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18
May

Equipment Financing vs. Leasing: What’s the Difference?

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Difference between financing and leasing

If you are thinking of taking out a truck loan, then you probably have some questions concerning the differences between equipment financing and leasing. The biggest difference between leasing and equipment financing is in the ownership. That is, when you lease a piece of equipment, then a vendor will allow you to rent it in exchange for monthly payments. This means you will not own the asset during the duration of your lease. Conversely, equipment financing serves as a collateralized loan that will provide you with the option to purchase the piece of equipment outright. In other words, once the…

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15
Oct

4 Important Hurdles to Consider when Moving Heavy Equipment

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Heavy construction equipment is part of the day-to-day operations in most heavy-duty manufacturing factories and companies. Whether it is a company seeking to expand its manufacturing processes by adding more construction equipment, or just an abnormal cargo, sometimes heavy equipment needs to be transported from one point to another. Transportation of such heavy equipment needs meticulous planning to avert disaster. The safe delivery of the equipment to the destination depends on many factors. Here are some things to consider when moving heavy equipment. Evaluate the Specs of the Equipment The first hurdle you have to go through is evaluating the specifications of the move. These will be the distance that needs to be covered, the timeline on which the equipment needs to be transported, and the personnel who need to be involved in the process. More importantly, you have to evaluate the equipment being transported. This evaluation should feature the…

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1
Oct

5 Lies Heavy Equipment Finance Companies Tell You

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So you’ve found yourself needing to finance heavy equipment. No matter the scope of the project, you’re probably wondering how to find a company you can trust. Many people will take out a contract with a company, put down a deposit, and then find out that the terms for their truck loans have changed. If you know what red flags to watch out for, you can avoid being sucked into one of these schemes. It’s common for people to pass a credit check, sign a contract, pay their deposit, and then be told by the financing company, “Actually, it’s going to be more money than we originally told you.” By this time, you’ve already chosen your equipment, and you don’t have the time or money to look for another company. So you just take the bad deal and move on. To avoid this scenario, you should always be aware of…

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