Investing in a new truck or equipment requires some forward planning, consultation and research for the right leasing and financing in Abbotsford.
The wrong choice can be financially draining to your business, impact future contracts, and damage employee engagement. After all, having the right tool for the job makes a huge difference to those using it day-to-day.
You can avoid common pitfalls by following the steps below:
- Do You Need the Equipment or Heavy Vehicle You’re Looking to Purchase?
While this question might seem obvious, it’s surprising how frequently businesses invest in new equipment or technology that doesn’t fit their needs. Answering the question of ‘need’ requires a two-pronged approach.
Firstly, you need to assess whether you have (enough) work lined up for it. Simply put, will the income generated or time saved by purchasing the additional equipment be greater than the cost of repaying and maintaining it?
Secondly, you need to confirm whether the equipment is the right age and type for your intended use.
- Are You Purchasing the Right Equipment For the Task and Your Future Clients?
You must sign a contract outlining any terms and conditions to work with any business. In the world of heavy vehicles and equipment, it’s common to see contract requirements concerning the age of vehicles permitted onto job sites.
Before investing in a new truck or equipment, be sure you know the fleet requirements of your major clients and any you hope to work with down the track. Then, consider whether the equipment suits the job. Think horsepower, size, body type, safety specs, and more. Taking the time to assess the capabilities of your future purchase and how your clients will regard it can save plenty of headaches in the long term.
- Do You Have Good Credit?
Without a good credit history, securing leasing and financing in Abbotsford can be very expensive or impossible, especially if you’re applying for a loan without expert advice from a finance broker.
Our highly skilled brokers at Sandhu & Sran Leasing & Financing ensure we have all the facts before submitting applications, ensuring no unnecessary delays. By securing a copy of your credit file, we can determine your financial eligibility and decide the best course of action for you, your business, and your subsequent acquisition.
- What Sort of Finance is Right For Your Needs?
Choosing the right type of finance is as important as selecting the right truck or equipment.
To determine the best type, you need to know if you want to own your new acquisition outright at the end of the finance or pay a balloon payment.
The determining factors for this decision will be how long you want to own the vehicle or equipment and how you want to structure your cash flow.
- Utilise the Buying Power of Financial Brokers to Secure the Best Finance Deal.
You may assume it doesn’t make much difference whether you apply for a loan in person or use a finance broker. The truth is that individual loan applications will never have the buying power of a broker, and you run the risk of missing opportunities should your self-submitted finance application be unsuccessful.
At Sandhu & Sran Leasing & Financing, we have a success rate for loan approvals and access to different lenders. Meaning, we can guide you through your finance opportunities to ensure the best possible outcome. Get started with our experts today and be a winner of your financing journey!
