This is Part 3 of a five-part series on used equipment. Click here to see the other parts of the series. Click here to download the full version of the Used Equipment Report.
“It’s not like financing a new car or a used car. There are so many things that are a factor in buying or financing a used piece of construction equipment.”
— John Crum, senior vice president at Wells Fargo Equipment Finance
Now that you’ve picked out that used excavator or wheel loader to add to your fleet, the next step to figure out is how to finance it.
Thanks to dealers selling their rental machines, leases ending and trade-ins arriving, there’s plenty of supply for high-quality, late-model equipment on the market, lenders say. They also indicate there’s plenty of credit available to help make those deals.
Borrowing money to buy used construction equipment, however, may take some shopping around to find the deal that best fits your needs. Lenders say just looking for the lowest interest rate might not make the most long-term financial sense.
“It’s not like financing a new car or a used car,” says John Crum, senior vice president at Wells Fargo Equipment Finance. “There are so many things that are a factor in buying or financing a used piece of construction equipment.”
