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Purchasing used equipment is a great way to save money, especially if you have the option to finance the equipment. Although the equipment is not new, that doesn’t matter; it doesn’t stop you from finishing the job and being efficient. Having the ability to purchase and own new equipment might not be an option for all business owners. The price for new equipment can be more than double the cost of used equipment. Even if you were to finance the new equipment, the monthly payment on the equipment would also increase, which will eat into your margins. This is all assuming you would qualify for the financing through the vendor. Most vendors will offer in-house financing programs, and the majority of these programs will require better credit from their applicants.
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Depending on your industry and the type of equipment, buying used might not always be the best solution. Sometimes spending the extra capital is worth the return on investment, especially if it keeps you operating and being efficient. Imagine if you were spending 2 hours a week, fixing or repairing the used equipment you purchased? Let’s pretend the job you were doing, was yielding you $200 per hour, and it was a 2-month project. If your machine was down for 2 hours a week, for the 8 weeks that adds up!
As you can see, just in 2 months your loss in revenue would have reduced your bottom line by $3,200. Maybe if you had newer, or maybe more reliable equipment you wouldn’t have had these issues to begin with. If you choose to go with used equipment, make sure you’re doing your due diligence before making the commitment.
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Now, this also doesn’t mean new equipment is better than used. It simply depends on your business and the type of equipment you’re looking to purchase. For example, buying used technology doesn’t always make sense, especially with the rate of progress in technology we’ve been having the past decade. I don’t think buying used computer equipment would be a good idea, especially if the equipment is a huge part of your business. But maybe if you’re looking to replace a few computers for some data entry workstations, that might be ok and a great way to save on some costs. Your business doesn’t need the newest and nicest equipment in order to improve and complete the work that you do.
The majority of the time, you just need the equipment to start up your business. There’s no need to get the most expensive or the newest thing out there. In many cases, used equipment is an excellent and smart way to start out. The best advantage to this option is that the costs are lower and more affordable when it comes to used equipment financing.
As previously mentioned, having and utilizing brand new equipment doesn’t matter in the grand scheme of things. Having a brand new, sparkling clean set of equipment does not mean that the business utilizing it is better in any way. All that matters is that you get the job done well and efficiently without significant setbacks or problems. Used equipment offers you the same usability at a fraction of the price of brand new equipment. In addition, used equipment is often refurbished by the previous owners, which means that you’re not using something on its last legs.
Whether you run a big or small business, we can work with you to get your business the financing you need. We know the struggles of getting equipment for your business. It is not always easy. We are familiar with the hurdles business owners must face as well as the struggles involved. So, if you’re in need of upgrading your older equipment, then financing for used equipment is a good way to start out. Or, if you’re just starting out your small business, used equipment is a great way to start up your business.
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If you’re ready to start on your journey towards securing used equipment for your business, contact First Capital Business Financing today! We can help you and your business to get what you need to succeed in today’s market, whatever your field. Call us today at 888-565-6692 to talk about your financial needs and desires. You can also apply online to get a same-day loan approval. Have any questions or concerns? Talk to Darlene in our online chat feature, which can be found at the bottom right of your screen! Let us help you by getting you the money you need to help your business!
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