Hi all I'm planning on buying a used mini hoe shortly from hopefully my local bank. I'm wondering how equipment loans differ from auto loans. I'm planning on spending 20-25000 which isn't all that much. But i'm wondering what to expect from them. Is it like a auto loan where aslong as the value of the machine is higher then the loan they'll give you the money or is there more criteria for equipment purchases.
Well, this is quite simple. I am currently employed for an equipment financing company. It is quite simple how they work. Based on $25,000 the monthly payment over: 2 years = $1,098/mo 3 years = $774/mo 4 years = $613/mo 5 years = $516/mo 2 being the minimum term and 5 is the max. All have 10% end buy-out options at the end of the term. I can keep this quote available for you. Simply pick out the equipment you would like to purchase whether it be from a dealership or a private sale (we deal with all dealerships and private sellers as long as they are within Canada) and we will take care of the rest! [email protected]
I bought it in july, was suprisingly easy to get the loan but thanks anyway. I pay 819 over three years on just over 27000