There is a wide range of different businesses within the transportation industry, but there is one thing that every single one of them has in common: they can benefit from equipment financing. However, keeping up with customers’ demands and managing the integrity of their fleet can quickly liquidate a trucking company’s working capital. In order to preserve that capital and remain competitive, companies can look for transportation equipment finance solutions.
These solutions can help not only get the new or used trucks they need but also gain additional benefits like the ones listed below.
Expand the fleet
One of the first benefits transportation companies gain from choosing a transportation equipment finance solution is that they can expand their truck fleet. If business owners have fewer trucks on hand and less equipment, it can mean that they have to turn down jobs and opportunities due to lack of capacity. When owners use equipment financing to expand, they are able to take on more work and, in turn, generate more revenue.
Get back on the road fast
There is no question that the transportation industry is going through some labor shortages, and when your company acquires new drivers, you want to get them on the road as soon as possible. Going through the balance sheet and figuring out where the cash needs to come from to get new trucks can take away valuable time. Equipment financing is readily available and can get owners the cash they need to get trucks out on the road!
Lots of flexibility
When a company needs new or used trucks, equipment financing provides a flexible solution. For example, if your company signs onto a contract that is valid for 12 months that requires the addition of more vehicles with no guarantee of renewal, there are lease options that are available to fit your specific needs. Plus, the lease or loan can be customized to fit in with the seasonal demand and revenue stream of your business. Companies can lease with and without the option to buy, providing greater flexibility and less direct upfront costs.
Replacing your old or outdated equipment is easier than ever with Equify’s transportation equipment finance options. At the end of your lease term, you have the option to update your truck to the newest model with the latest technology. This upgrade in equipment can help your fleet remain productive and increase efficiency. By having the latest and greatest technology, your company is able to remain competitive among other transportation companies.
Save your funds
Equipment financing allows companies to leverage their buying power and break down the total of the equipment into lower monthly payments instead of requiring a ton of cash during an outright purchase. With the extra liquidity, companies can look into other business opportunities. Plus, generally, equipment financing can help with multiple machine purchases at one time, leaving cash to cover other expenses and daily operations.
There are a lot of benefits that transportation companies can gain when they choose equipment financing. If you have evaluated your options and are ready to move forward with financing for your fleet, then contact us. Our team is ready to help you.