Roofing Equipment Financing Options

First Capital

Financing Roofing Torches, platform hoists, mop carts, roofing conveyor belts and more:

So, you are about to embark on a journey of adding roofing equipment to your business! As you already know, this task demands meticulous planning and informed decision-making. When it comes to the roofing industry, precision and reliability is paramount, finding the right financing option is a crucial step towards success for your business. Whether you are just starting your roofing business or if you are an existing business, this guide aims to unravel the myriad options available for financing roofing equipment, empowering contractors, and entrepreneurs to navigate this terrain with confidence and clarity. So, get your drink of choice, and get comfortable. This will be a detailed guide to securing the right financing for your business!

Exploring Traditional Bank Loans:

Traditional bank loans can be intimidating for those who are not familiar with the task, offering stability and structure to businesses seeking to add to their equipment arsenal. With fixed & adjustable interest rates and structured repayment plans, these loans provide a sense of predictability. But most banks that offer traditional loans have a higher demand for pristine credit history, proof of income, seasoned time in business, and substantial collateral. When it comes to showing your proof of income, banks will require tax returns for the last 2 years that are profitable. They will also require a minimum of 2 years’ time in business. As you already know, when starting a business, the first few years you are trying to at least break even. If you have taken a loss, this will unfortunately disqualify you for financing from a bank. That’s why most business owners search for alternative financing from companies like us. We consider applicants with lower credit and even bad credit, no tax returns, and even startups. While the application process may be daunting and time consuming, the promise of ownership and long-term stability makes traditional bank loans an appealing choice for established contractors with robust financial standing.

Exploring Equipment Leasing:

For those inclined towards flexibility and cost-effectiveness, equipment leasing might be an enticing alternative. If you are looking to purchase a more expensive piece of equipment like a towable roofing kettle or hot rubber melter, these items can drain your bank account. When considering the burdens of ownership, leasing offers businesses access to cutting-edge equipment without the financial strain of outright purchase. If you are looking to purchase a more expensive piece of equipment like a towable roofing kettle or hot rubber melter, these items can drain your bank account. Maintenance and repair services sometimes accompany lease agreements depending on the manufacturer and vendor. Let’s not forget alleviating additional expenses and operational hassles that comes along with owning the equipment. However, just like any contract for financing, you should always review the terms, ensuring favorable conditions regarding duration, termination clauses, and options to buy out the lease at the end of the term. 

Unearthing Equipment Financing Loans:

Tailored specifically for businesses eyeing equipment acquisition, equipment financing offers a streamlined path towards securing essential roofing machinery. Utilizing the equipment itself as collateral mitigates the need for extensive underwriting guidelines, rendering these finance agreements accessible to startups and enterprises with limited credit history. Just like we mentioned earlier with equipment leasing, we have a wide variety of programs for those who are “credit challenged”. This includes bad credit, even with a recent bankruptcy. Those programs might require proof of income using business bank statements and have restrictions on the type of equipment you are trying to finance. Moreover, expedited approval processes expedite the equipment procurement process, enabling contractors to swiftly bolster their operational capabilities. 

Navigating Small Business Administration (SBA) Loans:

The Small Business Administration extends a helping hand to aspiring entrepreneurs and established businesses alike through its array of loan programs. SBA loans, characterized by lower down payments and extended repayment periods, present an attractive proposition for roofing contractors seeking favorable financing terms. Competitive interest rates and flexible eligibility criteria further enhance the appeal of these loans, catering to businesses with diverse financial profiles. While the rigorous application process may pose challenges, meticulous adherence to documentation requirements can unlock the doors to favorable SBA loan offerings. This type of financing will most likely take a lot longer due to the underwriting process, compared to programs that we offer that can be done in a fraction of the time. 

Harnessing Addition Collateral Programs:

Innovative programs offered by companies like ours offer a pathway for businesses to modernize their equipment inventory while minimizing financial strain. By using additional equipment that can be used as collateral, allows the business owner who might have bad credit to add additional equipment to their business. Keep in mind that the considered collateral must be owned free and clear of any loans or type of financing. By adding newer equipment, contractors can achieve equipment upgrades without the burden of excessive expenditure. 

Learn more about our financing programs:

In the dynamic landscape of roofing equipment financing, access to cutting-edge equipment is the cornerstone of success. By exploring diverse financing options ranging from traditional bank loans to alternative financing, roofing contractors can navigate the path to equipment acquisition with insight and assurance. Armed with the knowledge of each financing avenue and its implications, businesses can make informed decisions that elevate their operational capabilities and propel them towards sustained growth and success. If you would like to get prequalified for financing roofing equipment or even working capital for your existing business, our friendly