best of all, you can save yourself some stress knowing that these costs are covered and get back to what’s important, the needs of your business.
In addition, this kind of financing can allow you to:
- Upgrade from outdated, damaged, or unsafe equipment
- Lease or purchase the latest and greatest tools, tech, and vehicles
- Lease or purchase multiple items to increase business productivity
- Fully purchase your equipment so that you can one day use it to borrow
Need to finance tires for your business vehicles? Check this out.
What is Asset-Based Leasing and Financing in Red Deer?
One of the best things about an equipment loan is that it can help you purchase a piece of equipment entirely. As soon as all payments have been made and you own the piece’s title, you can offer it up as collateral in order to secure additional capital, which you can then use to develop your business in other ways.
That’s right if your existing equipment holds value, it becomes a viable asset that many lenders in Red Deer will gladly take in as security in exchange for another type of loan or line of credit. Since you’ll be decreasing the risk for your lender, the more valuable your collateral is, the more financing you can secure and the more affordable your interest rate will be as a result.
With new working capital, you can:
- Repair, renovate, or make additions to your work area
- Pay your taxes, licensing fees, and other business costs
- Stock up on supplies and/or inventory
- Fuel, repair, and insure any work vehicles
- Invest in advertising strategies
- Build and maintain other business locations
Note: Always be cautious when offering up collateral, as your lender will retain temporary ownership over the asset in question. Failure to complete your loan payments as agreed could result in the seizure of your asset.
Look here for more information about asset-based leasing and financing.
Which Red Deer Industries Can Benefit From an Equipment Loan?
In Canada, it’s rare to find an industry that doesn’t require financing in some way, especially when it comes to the cost of equipment. From smaller expenses like computers to huge ones like trucks, it all adds up somewhere. That said, the prospect of managing a successful business is well worth those costs. The more reliable equipment you have on-hand, the better it is for business.
Get Your Equipment Loan in Red Deer Today
If you own a Red Deer business and need an affordable way to lease or purchase state of the art equipment, don’t hesitate to contact Loans Canada. We’re here to connect you with the right loans, lenders, and rates in your area. Simply call us today or apply below.