Another advantage of financing equipment is that you get quick approval and funding. That can be crucial if you are trying to replace costly equipment essential to keep your operations running. Bank financing involves having to pledge extensive collateral, and in most cases, they also require a lot of financial paperwork and an almost-perfect credit score.
If you need equipment financing right away, you might want to start looking into an alternative finance company or lender like 1st Commercial Credit. We offer online applications, fast approvals, minimal documentation requirements, and quick funding times.
Equipment in good working condition is crucial for agribusinesses. If equipment isn't operating correctly, it can affect the timing and success of the whole operation. Not having the proper equipment can also lead to a shorter growing season and lower yields. Consider equipment leasing to save your business time and money when you need to replace or upgrade equipment on the farm. Additional benefits of equipment financing for the agriculture industry are:
If you have various pieces of equipment that need to be replaced or repaired, you can reduce costs by leasing instead of buying. There are many different sectors in agriculture: ranches, livestock, diaries, and they can all benefit from equipment financing. Many operations need to install different equipment at once, so items begin to wear around the same time. If you're wondering what financing option is a possibility, it is crucial to research and find out if equipment leasing is the best option for your business.
What Is Needed to Qualify For Equipment Financing and Leasing?
1st Commercial Credit is a specialized lending company that can help you start applying for funding and finally obtain the expensive equipment your agriculture-related business needs.
You may be required to provide specific documentation or financial information going back at least two years. These documents may include depending on the amount financed:
Other information needed:
Agriculture loans are designated for farmers who are starting out and those who have an existing agribusiness. There is financing available for all types of farmers in the industry. Your credit profile and financial performance will determine which loans you're eligible for and the interest rate you will pay. The higher your credit score and more time in business, the less it will typically cost to finance or lease farm equipment.