Tips for getting financing?

[Bobcat190]

So long story short, I work for a medium sized operation as Operation's Manager. I have some equipment of my own that i use on the side. I would like to go full time with my own bussiness. I have the need (and some jobs) for a 200 size excavator. I have been told by some people that in order to borrow money to buy the machine or to finance it I will need more money in assests then I have. Does this mean I have to buy a house and rent it out or something along those lines in order to buy the machine?

I want to take advantage of equipment prices before we start to see some hyper inflation with all this "new money" being introduced.

Any ideas? I was also told that some equipment companies look at the machine you are financing as capital or as an asset. Is this true?

Thanks guys

 

[homecoast]

Bobcat190 - Sorry I didn't see your message earlier, as I just joined today. I work for a company that can use your existing equipment as collateral to provide capital for new equipment purchases. We can also do purchase-leaseback arrangements. Let me know if you are interested in learning more.

Thanks

 

[Lease Options]

Bobcat190, if you are looking to buy directly from the equipment dealer, they have different rules for their lending. One question: have you formed your own business as a separate entity from the current company you are working for? I'm here, if you have any additional questions.