So long story short, I work for a medium sized operation as Operation's Manager. I have some equipment of my own that i use on the side. I would like to go full time with my own bussiness. I have the need (and some jobs) for a 200 size excavator. I have been told by some people that in order to borrow money to buy the machine or to finance it I will need more money in assests then I have. Does this mean I have to buy a house and rent it out or something along those lines in order to buy the machine? I want to take advantage of equipment prices before we start to see some hyper inflation with all this "new money" being introduced. Any ideas? I was also told that some equipment companies look at the machine you are financing as capital or as an asset. Is this true? Thanks guys
Bobcat190 - Sorry I didn't see your message earlier, as I just joined today. I work for a company that can use your existing equipment as collateral to provide capital for new equipment purchases. We can also do purchase-leaseback arrangements. Let me know if you are interested in learning more. Thanks
Bobcat190, if you are looking to buy directly from the equipment dealer, they have different rules for their lending. One question: have you formed your own business as a separate entity from the current company you are working for? I'm here, if you have any additional questions.