We’ll get asked from time to time if we offer used equipment financing and leasing. The short answer: YES! Used equipment can be a great way to get the equipment you need for a fraction of the cost of the newest equipment out right now. While there are times when new equipment can be an important part of your business, we know some projects can be done just as efficiently with pre-owned equipment. Being named as one of the best equipment financing companies for start-ups, we know that many newer companies get great starts with used equipment so they can allocate their capital to other important areas as they get their footing in their industries. With that being said, let’s dive into the specifics of where we can help out.
What Types of Equipment/Applicants Does SLS Help with Used Equipment Financing and Leasing?
- All asset classes considered
- No age restrictions
- Challenged credit considered
As you can see, we’re pretty open to most deals regarding used equipment. Keep in mind that there are inherent risks involved in underwriting used equipment. While they have many benefits, used equipment can carry higher odds of breaking down. We employ risk-based rates, and look at the overall credit composite to find an agreement that makes good business sense for both parties. This can mean higher rates for used equipment, but it can depend on other factors we analyze during the application process. Want to find out how these factors will affect you? We look forward to a conversation at any time should you want to explore if we’d be a good fit for your current needs.
What Do I Need to Submit to Apply for Used Equipment Financing and Leasing?
A typical credit package can be composed of the following:
- Credit Application (we can send this over to you, or you can find our secure online application on our website)
- Personal Financial Statement (we can send our form over to you)
- Your most recent company financial statement (balance sheet / profit & loss)
- Last two years’ personal and business tax returns
- Last two years’ end business financial statements
- Equipment proposal or invoice
We’re not saying this list is cut and dry. We may need less depending on your time-in-business, among other factors. Let’s say this – the more information you provide to us, the more accurate your rates will be for your used equipment. We would recommend talking to us so we can guide you on which of the above will be necessary for your particular situation.
Who Should I Contact for Used Equipment Financing and Leasing?
My contact information (the author of this post) can be found below, or you can reach out to me via the chat that can be found at the bottom right corner of our website. I can help get you matched up with the right rep at SLS that can help you with your used equipment financing and leasing needs. You can also apply now via the link found below, or via the link at the top of our page. Once you apply, you will be contacted by a rep to help lead you through the rest of our uncomplicated processes. We hope this post was helpful as you research your options, and we look forward to the opportunity of assisting you in the future.