Construction Equipment Financing
Build your business above and beyond.
Borrow As Needed
Our construction equipment financing unlocks cashflow by funding project costs.
Flexible & Renewable
We provide same-day renewals and early pay off discounts for reduced interest.
Pay Only if Used
Get the entire amount needed in one-shot or use as needed. Secured options available.
Advance your business with our state-of-the-art construction equipment financing products
Searching for construction equipment financing can be daunting, but it’s actually one of the most complementary aspects of owning a business. It’s a sign that your business is thriving and ready to expand, either through building an addition or opening an entirely new location.
The costs of investing in construction have many business owners feeling the strain on their cash flow, especially those who have bad credit scores and need construction financing. With New York Tribeca Group, we look at a business’s overall health and performance rather than just the credit score.
Construction equipment financing: Get funded in no time!
It takes just 5 minutes to fill out your application and just a few hours to get offers!
We help you compare your options with ease and always work to get you the most favorable terms.
Our advisors will make sure that the product you have chosen will suit your business needs best.
How to qualify for commercial construction financing
Accessing funding for your business is now easier than ever. With online technology, funders can now easily underwrite a business with minimal paperwork and documentation required.
Here’s what you’ll need to qualify:
- Healthy business history
- Solid business plan
- 550+ credit score
What is the difference between commercial construction financing and construction equipment financing
With commercial construction financing, it’s a matter of funding any needs for your project. This includes, staff, renovations, and equipment.
Construction equipment financing allows to only finance the machinery and equipment needed for the project.
How does it work?
Businesses looking to remodel face up to thousands, even millions of dollars in costs once all the fees of labor, materials, land development and general construction are added up.
By financing the construction process with outside funding, cash flow can remain smooth without working capital or growth capital taking a major hit. Debt is a necessary part of growth in the economy. With more and more industries utilizing alternative funding, it’s important to capitalize on growth opportunities and stay competitive against other businesses.
What can I use it for?
Construction equipment financing covers a variety of machinery for your project. This type of funding is to be put towards construction costs. Some examples include:
- Compact trucks
- Wheel loaders
- Skid Steers
- Articulated trucks
- Motor graders
How do I apply
When you have a project that needs funding, the first step is finding a loaner. That would be us! Next, fill out our online application so we can evaluate your business’s financial situation, credit score (bad credit is okay, we don’t automatically reject a bad credit score if the business is overall healthy), and other factors that affect approval and offer able rates and terms.
In addition, we need a business plan with an overview of the construction project you’re financing. This includes what your business does, it’s updated finances, current debt obligations, details about current operations, and future projections.
Once approved, we will transfer the money into your business bank account and you can begin to invest it immediately. As every funding program is unique to each merchant’s needs, the details of the payback period vary and will need to be discussed with your funding representative.
Got some questions?
This financing option is meant for construction projects that use heavy machinery including dump trucks, backhoes, and bulldozers.
It’s different from equipment financing because its specifically requires heavy and large machinery.
With equipment financing, there are two options: financing and leasing. With leasing, no money or collateral is required upfront, just a monthly fee for equipment rental.
Obtaining a loan is a longer and more rewarding commitment. A loan can allow you to purchase your machinery upfront which will save you money down the line.
Your interest rates are based on your cash flow, your credit score, and overall status of your business.
The average interest rates on these loans are between 8% to 30%, all depending on the lender.
Having money upfront to purchase your equipment is also a plus with this financing. In addition, your cash flow issues will be resolved and no additional collateral is needed.
Loans can be rather expensive down the line, so it’s not recommended for short-term use. Although it acts as collateral, you’re responsible for the equipment.
Be sure to ask yourself these questions when deciding on taking out a loan. It will help you figure out if this is the right financing for you:
- If the equipment needs repair, can I fix it myself?
- Can my business afford upfront purchases?
- Is the equipment tax deductible?
- Do I need the equipment short-term or long-term?
Once you’ve answered these then you’ll have the information you need.
Take 5 minutes to fill our online application or give us a call and speak to one of our representatives who can help guide you through it, we can help get you funded ASAP!
Meeting minimal requirements still gives you a likely chance:
- Annual/Monthly Revenue
- Length in Business
- Credit Score
Meeting minimal requirements still gives you a likely chance.
Qualifying for a construction equipment loan is easier than other loans because equipment can act as collateral for the lien.
Having a good credit score is a major key but it won’t be the make it or break it factor for your application.