As an owner or operator of an excavator, you’re under enough pressure from the main contractor to get the job done to make way for the next stage of the project - you don’t need to add to that with unnecessary pressure from anyone else. So when it comes to buying a new excavator, you want to dig out a deal without hitting rock bottom.
Sourcing the best deal on an excavator is essential to ensuring your business develops and progresses as successfully as the project you’re working on.
Before you start digging you check out the terrain and you know what you’re doing. The same principles should apply when buying an excavator. It makes sense that you would know what you can afford in monthly repayments on your finance before you commit to the purchase. Not only what you can afford but more specifically what the monthly repayments would be on specific excavators. If you know your finance is approved before you purchase, even better.
Both are possible and we’ll tell you how.
To get a rough estimate while say checking the used excavator market online, use an online equipment finance calculator. Easy to use, easy to access and there’s no discussion with anyone, obligation or commitment involved.
You simply enter the details include the loan amount, ie price of the excavator you’re considering, loan amount and terms you want and the calculator automatically generates a rough estimate of repayments. Warning – it’s only an estimate but a very handy tool when comparing different excavators.
We know where you can access an equipment finance calculator, just touch base with us and we’ll pass on the link.
Having your finance sorted before you start talking to sellers is a big plus. If you’re buying at auction you have the confidence to bid to your limit, when negotiating with a private seller or new excavator dealer you have the bargaining chip of being able to close the deal quickly.
To organise pre-approved finance, you simply pre-apply for your finance. That is, contact your finance broker, bank or finance company prior to closing the deal on your purchase and go through the process. Then organise your purchase, go back to the lender and have the application finalised and the deal done.
Using a finance broker to source your excavator loan is also a big plus. Your broker can save you time by sourcing the best quote from their wide lending panel so you can stay working and earning rather than spend all that time yourself.
Brokers offer many benefits over DIY finance and can offer the full range of commercial finance products to all types of businesses – sole trader, owner-operator, SME and large companies.
We know people who operate in this area and have experience in sourcing finance for the earthmoving sector. If you would like their contact details, please contact us.