When you are looking to buy new equipment for your business, the decision can be difficult. Do you have the cash available to purchase the equipment outright? Or is there a financing option that would work better for your situation?
In this blog post, we will explore a few different financing options available for Dustless Blasting® equipment. We will also discuss the importance of credit score and how to find it, as well as the pros and cons of each financing option. So, whether you are looking to buy new equipment or expand your business, read on for more information.
One of the first things you need to consider when financing equipment is your credit score. Your credit score is a number that represents your creditworthiness. It is used by lenders to determine whether you are a good candidate for a loan. The higher your credit score, the more likely you are to be approved for financing. You can find your credit score on sites like Experian, CreditKarma, and TransUnion. It's important to note that these different sites' credit score reports may differ. If you finance through us, the decision is based on your FICO credit score, which could differ from other scoring systems.
There are several financing options available for Dustless Blasting® equipment. Lendio and Klarna are among the top recommended lending application clients amongst our contractors based on their experience. The best option for you will depend on factors like your credit score and the amount of the loan. Here are some of the most common financing options:
Personal Loan
A personal loan is an unsecured loan that can be used for any purpose. You can apply for a personal loan from a bank, credit union, or online lender. To qualify for a personal loan, you must have good to excellent credit. You will be required to make monthly payments with interest to pay off your loan. In the case payments are missed, there’s a chance your lender could report you to the credit bureau which can appear in your credit history and affect your credit.
Business Loan
A business loan is a loan that is specifically for businesses. There are many different types of business loans, including SBA loans and lines of credit. To qualify for a business loan, you must have good to excellent credit and a strong business plan and collateral. In addition, you’ll need a form of identification such as a driver’s license.
Equipment Financing
Equipment financing is a type of loan that is used to finance the purchase of new equipment without depleting your working capital. To qualify for equipment financing, you will need to have good credit and collateral (something that can be used as security for the loan). It’s important to note that if you choose this type of loan, you will have to make period payments with interest over a fixed term.
Each of these financing options has its own set of pros and cons. Personal loans are a good option for those with good to excellent credit, while you’ll make lower monthly payments your interest could be higher. Business loans are a good option for those with strong business plans and financials, but a strong credit score is required and comes with strict requirements. Equipment financing is a good option for those who need to finance the purchase of new, business-related equipment and if you have good credit at lower interest rates.
Which financing option is best for you? The answer depends on your credit score and the amount of money you need to be loaned. If you have good to excellent credit, a personal loan or business loan might be the best option for you. If you need to finance the purchase of new equipment, equipment financing might be the best option for you.
No matter which financing option you choose, be sure to shop around and compare interest rates and terms before you apply. And remember, the most important thing is to get approved for financing so that you can purchase the equipment you need to grow your business.
Apply for financing today and get the equipment you need to take your business to the next level. Dustless Blasting® has a variety of financing options available, so finding the right one for you is easy. Apply now to get started on expanding your business.
Click or tap below to learn how you can save up to $20,825 on new equipment you purchase in 2022 with the Section 179 tax break.
