A Newbie's Guide To Getting Your Hands On Heavy Equipment

Posted on: 30 March 2015

If you're not versed in construction, but have a potential waste removal, construction or remodeling project on your hands that requires some heavy lifting, consider your equipment leasing options. As you begin putting together the logistics for the potential project, consider some of the following factors. 

What heavy equipment would make my job easier?

You'll need to take inventory of your project in order to find out the best ways to make your task easier. Some of the following heavy construction equipment would be ideal if you are trying to build an arsenal of tools to assist you:

  • Bulldozers to remove concrete, debris and other items
  • Cranes to lift tons of material high into the air, on- and offsite
  • Heavy snow removal equipment for areas that get hit with winter storms frequently
  • An excavator to dig underground and remove earth. This is useful if you are going to install plumbing, electricity and other utility lines

How should I go about financing the equipment?

When you want to get your hands on some of the best equipment possible, one of the best things you can do is seek a lease. In terms of leasing, there are plenty of options that you can explore, including the following:

  1. Fair market value - With this type of lease, you typically have the flexibility to return your equipment when necessary, extend the lease, or even buy the equipment for the market rate. Since the property value begins to depreciate the more you use it, you will typically be able to get an upgrade when you sign a fair market value lease.
  2. Dollar buyout - If you want to get the benefit of owning your heavy equipment after financing it through a lease, you can do it through this plan. With a dollar buyout, you will be given the opportunity to purchase the equipment for just a dollar as the lease ends. 
  3. Refinance - With a refinance lease, you'll be able to switch to payments that you are more easily able to afford for your business. 
  4. Sale leaseback - With a sale leaseback, you'll get the opportunity to sell the equipment to another individual or business and then pay lease payments when you need to use it again. This is a quick and efficient way to get business capital while still being able to use the equipment. 

Consider this information, so that you're able to get the equipment that you need in a way that makes the most sense for you. For more information, speak with experts like Westar Financial Inc.