Some jobs require the aid of heavy equipment or a whole lot of muscle. Most people don’t have their own heavy machinery, but there are companies that can provide them.
Before a rental company can lend you their equipment, you will have to provide the right credentials. Rental companies are not lawfully permitted to offer their services to anybody that might not have the proper training on the equipment they wish to rent.
In some cases, before a company can deliver equipment, they will require proof of insurance or a Commercial Driver’s License (CDL). A vehicle weighing over 26,000 pounds requires a CDL. These licenses can be obtained after taking the proper application procedures, which vary depending on location.
Equipment such as the transport trucks available for rent at Truck Loan Center, bulldozers, forklifts, tractors for farming, and excavators can all be rented as long as the right documentation is presented. Luckily, renting heavy equipment isn’t too challenging and it can be done quite simply. Anyone who needs a heavy equipment loan and can’t finance it out-of-pocket can look into the following sectors:
- Construction Financing
- Equipment Loans
- Account Receivable Factoring
- Small Business Loans
Additionally, many rental companies have financing options available.
The company will help you choose which loan or loans they feel will work best with your situation. Typically, finding a loan for heavy equipment rental is rather easy, depending on the circumstances. It will ultimately be up to you to decide which leasing option you would like to take advantage of.
For instance, you might choose to buy the piece of equipment at the end of the lease, this is referred to as a $1 Buyout Lease. There are also short and long term leases ranging anywhere from 12 to 60 months.
Insurance and Agreements for Renting Heavy Machinery
- Indemnification Agreement- This means that the customer is financially responsible for damages in the event of a lawsuit.
- Hold Harmless Agreement- By signing this agreement, the customer cannot hold the rental company responsible for damages to their property or injuries.
- Conversion Warning- This means that if the customer fails to return the equipment, the company can press charges against them for theft.
Companies renting out their heavy machinery require that their customers provide general liability insurance. Often times, the rental company will have their customers sign an agreement before the transaction is made. This is what keeps both the renter and the rental company protected if anybody is injured while operating the machinery.
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