Crest Capital: Your Ideal Partner for Used Equipment Financing
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Crest Capital Offers Used Equipment Financing
Used equipment financing lets a business buy pre-owned machinery or vehicles and pay for them over time instead of all at once. Crest Capital has financed used equipment for established businesses 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.
Used and Private-Party Equipment
Used, Demo and Private-Party Equipment Financing
Detailed Process of Used Equipment Financing at Crest Capital
Here is how used equipment financing works at Crest Capital:
- Application Submission: Complete one simple online application. No financial statements are needed for financing up to $250,000.
- Credit Review: We review your application and your business credit to make a decision. Timing depends on the application and the transaction.
- 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
Used equipment financing from Crest Capital starts with one online application, and the rate is fixed for the term, so the monthly payment is predictable.
- One Online Application - Used equipment loans and leases start with one online application. No financial statements are needed for financing up to $250,000.
- Fixed Rates - Your rate is fixed for the term, so your monthly payment is predictable. On most transactions, there is no blanket lien on your other business assets.
- Approval Timing - Approval and funding timing depend on the application and the transaction.
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“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.”
Selecting the Right Used Equipment Finance Provider: What to Look For
Compare more than the rate. Ask whether the rate is fixed for the term, whether the lender takes a blanket lien on your other business assets, whether it requires minimum account balances or an annual requalification, and whether it finances purchases from private sellers as well as dealers. Crest Capital's used equipment financing has fixed rates, no minimum balance requirement, no annual requalification and no blanket lien on most transactions, and it covers purchases from dealers and private sellers.
Preowned Equipment and Trade-In Equipment Financing
Preowned equipment is another name for used equipment: a machine or vehicle that has had at least one owner. Trade-in equipment is a machine a business traded to a dealer when it upgraded; the dealer then resells it, often after an inspection or reconditioning. Both are financed the same way as other used equipment, whether you buy from a dealer or a private seller.
Where Used Equipment Comes From
Most used equipment is bought from one of two places. Dealers sell machines that came back to them as trade-ins or at the end of a lease, demo units and floor models they used for demonstrations, refurbished units they have repaired and reconditioned, and remanufactured units rebuilt to the original specification. Private sellers are other businesses, or individuals, selling equipment they no longer need, often because they are upgrading, relocating or closing a location. Crest Capital finances purchases from both; a private party purchase adds a step to confirm who owns the equipment and that no lien remains on it.
What to Check Before You Buy Used Equipment
A used machine is a good value only if it has the working life your business needs. Before you commit, ask for the hours or mileage, the maintenance and repair records and the reason it is being sold, and inspect it or have it inspected. Get a written invoice or bill of sale that names the equipment, its serial number or VIN and the price. When the seller is not a dealer, the purchase also has to confirm that no lender still holds a lien on the equipment, and the title or bill of sale is put in your business's name.
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 financing rates depend on market conditions, your business credit profile, the equipment and the financing terms. Rates are fixed for the term of the financing.
What Types of Used Equipment Can I Finance?
We consider most types of used business equipment, from construction machinery and medical equipment to landscape equipment and industrial machinery. Eligibility depends on your business and the equipment you choose.
How Long Does it Take to Get Approved for Used Equipment Financing?
Start with the online eligibility check. Approval and funding timing depend on the application and the transaction.
Do I Need to Provide Financial Statements for Approval?
Not for financing up to $250,000. 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.
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