Financing Your Equipment Purchase

Whether you work in farming, ranching, construction, forestry, or another heavy industry, you’re going to need some equipment in order to do your job properly. However, equipment can be expensive, and if you’re on a budget or just starting out, you may not feel like you can buy everything you need with the cash you have on hand. Fortunately, you’ve got another option: financing. Using financing options to fund your purchase of equipment can help you get everything you need at a price you can afford. Here’s what you need to know.

How Long Do You Plan to Use Your Equipment?

It’s a good idea to consider how long you intend to use a given piece of equipment. Do you want to get years and years out of it? Or do you need it on a more short-term basis? It may not make sense to utilize financing options to purchase a piece of equipment you won’t use much or for very long, when you could do an operating lease instead.

How Soon Do You Need the Money?

You’ll also want to think about when you need the money, so that you can save up your down payment (approximately 10% to 20% of the total purchase price, usually) and be prepared to make your monthly payments. Another good thing to do before you obtain a loan is to make sure that your credit is as good as it can be, to help you get a better interest rate.

Visit our dealership location in Garden City, ID, to check out our selection of new and used equipment for sale. Melton Machinery & Material Handling proudly serves all of our Idaho customers.