All About Bobcat® Equipment Financing

Bobcat® equipment is extremely useful and can be an asset to many different kinds of businesses. However, smaller organizations or those on a tight budget can sometimes struggle to afford what they need. That’s why many companies choose to finance their Bobcat® equipment purchase. If you’re interested in learning more about Bobcat® equipment financing, this guide from the experts at Bobcat of Erie can help. 

How Long Are You Using the Equipment?

First, figure out how long you’ll need the Bobcat® equipment. If you’re only going to be using it for about a year or less, you might want to consider rental options, such as an operating lease. After all, it doesn’t make much sense to commit to years of monthly payments for something that you’ll only need temporarily. Be sure to calculate the numbers so that you can fairly compare the cost of both options. However, if you’re planning on using the Bobcat® equipment long-term, then financing will usually be better than perpetually renting. Financing can help you manage the high cost of purchasing an expensive piece of equipment while retaining the benefits of ownership.

When Do You Need The Money?

Second, consider the timeframe in which you want to start the financing process. The loan application process takes time to complete, during which the lender will analyze data points like your finances, credit score, and income level. That’s why it’s usually best to start preparing as soon as you realize that you need a loan. Starting early will give you more time to get things in order and save up for your down payment. 

What Kinds Of Loans Do You Qualify For?

Financial institutions try to minimize risk where they can and will be less likely to give you a loan if they don’t think you’ll be able to pay them back. Luckily, there are things you can do to prove that you’ll be a good debtor. For one thing, by saving as much as you can in advance, you can make a larger down payment, which will translate into paying less per month. You can also review your finances to determine how much you can afford to devote to loan repayments per month. This will help demonstrate that you are a responsible borrower with a plan to repay your loan. 

Get your Bobcat® equipment financed at Bobcat of Erie. We operate 8 dealership locations, including Cranberry Township, Meadowlands, and Waterford, Pennsylvania. We’re proud to serve the states of Pennsylvania and Ohio. We also offer rentals, servicing, and parts.