As a small business owner, you understand the importance of saving money without sacrificing quality better than anyone else. It’s not always easy, but it’s a necessary burden to help your business stay competitive. Opting for used equipment instead of brand new machinery is a smart way to cut costs and keep profits up. However, choosing the right equipment becomes an arduous task when the market is saturated with used machinery. Let the experts at First Financial LLC help you find the right equipment for your business while offering you the lowest flexible rates for financing your new gains.
Used vs. New
Heavy equipment is a necessity your business can’t do without. But, do you need to splurge for the newest models? Sometimes, used machinery can get the job done just as well and help you save money that you can put towards other projects. Let’s start by reviewing the infographic below to help determine which choice (used vs. new) is the best decision for your company.
Inspect Before Purchase
Not all equipment is created equal — please keep this in mind when shopping for used equipment. You don’t want to finance a machine just to have it break down within a few uses!
In fact, before you purchase the equipment you’re interested in, take the time to perform a thorough examination. Check for the following:
✓ Is the equipment operational? One of the advantages of choosing used equipment is that it can be put to work right away. If the equipment is not operational, you’ll spend not only time but also a lot more money fixing it.
✓ What is the state of wear and tear? Rarely will you find used equipment that has no signs of wear and tear. However, the amount of wear is an indicator of future performance and damages.
✓ How old is the equipment? Do some research into the average lifespan of the machine and compare that to the actual age of the equipment you’re interested in. This will help you gauge its hours of operation and future repairs.
✓ Does the seller have maintenance records? Not only do maintenance records show that the machine has been well cared for in the past, but they also provide a history of its past performance.
✓ What do the fluids look like? Check to make sure your equipment has the proper fluid levels.
✓ Are there any signs of former damage? If the machine has been seriously damaged in the past and repaired as a result, it might not function as well as it should.
✓ Are you purchasing from a reputable seller? You have to trust the people you’re doing business with. Is the seller simply trying to get rid of this appliance, or is the person actually interested in helping you find the equipment you’re looking for?
✓ Ask for a test run. You, or someone you trust, can gauge the condition of the equipment when you’re actually able to operate it. A reputable seller with a professional team of mechanics will also be happy to offer or demonstrate a test run.
Choose a Trustworthy Financing Company
Even though buying used is an affordable alternative, it doesn’t mean you have to pay everything out of pocket. At First Financial LLC, we’re happy to help you finance equipment, whether it’s new or used. With over 15 years of experience in the field, our team of experts is well-versed in understanding the challenges associated with used equipment. Not only will we guide you through overwhelming business jargon so that you can make the best financial decision possible, but we’ll also work hard to find the perfect financing plan for your budget. We offer low rates, flexible terms, and quick approvals, so you can focus on the growth of your business with no additional worries.
Learn more about financing business equipment by browsing our site.