Used equipment financing is a strategic and cost-effective solution for businesses looking to leverage the value of acquiring pre-owned assets without bearing the full cost upfront. Crest Capital, a market leader in the equipment financing industry, has been empowering businesses to attain their growth potential through used equipment finance since 1989.
Why Choose Used Equipment Financing?
Opting for financing used equipment presents unique benefits that make it an attractive choice for many businesses. It's a cost-efficient method that enables companies to upgrade or replace equipment more frequently, thereby keeping a competitive edge in their markets.
Types of Used Equipment Financing
The world of used equipment financing is versatile to meet a broad range of requirements. At Crest Capital, we offer several options, including leasing and loans for used equipment, each structured to provide flexibility and affordability to our small business clients.
Detailed Process of Used Equipment Financing at Crest Capital
Securing used equipment financing through Crest Capital is designed to be swift and hassle-free, reflecting our commitment to business efficiency and client satisfaction. Here’s how our streamlined process works:
Application Submission: Fill out our simple online application form, which requires minimal documentation and can be completed in just a few minutes.
Credit Review: Our team will review your application and perform a credit check to determine eligibility, typically within a few hours of submission.
Approval and Documentation: Once approved, you’ll receive a detailed offer and financing agreement to review and sign, ensuring you understand and agree to all terms.
Funding and Acquisition: Upon agreement, funds are released directly to the equipment seller, and you can proceed to acquire the used equipment necessary for your business operations.
Post-Financing Support: Our team remains available to assist with any post-financing needs or questions about your agreement for the used equipment financed.
Our goal is to empower your business growth by making used equipment financing as transparent and burden-free as possible, allowing you to focus on what you do best - running your business.
Benefits of Used Equipment Financing with Crest Capital
Our approach to used equipment finance is founded on principles of client satisfaction and ease of access. We offer a swift, online application process with no extensive paperwork required for deals under $250,000. Our competitive fixed rates eliminate uncertainty, offering predictable monthly payments, and fast approvals mean you can get your equipment when you need it.
A Simple, Fast Application - Our used equipment loans and leases only require one quick online application, with no paperwork or financial statements needed for deals under $250k.
Fixed Rates - Looking for the right lender for your business can lead you to all kinds of rate games. But not here – we offer great fixed rates, which results in predictable monthly payments. Sweet!
Super Fast Approvals – Your used equipment loan can be approved in as little as a few hours. Nobody is faster.
Crest Capital is really top-notch with excellent finance deal on used machinery for our tool shop. Their rates are very fair plus quick approval process. Our shop is now fully upgraded. I'd recommend Crest Capital any day.
- H. Beaufort
Selecting the Right Used Equipment Finance Provider: What to Look For
Choosing a finance provider goes beyond the basics. It calls for assessing your specific needs and finding a lender who can meet them. Integral to this decision are factors such as competitive interest rates, transparent terms, top-notch customer service, and a stellar reputation. It's also worth noting the importance of flexible loan agreements that are free from restrictive covenants like blanket liens. At Crest Capital, we strive to offer this and more. We ensure our services are tailored to you, avoiding restrictive practices common to banks and other lenders. Our aim? To be a trusted partner throughout your used equipment financing process.
Case Study: How Used Equipment Financing from Crest Capital Empowered a Booming Construction Company
The Challenge: Meeting Booming Demand Amid a Pandemic
A mid-sized southeastern construction company was at a crossroads. They were experiencing a boom in demand in the pandemic era, but were constrained by their existing equipment. The high cost of new machinery presented a substantial financial commitment, leading them to explore other options. The solution they found was used equipment financing from Crest Capital.
The Solution: Used Equipment Financing
The construction company chose Crest Capital's used equipment financing due to its straightforward and hassle-free application process. They secured a loan for a fleet of gently-used but highly efficient excavators and cranes. With Crest Capital's fixed rates, they could plan their monthly payments easily. The quick approval enabled them to begin their expansion project without unnecessary delays.
The Outcome: Successful Expansion and Increased Revenue
"Thanks to machinery financed by Crest Capital, we expanded our operations to meet some increased demand. We've been able to handle larger contracts, which gave us a real boost in annual revenue - a nearly 40% increase. We attribute part of our successful expansion to Crest Capital's quick and straightforward used equipment financing."
— A testimonial from the construction company
Frequently Asked Questions about Used Equipment Financing
Your questions are important to us. We've compiled a list of frequently asked queries about used equipment financing to provide clear, concise answers to help you make informed decisions.
What Are Used Equipment Financing Rates?
Used equipment finance rates depend on several factors including the Federal Funds Rate, market conditions, your business credit score, and the specifics of the equipment you intend to finance. Lenders specializing in used equipment strive to offer the best competitive rates tailored to your unique financial situation.
What Types of Used Equipment Can I Finance?
We can finance virtually any type of used equipment. From construction machinery and medical equipment to landscape equipment and industrial machinery and more, we've got you covered. If you have specific equipment needs, contact us to discuss your financing options.
How Long Does it Take to Get Approved for Used Equipment Financing?
Most applications are processed on the same day. Our streamlined application process is designed to get you quick answers and fast approvals, so you can acquire the equipment you need without delay.
Do I Need to Provide Financial Statements for Approval?
For most used equipment finance deals under $250,000, no extensive paperwork or financial statements are required. For more details on our application requirements, visit our equipment financing application page.
Which type of finance should be used to purchase new machines & equipment?
Both leasing and loans can be used to finance new machinery and equipment, and the best choice depends on your business's specific needs and financial situation. Leasing is an ideal choice if you want lower upfront costs and flexibility to upgrade equipment frequently. A loan, on the other hand, would be a better option if you plan to keep the equipment for a longer time and want to build equity in it.
Can you write off buying used equipment?
Yes, purchasing used equipment can often be written off as a business expense, allowing for substantial tax benefits. Under Section 179 of the Internal Revenue Code, businesses may be able to deduct the full purchase price of qualifying equipment purchased or financed during the tax year. Learn more about this on our Section 179 Tax Deduction Calculator page. Always consult with a tax advisor to understand how this could apply to your business.
Getting your used equipment financed is just a click away. Start your process with Crest Capital today by clicking the button below to get pre-qualified for a used equipment loan.
Get the Used Equipment Financing and Leasing You Need Today
Private Party Financing.
Private party financing (aka private party equipment financing or "user to user" equipment financing) is usually where a business is buying a piece of used equipment from someone other than a manufacturer or similar. For ease of understanding, think of one neighbor selling a vehicle to another neighbor. Except in this case, it's businesses and used equipment. Many banks and equipment financing companies shy away from financing private party equipment sales, but not Crest Capital – we finance private party deals all the time.
Demo Unit Financing.
Demo Units (sometimes called floor models or demo models) are exactly what they sound like – a piece of equipment used as a demonstration model. Financing demo units requires a fairly specialized type of equipment lender - one who specializes in funding “less than new” equipment and welcomes floor model financing / demo unit financing. Fortunately, Crest Capital has been providing financing for demonstration units for more than two decades.
Remanufactured Equipment Financing.
While there is no "official" designation, remanufacturing equipment usually means a fairly extensive rebuilding of a piece of equipment to be as close to original as possible. As such, there is a definite interest in buying remanufactured equipment (as it's often budget friendly), and a clear need for remanufactured equipment financing. Crest Capital is a specialist in financing remanufactured equipment, and helps companies of all sizes.
Pre-Owned Equipment Financing.
Pre-owned equipment financing is very similar to used equipment financing. Ok, you got us – it's the exact same thing. But then again, it's really not. For proof, all you need to do is visit your local vehicle dealer. Do you see the word "used" anywhere? You won't. So for many businesses, they will look for pre-owned equipment financing and pre-owned equipment leasing. And we want businesses to find one of the few lenders that can help them – Crest Capital.
Refurbished Equipment Financing.
Financing refurbished equipment is something that many companies are interested in, but often find hard to acquire. That’s because, by definition, refurbished equipment is not “brand new”, leading many lenders to shy away from offering refurbished equipment financing. But not Crest Capital – we happily provide companies with a refurbished equipment loan, with the great rates and friendly service we are known for.
Trade-In Equipment Financing.
Out with the old, and in with the new. That's what trading in is all about. But what happens to the old if it's still in good shape? Well, depending on the equipment, it's often resold, usually at a great price. This makes trade in equipment financing desirable for many companies. And Crest Capital has been a leader in financing traded in equipment for more than 25 years.
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