Heavy Equipment Collateral Loans
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Heavy Equipment As Collateral
Owning a business means juggling a lot. There are times when finances come up short and you need access to cash quickly in order to make more money.
It’s a fact that all sizable growing industries heavily rely on capitalization. When a business is well funded, it means they are most likely more successful and will sustain long-term.
Proper capitalization means that you’re able to effectively work with your assets, such as heavy equipment, structures, and other assets. There are times when taking out a loan against your equipment just makes sense.
If you require a large amount of funds quickly, going the traditional lending route isn’t feasible since it’s often a lengthy process and requires you to jump through a lot of hoops in the process- even if you have excellent credit.
That’s where loans using heavy equipment as collateral is an option. Even if a business owner has bad credit, we are able to use your equipment to secure loans and pay the loan back using the earnings from their business operations.
While a lot of lenders have become stringent with diverting applications from businesses where large capital is required. This alternative has become a practical and workable solution to many business owners. At Unique Funding, we give you the flexibility you need.
We’re more than just a lending agency. We partner with business owners to help you get to the next level.
What is a Heavy Equipment Collateral Loan?
A heavy equipment loan is exactly what it sounds like. It’s simply a loan that uses heavy equipment as a form of security for a financial loan.
Remember, there are two types of loans in the financial community- unsecured and secured loans. An unsecured loan is like your credit card where the credit card company agrees to loan you money for a month or longer and you agree to pay the balance or required payments. You also agree to pay the percentage on the monthly balance.
A secured loan is a financial arrangement where you accept the terms of a loan based upon using something of value as collateral. In other words, the value of your collateral is what the loan amount is based upon. The motivation here is that if you default on the loan, you risk losing the item put up for collateral.
These days, nearly everyone has a loan of some sort whether it’s a car loan, a mortgage, school loan or something else. Many of us have multiple loan arrangements in place at the same time.
Using your business equipment as collateral allows businesses to have access to funds that they desperately need for capitalizing their business operations. When this happens, businesses can expand and continue their operations making a profit to pay back their loans over time.
The Types of Businesses that Benefit from Heavy Equipment Collateral Loans
Since time is valuable in construction work, there is often a need for large amounts of capital within a short amount of time. They need the funds for equipment, materials, payroll, and many other things.
Farmers and Agricultural Industries
Farmers and those in the agricultural industry frequently need capitalization for their livestock, farmhands, and farmland. They can use their tractors, tillers, hay balers, and other farm equipment as collateral to secure a loan.
Delivery and Transport Businesses
Commercial businesses that rely on large vehicles for transport and delivery can use them as collateral to secure a loan. Cargo trucks, large delivery trucks, and other large forms of transportation are good for collateral.
Excavation, Mining and Digging Industries
Excavation, mining, and digging industries and use their heavy equipment for collateral loans. It can also be for operators of all types of bulldozing, paving, drilling projects, and those who work underground, such as those that maintain underground utilities and sewage.
Our Loan Process
Our loan process is simple, straightforward, and easy. Simply contact us and we’ll get the process started.
With heavy equipment loans, we will need to discuss the value of your equipment by phone or email initially. Photographs are always helpful. We may require an inspection of the equipment to assist in determining the value of what you have. This helps us determine the amount of the loan we can underwrite.
Once we determine the value of your equipment, we will make an offer and if the terms are acceptable to you, we will transport the machinery to a secured storage facility where the final inspection is completed. This is where the equipment will be held for the duration of the loan.
There are some cases where we will allow the business owner to continue to use the equipment, but this is a case-by-case basis.
The paperwork for the loan is also quick and easy. There are only a few documents to sign. Once that’s completed, we can disperse funds through a variety of means.
Whether you’re looking to start a new venture or want to take advantage of securing a loan for your heavy equipment, look to Unique Funding for all your collateral needs.
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Our Service Area
We have happy, financially secure customers all around the metro Atlanta area including Conyers, Lithonia, Covington, Decatur, Madison, Loganville, Monroe, Snellville, Lawrenceville, Stone Mountain, Stockbridge, McDonough, Forest Park, Atlanta, Newnan, Athens, and more.
We have helped people all over Georgia, from North to South, borrow/refinance at a considerably better rate than our competition. We can help anyone, anywhere in the State of Georgia. All it takes is driving to Conyers a single time.
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