Considerations for Financing Fabrication Equipment

In an ever-fluctuating economy, most -if not all- companies are on high alert to save on cost and maintain their budget. But keep in mind that cost should not always be the corner you cut when it comes to cutting equipment.

Meaning …are you leaving out some options on your fabrication equipment that those using it might need, prefer, or have mentioned could increase the productivity of your products?

Too many options can sometimes clutter a streamlined process, but options can also provide a quicker and simpler method of doing things – given the right operator for your piece of machinery.streaming Magic in the Moonlight

Although these new costs might be an added expense, this expense can be addressed with the right kind of financing.

Here are some standard and alternative ways to receive the financial backing for your equipment:

Bank

This is a tried and true way to acquire funds, and the interest rates are consistent, but a bank can also be a slow way of addressing your financial needs. In addition, the approval process is usually fairly stringent. Unless of course, you are in fabulous standing with your bank – in which case, proceed as usual.

Private

There are various private investment companies that take on risks such as these for a financial reward in the end. You need a good standing relationship in this case too, so take that into consideration.

Brokers

Brokers are often a forgotten and untapped financial source by many. They are usually mistaken for a high-cost lender, but the opposite is actually true. Because they have so many lenders available to them, and already have an established relationship with each, they can work at getting you the best financial rate in the market.

Vendor

Vendors can most likely offer you the fastest and lowest interest rate loan, but it might be attached to a higher purchase cost. Regardless, this is a simpler route worth asking about.

It goes without saying, but any interest rate will increase the overall cost of your purchase over time. However, if it increases the productivity of your workflow, than one can outweigh the other. Just know which way it will tip the scales.

As a fabrication company, we know the ins and outs of making purchases such as these. We try and make the best decisions for our business as well as for the individuals we offer our services to …and believe we have chosen wisely so far!

So if you are a business owner looking for equipment, or a business owner looking for fabrication experts, feel free to look to Absolute Fabrication …let us know how you can help!