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First Capital Business Finance

Construction Equipment Financing 2024

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First Capital

Get Construction Equipment Financing Today

Construction Equipment financing

If you’re in the construction industry, more than likely you know the struggle of finding equipment financing. Construction equipment is not cheap, which makes it important to find the right finance company to provide you with help. We understand it’s hard enough to find the right equipment and for the right price, especially if you are in the market for used equipment. The last thing you want holding up your acquisition, is lending guidelines and red tape due to age or hours on the equipment. That’s why First Capital Business Finance provides the help you need to get to you going with your business, even for older equipment with more hours or miles!

Construction Equipment Financing

Unlock Your Construction Projects’ Potential with Flexible Equipment Financing Solutions

Are you looking to expand your construction business but need the right equipment to make it happen? Look no further than our construction equipment financing options. At First Capital, we understand the unique needs of the construction industry and offer tailored financing solutions to help you acquire the equipment you need to succeed.

Why Choose Construction Equipment Financing?

Investing in quality construction equipment is essential for completing projects efficiently and meeting client expectations. However, purchasing construction equipment outright can be a significant financial burden for many businesses. That’s where construction equipment financing comes in.

With construction equipment financing, you can:

  • Preserve Capital: Avoid tying up your capital in expensive equipment purchases and use it instead for other business needs, such as hiring skilled labor, marketing, or expanding your operations.

  • Access High-Quality Equipment: Get access to the latest and most advanced construction equipment on the market without the need for a large upfront investment.

  • Manage Cash Flow: Enjoy predictable monthly payments that fit your budget, allowing you to better manage your cash flow and plan for future expenses.

  • Stay Competitive: Equip your construction business with the tools it needs to stay competitive in today’s market and take on larger and more lucrative projects.

Our Construction Equipment Financing Solutions

At First Capital, we offer a range of flexible financing solutions tailored to meet the specific needs of construction businesses:

  • Equipment Loans: Secure financing for the purchase of new or used construction equipment, including excavators, bulldozers, loaders, cranes, and more.

  • Equipment Leasing: Lease construction equipment for a fixed period, with the option to upgrade to newer models at the end of the lease term.

  • Working Capital Loans: Access additional funds to cover construction project expenses, such as materials, labor, and overhead costs.

  • Lines of Credit: Enjoy ongoing access to funds to cover day-to-day business expenses, equipment maintenance, and unexpected emergencies.

Why Choose First Capital Business Finance?

When you partner with First Capital for your construction equipment financing needs, you can expect:

  • Expertise: Our team of financing experts understands the construction industry inside and out and can provide personalized guidance to help you choose the right financing solution for your business.

  • Fast Approval: Get approved for financing quickly and easily, with most applications receiving a decision within 24 hours.

  • Flexible Terms: Enjoy flexible repayment terms and competitive interest rates designed to fit your business’s unique needs and budget.

  • Excellent Customer Service: We pride ourselves on delivering exceptional customer service and are committed to providing ongoing support to help your construction business thrive.

Ready to Get Started?

Take your construction business to the next level with construction equipment financing from First Capital. Contact us today to learn more about our financing solutions and get started on your application. Let us help you acquire the equipment you need to build a successful construction business.

Qualifications for Financing Construction Equipment

Are you in the market for getting some additional equipment for your business, or if you’re a startup company looking to get your first piece of equipment? Regardless if you are an established business or even if you just started your business today, we have a wide variety of programs for all business owners! We would strongly recommend anyone who’s in the market to buy some equipment, they get prequalified first. Getting prequalified will help you understand the following:

  1. The type of equipment you qualify for.
  2. The amount of financing you qualify for.
  3. The length of term you qualify for.
  4. The required paperwork you will need to obtain the financing.

 

The type of equipment is going to be important when you’re shopping and visiting dealers. Some programs will have guidelines and limitations on the age, hours or miles on the equipment. For an example, some banks or lenders won’t finance older equipment. So it’s best you understand this prior to investing some time testing out and searching for equipment. The good news with our company, we have a wide variety of programs, some do have age limitations, and some do not! So it’s in your best interest to figure this out beforehand.

The amount of financing you are needing might be totally different from what you actually will qualify for. You might want a brand new piece of equipment, but due to the cost of the equipment you may

need to consider buying a used one because of qualification purposes. Again, it’s best to see what amount you qualify for prior to shopping for equipment.

The length of term for equipment financing is typically 12 to 60 months. However, there are some terms that may go out to 84 months depending on the amount being financed. But knowing what you qualify for, will also give you an idea on what the monthly payments will be. This is a great way to figure out the cash flow and you’ll be able to make a more informed decision on the type of equipment and the cost of the equipment.

Paperwork and providing information to finance companies can be overwhelming at times. We understand that, and we make the process as simple as possible. We have programs that don’t require tax returns, financial statements, or bank statements and we also have programs that do require those financial documents. But if you get prequalified by one of our advisors in advance, your expectations will be set in the right direction to set up yourself for a smoother transaction with our company.

Good or Bad Credit

Whether you have good credit or bad credit, we provide different programs for everyone. Even if you’ve recently had a bankruptcy discharged, we have a wide selection of programs to help you. No matter what, we make sure to find a program to provide the construction equipment you need for your business.

Startup Businesses are Welcome!

We are not limited to established businesses, we also have programs for startup businesses. Guidelines will be different for a startup business, so it’s highly recommended you speak to one of our advisors and they can go over all the different options with you.

First Capital Business Finance

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Getting the loan you need is simple. Contact us & you can get prequalified for your loan on the same day!

Contact Us

Step 1

Reach out to us via phone or the contact form on this website.

Step 2

We'll contact you to get the information we need to process your loan.

Step 3

You'll receive a decision on your loan shortly (typically the same day).

Stay Ahead of the Game

With our company, you can get the money you need to stay ahead. Whether you need to purchase or rent up-to-date equipment or preserve your cash flow, we can help. Our process is simple and fast. If you already have your equipment picked out and ready to go, then we suggest you start your pre-approval process before signing agreements.

Read Up and Stay Informed

Before starting your financial journey, read up on what you can do to stay ahead and help guide you to your financing needs. These are just some of the equipment we can finance. If you don’t see the type of equipment you need, just give us a call because we can finance any type of equipment!
commercial equipment

Testimonials 

What Our Customers Say

"First Capital Finance has been amazing! From start to finish, always keeping in contact, never leaving us wondering what’s going on. We were funded within a week for our new equipment. When you run your own business, you can’t afford down time. Vivian, eliminated our down time! We definitely look forward to using there services again. Thank you Vivian."
Luke & Sarah WeverWever’s Tree Service, LLC
"Dear Dustin, I want to take a moment to thank you and your staff. When other small business lenders say no, First Capital Financing says YES. You and your coworkers do what it takes to help small businesses."
Jeremiah JLandscaping Co.
"I almost gave up until I talked to First Capital! It was great! He worked to help me out.  As a matter of fact, I just about gave up until I talked to Dave on the phone."
R. McKelvey
"Absolutely Unbelievable! Testimonial from another of our fantastic clients who purchased a truck with our financing! David was absolutely unbelievable, he was right on with everything and on time with everything and got everything I needed and how I needed it.”
J. Michaels
"Always available, extremely responsive. He’s phenomenal…he’s always available, extremely responsive, I love him to death I’ll be using him going forward."
B. Tyson
"They kept me in the loop the whole time. Dave was very patient with me.  He provided me with anything I need, any time I needed to talk to Dave I could get in contact with him either through email or phone call, he was very easy to get in contact with.  He stayed in contact with me and kept me in the loop of the process the whole time.  I had a very comfortable experience…"
M. Williams
"Working with Anthony was just the best…that guy is just great, he has a lot of optional things that can help out people looking for funds. He really helped out."
E. Rokotovao
"Went through Dave 3 times already, I did a capital loan the first time, then got our truck refinanced, and another capital loan. Every time I’ve dealt with him he’s been very professional and super fast."
K. Morgan
"I can’t say enough good things about our experience with First Capital Business Finance. Dustin was incredibly helpful every step of the way and always available to answer our questions. We had a tricky approval and a few bumps in the road, and he went above and beyond to help us get our truck and trailer financing. I highly recommend Capital Business Finance."
Amanda M.
"Dave Daniels is detailed oriented and a super-fantastic communicator. Customers appreciate his professionalism and ability to explain complex opportunities in layman terms. When given the opportunity he becomes an extension of your business opposed to a vendor. It is unfortunate I can’t work on all my loan opportunities with him"
Maurice Settles
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Contact First Capital for Your Construction Equipment Financing

If you’re ready to start your journey on getting your equipment, contact First Capital Business Financing today! Call us at now 888-565-6692 or apply online for a same day loan approval. Start getting the equipment you need with First Capital and get pre-qualified for your loan
What are typical terms for equipment financing?
 
Typically, the loan term spans from three to 10 years. Most equipment loan choices entail a down payment, typically ranging from 10 percent to 20 percent, contingent upon the lender. A larger down payment often leads to more favorable interest rates.
 
How hard is it to get a loan for equipment?
 
Obtaining equipment loans is generally accessible, even for individuals with moderate credit scores and those operating startups. Qualifying for such loans typically hinges on factors beyond just credit history. A key aspect is the provision of a substantial down payment. Lenders often prioritize the down payment amount as it demonstrates the borrower’s commitment and reduces the lender’s risk. Additionally, showcasing a well-thought-out business plan and demonstrating the potential for generating revenue with the equipment can bolster one’s chances of securing the loan. While creditworthiness is important, lenders may also consider factors such as business stability, industry experience, and the specific equipment being financed. Therefore, aspiring borrowers should prepare a comprehensive application package that highlights their business’s strengths and outlines how the equipment acquisition will contribute to its growth and success.
 

How does a lease differ from a loan?

The two most common options for construction equipment financing are leasing and borrowing money. With a lease, you typically make a smaller monthly payment for a set period, and you have the option to purchase the machine at the end of your lease term. On the other hand, with a loan, you borrow money upfront to make monthly payments for the purchase, and you own the equipment at the end of the loan term. Generally, equipment loans have higher repayment plans than leases. You may be able to lower the monthly lease or loan payments by making a larger down payment on new equipment.

If you need a machine for a short-term project or seasonal work, leasing may make more sense. A lease may also be beneficial if you are working in aggressive environments such as demolition where your equipment needs to be replaced more often. But if you prefer to keep equipment longer and it’s fundamental to your daily operations, an equipment loan may make more financial sense.

A financing alternative to leasing or loans is a rental purchase option (RPO), which is a rental agreement that applies a percentage of your rental payment toward the purchase of equipment. At the end of your rental term, you have the option to purchase the equipment. An RPO makes sense if you are unsure how long you’ll need a machine for a project or if you are new to heavy equipment. With an RPO, you have time to see whether the machine is best for your project or business while building equity in the equipment.

What are the rates and terms?

Interest rates vary for equipment leases and loans, depending on your business, credit score and amount of equipment you’re purchasing. Most lenders offer unsubsidized rates and subsidized rates. Generally, unsubsidized rates (standard rates) on most equipment loan rates range from 6% to 9%.

Some lenders can offer subsidized rates of 0% financing on selected terms, so you don’t pay any interest.

Typical financing terms range from 12 months to 60 months, but a popular term for financing construction equipment is 36 months. Some manufacturers offer a 72-month term for smaller construction equipment, such as mini excavators. Make sure to choose a term based on the monthly payment you can afford. Also compare rates, terms and fees.

How do I apply?

The application process can vary depending on where you apply. The process usually starts with your local dealer to determine what financing or leasing options make sense.

If you finance through your dealer, employees can direct you to an online portal to apply. This is typically a one-page credit application that requests basic information about your business. You may provide personal information to provide personal guarantee on the request.

Generally, personal guarantee is recommended for a newer business. Once your dealer has all your information, a sales specialist can submit the application within 30 seconds.

How do I know if I qualify?

While every lender is different, it’s usually easier to qualify for an equipment loan or lease with a manufacturing lending partner. If you’ve been operating your business for a few years and have a good credit history and comparable borrowing and cash flow, you may qualify for a loan or lease at a decent rate. If you have limited credit history or cash flow, you may be able to qualify by showing your financials or offering a down payment. Your dealer may also decide to work with alternative lending partners to help you figure out financing options. Call us today to find out!

How do I know if I’m approved?

Once a lender, like First Capital receives your information, you usually find out if you’re approved within minutes. Some lenders can take 3 to 5 business days if you have existing exposure or your current request needs structuring. If you’re approved, all you need to do is sign paperwork and receive equipment delivery, and the funds will be disbursed directly to your dealership.

Financing is a great option to help ensure you have the right equipment to complete projects on schedule as well as preserve your cash. 

What Is Section 179?

If your business is using financing to purchase heavy construction equipment, you may be eligible for a tax write-off called Section 179 of the IRS tax code. For instance, if you financed $100,000 worth of equipment, you may be able to deduct the entire amount from your taxable income in the year it was purchased or financed. Visit with your tax adviser to learn more about Section 179.

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