Found the perfect piece of equipment or vehicle from a private seller and need financing? Crest Capital is here for you. We are one of the only equipment lenders who offer private party equipment financing and have done so for over 30 years. And our private party equipment financing has the same great rates and excellent service our customers are used to.
Private party equipment financing involves funding business equipment or vehicles (usually used) from a seller who is not an authorized dealer or retailer. The seller could be another company or an individual.
B2B Private Party Equipment Financing – This is where one company buys equipment or vehicles from another company. The reasons the selling company has the item for sale in the first place could vary:
• The owner is retiring/closing the company and selling equipment and vehicles.
• The company is moving to a new location and selling the old location's contents.
• The company is replacing vehicles and/or equipment and is selling the old.
Regardless of the seller’s circumstances, Crest Capital can consider B2B privateparty equipment financing.
In the equipment financing industry, private party transactions might seem elusive, and there are several compelling reasons for its scarcity:
Complex Risk Assessment: The nature of private party transactions makes risk assessment more challenging for lenders. It involves evaluating the equipment's condition, market value, and ensuring there are no existing liens - tasks that can be intricate and time-consuming.
Verification of Ownership: Ascertaining the clear ownership of equipment in private transactions can be tricky. Unlike dealers who have straightforward ownership records, private sellers may not always provide a clear or verifiable history.
Additional Processing Cost: Private party transactions are not one-size-fits-all and require skilled staff for specialized handling, which increases the processing time and cost for the finance company. These transactions demand more resources, making them a less attractive for most lenders.
Despite these challenges, private party equipment financing presents a unique opportunity for buyers. Many companies and individuals selling used equipment offer fantastic deals that you might not find with authorized dealers.
At Crest Capital, we've invested in the expertise and processes necessary to provide private party equipment financing efficiently and securely. For over 30 years, we've helped businesses like yours navigate these transactions and seize great opportunities. We believe that a great deal shouldn't go to waste simply because it doesn't fit the cookie-cutter mold. That's why we're here to help you finance those diamond-in-the-rough equipment deals you find in the private party market.
Companies often sell old machinery when upgrading and/or replacing. Buyers in the same or similar industry can find great deals on hard-to-find machinery.
Construction equipment holds its value for a long time, with no shortage of eager buyers, making it a popular privateparty financing need.
Used vehicles are constantly sold by companies who have bought new vehicles. This makes for an ideal opportunity for businesses to acquire an excellent used vehicle from a private seller.
When a location closes, companies oftensell the furniture ratherthan move it. Furniture can be very universal, so buyers can come from nearly any industry.
We've financed private party deals that included signage, POS systems, heavy equipment and machinery, warehouse equipment, medical equipment, and just about everything else you can think of.
Choosing Crest Capital for your private party equipment financing needs comes with a myriad of benefits.
Crest Capital is one of the ONLY lenders offering private party equipment financing. Most lenders, even most banks, will not fund these deals, especially for small and midsize companies. But Crest Capital has been doing it for more than 30 years.
Buying used equipment from a private seller can be a fantastic deal. And making monthly payments (as opposed to paying in full) can really boost your bottom line.
Used equipment and vehicles are typically still eligible for generous tax deductions like Section 179 and Bonus Depreciation. And Crest Capital's private party equipment financing allows you to take advantage of this.
If we had a dollar for every time we heard:"I wish I knew Crest offered private party equipment financing. I would have bought that excellent used model instead of a new one, but the bank said I couldn't"…
The good news is you don't have to compromise. If you have your eyes on an excellent used piece of equipment from a private seller, let us know. Chances are we can finance it.
"They were efficient, quick and very responsive. When the transaction became complicated because of a difficult counterparty they showed themselves to be first rate problem solvers who made things happen."
For any private party financing deal under $250k, only one quick online form is necessary.
You'll get a great rate on your private party financing deal, and lock into it. Your payment will never go up.
This is a huge advantage. Crest Capital does not utilize blanket liens, compensating bank balances, or ask you to requalify for the loan annually. Instead, we leave you to run your business as you see fit.
We can approve private party equipment financing deals fast. Note that in some private party deals, there are steps that may take a little more time, but we are the fastest in the industry at getting your deal approved.
The rate for private party equipment financing can vary based on many criteria: the borrower's credit scores, the term, the type of loan, the equipment type, and more.However, Crest Capital's rates are extremely competitive with banks and other similar lenders.Crest's advantage is we do not utilize blanket liens and other restrictive covenants, and our rates are fixed. So you can borrow with confidence that you are getting an excellent rate.
Crest Capital offers several lease and loan types for your private party financing needs.
Absolutely. In fact, almost all private seller financing deals are for used equipment and vehicles.
Honestly, private seller deals can take a bit longer than typical financed deals. However, we've been financing private seller deals for more than 30 years and have the process down to a science. See the next question for more information.
The biggest difference is who is responsible for true ownership of the equipment being sold.
For any piece of used equipment, it is nearly impossible to 100% guarantee it is lien-free. This is largely because of blanket liens. Intentional or not, oftentimes a lienwill exist on equipment even if it's not obvious. And technically, an item covered by a blanket lien cannot be sold.
There have been instances where a company sold an item covered by a blanket lien and went out of business a year later. The bank came around and said "wait, where's equipment XYX covered by our blanket lien"? The bank then went to the new owner and claimed the equipment. And the law will typically back the lienholder and NOT the new owner. In a case like this, the new owner loses the equipment AND the money they paid for it.
If the new owner bought the equipment from an authorized dealer/reseller, the dealerwill likely take responsibility for this and reimburse the new owner. But if it was a private sale, that's much less likely to happen. So there is more risk to the buyer with a private party deal – make sure you fully trust your seller.
Having original paperwork for the item and establishing a paper trail back to the original owner can help speed things up. If your seller is the original owner this is easier. If they aren't, getting Crest Capital as much information and paperwork as possible will help. But it will still take a little extra time no matter how much paperwork you can (or cannot) provide.
Please note that the buyer is ultimately responsible for the item being free of any liens.
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