Heavy Equipment Financing Secrets Every Contractor Must Know

Types of Heavy Equipment Financing

There are several financing options available to contractors looking to acquire heavy equipment. These include leasing, loans, and hire purchase agreements. Leasing is often favored for its flexibility, allowing you to use the equipment for a set period without owning it. This option can be beneficial if you need the equipment for a short-term project. Loans, on the other hand, allow you to own the equipment outright after the repayment period. Hire purchase agreements are a hybrid, offering the benefits of both leasing and loans, where you eventually own the equipment after completing the payments.