**Content brought to you in partnership with HomeTrust Bank.**
Whether you’re taking on more jobs or incorporating more technology into your fleet, it’s time to add heavy equipment to your construction business. A larger excavator or skid steer and more advanced technology can help construction companies take on bigger jobs and complete them faster. Growing a business and its assets can seem daunting at first, but with the right strategy and partners in place, it can be a rewarding experience. Equipment financing can be the ideal solution for construction businesses needing to expand.
Meeting Your Business Needs
Every business is different. Some contractors are busy all year long, while others have seasonal work that brings on its own unique needs and challenges. Repayment schedules can be structured around the seasons when a construction company is busiest, to ease cash flow constraints. The right financial partner will not only understand those needs, but put those needs first, offering flexibility to help ensure business success.
At HomeTrust Bank, its Equipment Financing division is experienced in construction and industrial equipment lending and can offer options based on its years of expertise. Solutions may include commercial finance agreements, equipment loans and leases anywhere in the 48 contiguous states of the United States. With its industry knowledge, personal service and agile staff, HomeTrust can approve loans quickly, sometimes even same day, to keep businesses running smoothly.
HomeTrust works with dealerships and manufacturers to design flexible equipment financing options, and provides tailored repayment schedules, extended terms up to 84 months and lease options. Financing can also be structured to match the equipment’s useful life. For purchases less than $500,000, contractors submit a one-page application and can have a decision in hand within hours. HomeTrust offers 100% financing, as well as lines of credit for future use, to assist construction business owners with funding they may need throughout the year.
This level of financing allows businesses to keep more cash on hand and conserve capital. That cash can then be used to fund projects, pay for fuel expenses and combat the rising costs of raw materials.
Determine Your Budget
When considering a loan, there are many factors to consider. Contractors should calculate the equipment operating costs, such as fuel, tire use and repairs, in addition to the initial purchase price. They should also consider equipment life and how long they intend to own it to help create an accurate estimate of the long-terms costs associated with the purchase.
Reviewing interest rates is another important aspect to consider when opting for a heavy equipment loan. When it comes to financing a major piece of equipment, interest rates are usually reasonable. Keeping an eye on what interest rates are available is essential to stay within budget.
Collateral, credit requirements and repayment schedules often differ from lender to lender. Skilled lenders like HomeTrust Bank work to meet the borrowers needs as much as possible to offer the best terms and rates. HomeTrust offers creative financing strategies for contractors across the country seeking to purchase equipment for their business.
