What Are Options To Get Heavy Construction Equipment?
Are you a start-up company that will be involved in the construction industry? If so, you likely are contemplating how you will obtain construction supplies. The construction equipment will be one of the most expensive expenses you incur. This makes it hard for some new business owners who do not have adequate capital. Some lenders have a certain amount they extend to new businesses due to potential risks. This may seem like it will place you in a bind. You might also feel as though it will be difficult for you to perform a wide range of project due to not having certain equipment. The following points will help you understand the options that are available to you when it comes to having access to heavy construction equipment.
This is an option that some established construction companies use. They use it when they are in need of equipment that they rarely use. For example, cranes and scaffolding may not be needed much depending on the type of construction projects a contractor primarily performs. New construction companies can use rentals to get access to equipment they cannot afford.
This is an option that you may find useful if you intend to always have access to the latest equipment in the industry. When leases are up, there is usually an option to purchase or upgrade. You may also find a good price on equipment that was previously leased by other construction companies. This type of equipment is likely to be in good condition, and it may come with a warranty. The pricing on previously leased equipment will likely be more favorable than new equipment purchases.
Some construction supply companies offer in-house financing. This would allow you to leverage any of the money you were able to borrow and determine the best way to use it. If you qualify for in-house financing you would make your payments to the company on the terms of the agreement.
This is the option that most people would like to have. However, paying cash for heavy construction equipment is often difficult for someone who is starting out. You may want to consider buying a few pieces of equipment if your budget permits. You can add other pieces of equipment as your business grows.
A company that sells, leases, or rents construction equipment, such as Goodlett Equipment, Inc, can be used as a resource to understand the best approach to obtaining equipment while your business is in its infancy. As time goes on, your business will become more established and you may be able to own an arsenal of equipment.