hello, I am looking around for a d5k size dozer used. I might want to buy from an individual. not a dealer. What are some good equipment oriented lenders? Local banks here have become too complicated. My dad started our business in the early 60's. I worked with him all my life, grew up within 30 feet of our shop in the house! I am now 38. Father is very ill with lung cancer. He is not working but i still am. We have several machines and trucks. I can use CAT financial. But I am shopping other options.... I do not want a blanket type loan where I have to secure the loan with all machines. I want to use the one machine that I am buying as collateral. I would also like the flexibility of paying ahead in good spring to summer weather to cover for winter months when possible. Cat financial seems to be in tune with being flexible with the weather and season. Banks are not..... All of my equipment is paid for thus far. What are good rates? Thanks,
Hard to beat the manufacture rates. I could not qualify so I ended up paying high rates secured by the machine.
Cat Financial will probably be your best option. I would at least have them run the numbers. Calculate the total price to finance the machine - as a cheaper machine bought from an individual with a higher interest rate may be more expensive in the long run compared to a more expensive dealer used machine going through their corporate financing. Every deal is different, it pays to run the numbers and get a true cost on the financing end.
I just bought a new Kenworth mechanics truck and the dealer financing was unbeatable. What actually happened was Palmer Kenworth of Indiana matched the paccar financial deal with there in house financing, they do this with for low risk borrowers. The flexibility wasn't great but I didn't ask for any. My dads company buys a couple new pieces a year and the dealer financing for new is not beatable. For used they've used cat financial for purchases at Ritchie bros they were financing 100% of purchase price at 2.9%, that's amazing borrowing! My suggestion would be not to bother with your bank they are usually not good at this kind of lending will take a couple of weeks to decide and will want a personal guarantee, and it will cost a bit more than the typical heavy equipment lenders...TIO