If you’re a general contractor or the owner of a construction company, you know your toolbox is the lifeblood of your business. Like all other equipment used to complete heavy-duty jobs that require some serious heavy lifting, tools will eventually give out and need to be replaced after a while. Business owners can benefit from tool financing and establish a plan that will suit them with their monthly budget in mind. Below we lay out the blueprint for tool financing and everything you need to know.
No delays in workflow.
Essentially, tool financing allows you to start working with the equipment you need before you’ve paid off the ultimate cost of it. Typically, the contractor will establish a line of credit with the tool company and devise a proper payment plan to incrementally pay off the balance owed. Similar to taking out a mortgage on a home, tool financing allows you to make monthly payments to a distributor before paying off the remaining balance and eventually gain complete ownership of the equipment.
Easy payment process.
Depending on the company your working with, payment methods have a tendency to vary. This is largely dependant on the lender’s financial structure and system. Some distributors will take monthly or weekly payments in person. Others will establish an online payment system for you to login to. We recommend you search around through different distributors and financial plans to figure out the best solution for you.
A simple application process.
You might need to show some form of documentation before you get approved, but this will generally vary from lender to lender. However, because this is a very particular loan to pursue, the majority of distributors will be happy lending to you right off of the application alone. In these circumstances, you may have a slight chance of having to show documentation like invoices to prove that you’re operating a legitimate business.
Different types of financing options are available.
Everyone’s business is different and so will be their financing plan. It is important to look into as many plans as possible before committing to one. For starters, a great option is ACIMA. ACIMA is a financing company that allows you to get geared up with the tools you need for an initial investment of just $75.96 with 3 months to pay off your merchandise without an interest charge. If this doesn’t work for you, try getting a loan directly through a company like ours that will offer you a plan to purchase equipment and pay it off within a time frame that works for you.
The Tool Cabin is your best resource for finding and purchasing the best tools to help you get the job done. We are a new kind of tool shop that focuses on helping tradesmen, contractors, entrepreneurs, and companies complete projects with the best equipment available to them. When you work with us, you can buy or lease the tools you need without any credit necessary! Didn’t find what you were looking for in our inventory? No problem. Our team will find it for you and deliver it within 1 to 2 business days.
Interested in our services? Please feel free to get in touch with us today to learn more and have any of your questions answered.