[CASE STUDY] Adding Equipment Can Get You A Better Deal!

Boost your business’s growth during hard economic times by financing your equipment

By Michael Culligan| Oct 12, 2022| 1358 Views

This video was made by Michael Culligan, a Financing Associate at Beacon Funding. As an associate, Michael helps his customers grow their business with equipment financing solutions in an inflated market. He works diligently to get them approved for the equipment financing they need and build business credit.

In this article, Michael discusses how he's helped his customers finance equipment with much better deals every time they've done business with him.

The need to add equipment often arises when you least expect it; giving you little time to plan or save. Equipment financing can help relieve your worries about not having enough cash on hand and allow you to react quickly to emergencies and opportunities. First-time businesses, however, sometimes have trouble understanding their financing costs. To save money, they focus solely on getting the lowest price possible without considering how it will affect their bank account.

However, the reality is many businesses will find it difficult and nearly impossible to grow without using capital from an external source. Financing your expensive purchases (like your equipment) might be the smartest fiscal move for your business, especially during this current inflated market. 

In this article, I will walk you through how equipment financing can not only help you get the equipment you need to fit within your budget. Moreover, I will explain how building business credit can benefit you in the future. Once you start financing your equipment you can expect to get a better deal each consecutive time because of this business credit.

If you are a new business looking to finance your equipment, check out our Ultimate Guide to Start-up Financing here.

In this article…

  1. What advantages do you get by financing your equipment during a recession?
  2. [Case Study] How other businesses have grown with equipment financing
  3. What sets Beacon Funding apart from other lenders?

Get Your Next Equipment Purchase and Save Your Cash with Beacon Funding What Advantages Do You Get by Financing Your Equipment During a Recession?

The Business Problem

First-time and small-scale business owners are more attracted to a lower price to save their money than a smart fiscal option which will benefit them in the long run.

For instance, I recently had a customer who was looking to build his fleet. Considering he hasn’t been in business too long; he didn’t have enough cash to buy the heavy-duty truck to boost his business. To meet the demand, he looked for cheaper alternatives. Unfortunately, this puts a strain on his cash reserves, his overall business growth, and his flexibility to manage unexpected expenses during this volatile market.

The reality is a business will find it difficult and nearly impossible to grow without funds from an external source.

The Solution

With the economy becoming more volatile every day, it’s important to remain liquid and save cash reserves. However, this should not impact your business’s need to grow.

Financing your expensive purchases (like your equipment) can help you save your cash reserves and meet your business’s need to grow, in an inflated market. One of the biggest benefits of financing your equipment is it allows you to take advantage of the latest industry equipment for a low monthly payment.

Even better, once you start financing, it allows you to get a better deal each time because you’ve established business credit. Working with an experienced lender like Beacon Funding allows you to get better plans for each consecutive equipment deal.

[Case Study] How Other Businesses Have Grown with Equipment Financing

Let me show you an example of how equipment financing can impact a business long term.

I had a client who really needed a tow truck but wasn’t qualifying for financing from traditional lenders. He was having trouble covering his monthly expenses and turning a profit. Plus, being a new business, it became difficult for him to acquire funding to afford needed equipment.

With over three decades of industry knowledge and equipment experience, we were able to help his business get approved. Our background allowed us to take on more risk when other lenders wouldn’t. Our client was able to get approved for funding when traditional lenders and banks turned him down.

Because of that, my customer was able to start generating enough revenue to cover their monthly payments and turn a profit. Over time he established a strong pay history and built business credit with Beacon Funding. This helped them later qualify for more favorable deals when he decided to finance more equipment in the future.

Businesses with established credit are able to qualify for more favorable financing terms. It allows companies to mintage any additional risk with the newly established line of credit, making small businesses more favorable to work with.

Seven years later, they tell others in the same situation that “Beacon Funding will give your business a chance when no one else will.”

What Sets Us Apart from Other Lenders?

Working with an experienced lender like Beacon Funding gives your business the opportunity to get approved for financing fast, regardless of your time in business. We specialize in helping businesses with challenged credit and nonexistent credit histories get the funding they need.

  • Traditional lenders who have strict qualifying criteria don’t often approve start-ups or those with challenged credit.
  • Beacon Funding understands the value of your equipment and believes in small businesses. We’re able to approve 70% of applicants, which is 13.2% higher than other alternative lenders and 42.3% higher than big banks.
  • With approvals in 24 hours, you can get the funding you need fast. Acquire the equipment you need sooner and rise above challenges in today’s market.
  • Big banks can also fail to deliver the personal experience and equipment expertise needed to offer flexible financing. Our financing consultants provide dedicated personal service to both new and current customers.
  • What sets us apart is how we set our customers up for long-term success. After a transaction, customers begin to establish pay history with Beacon Funding. When they finance additional equipment, we leverage their pay history with us to help qualify them for lower payments, more competitive programs, and bigger equipment.

Looking To Finance Your Equipment?

If your situation sounds similar to the ones discussed, then schedule a call to chat with our experts. Remember, there’s no cost or commitment to discuss your options. You can:

  • Get approved for funding your desired equipment within 24 hours
  • See how much you could potentially get approved for
  • Receive top-class service from dedicated financing reps

If you liked this video, be sure to hit the like and subscribe buttons for more educational content on how you can grow your business in the future. You can receive content about financing directly in your inbox when you subscribe to Beacon Funding’s newsletter.

Michael Culligan
Michael Culligan

P: 847.443.2595 |  EContact Me

As a Financing Associate at Beacon Funding, Michael enjoys helping businesses define and meet their goals with the right equipment financing option tailored to them.