Henderson County, NC builders finance an excavator through a dealer program, a bank or an equipment lender; dealers suit new machines with a promotion, banks suit established builders, and equipment lenders suit used machines and younger crews. Site preparation contractors had 39 employer establishments in the county in 2023 (Census CBP).
Plumhill Capital Group of Hendersonville, North Carolina compares the places a Henderson County builder can finance an excavator, dozer or skid steer, with invented payments over two terms.
Used Equipment Financing Companies for a Second Excavator
A second excavator is often a used one. Used equipment financing companies lend against the machine's value, which depends on its make, model, year, hours and condition. They want an inspection, photos and the seller's details.
Terms on used machines are usually shorter than on new ones, and older units may need a larger down payment. A dealer's certified used program can bridge the gap.
Construction in Henderson County, NC had 478 employer establishments in 2023, more than any other sector (CBP).
See construction business loans for the trade view.
Ask the seller for the service records and any warranty that transfers; a partner may price the loan better with them in the file.
Heavy Equipment Financing Companies Compared With Dealer Promotions
Dealer promotions on new machines can offer low rates for a set term, sometimes with deferred first payments. They are tied to that dealer's brands and to new or certified units.
Heavy equipment financing companies and banks quote on any machine, new or used, and can finance several machines in one request. A builder with a bank relationship may get a smaller total from the bank, even against a promotion.
Compare the cash price, the financed price and the total paid. A promotion that raises the sticker price can cost more overall.
Ask whether the promotion requires the dealer's service plan.
Equipment Financing Loan Terms for an Excavator, Dozer or Skid Steer
Equipment financing loan terms for an excavator, dozer or skid steer usually run three to seven years. A loan transfers ownership at the start with a lien; a lease may end with a buyout.
Some agreements allow seasonal payments that are lower in winter months; ask whether the partner offers them.
Equipment loans lists payment examples for several machines.
Read the default and repossession terms; heavy equipment lenders enforce them.
What a Henderson County, NC Builder Brings to an Equipment Lender
A builder going to an equipment lender brings:
- The machine quote or the seller's listing with hours and serial number.
- Two years of business tax returns, or bank statements for younger crews.
- The open job list, showing the work the machine will do.
- Existing equipment and truck payments.
- An insurance binder for the machine, effective on delivery.
A term loan may suit a larger fleet purchase; county figures are on the Hendersonville, NC page.
Questions a Henderson County, NC Builder Asks Each Excavator Lender
- What is the rate, and is it fixed for the full term?
- What down payment do you need on a machine of this age and hours?
- Can payments be lower in the winter months?
- Do you need the machine inspected, and who pays for the inspection?
- Is there a fee for paying the loan off early or for trading the machine in?
- Do you take a lien on other equipment or only on this machine?
Builders who have financed machines before can add their payment history on earlier loans; a clean record on two or three machines often counts for as much as the tax returns.
Excavators bought for site work in Henderson County, NC also go on the January business personal property listing with the county assessor, so the first tax bill arrives the year after purchase.
An Invented Used Excavator Over Two Terms for a Henderson County, NC Crew
Invented figures, illustration only: a used excavator at $118,000 at an invented annual rate of 9.75% costs about $2,493 a month over 60 months or $2,171 over 72 months (our arithmetic).
The longer term lowers the payment and adds about $6,767 in total interest (our arithmetic). A machine that will work the full six years can justify the longer term; one likely to be traded sooner should be paid off sooner.
By Plumhill Capital Group · Updated
