Guide to Financing Construction Equipment in NC

Posted on: March 26, 2024

Are you a construction company owner, operator, or equipment manager in North Carolina? Is it time to add another machine to your fleet?

No matter your type of construction business, financing can be a practical and cost-effective way to secure the equipment you need. With a broad range of financing options, selecting the best choice for your company can be overwhelming.

At Carolina Cat, we’ve prepared this user-friendly guide to provide insight into heavy equipment financing as a North Carolina company—including information on the Cat® equipment financing process.

Getting a Construction Equipment Loan in North Carolina

When you apply for a loan for financing construction equipment in North Carolina, prospective lenders will consider multiple factors to determine your business’s creditworthiness, like:

  • Credit score
  • Business history, including the number of years your company has been in operation
  • Current contracts and other financial obligations
  • Payment history
  • Size and scope of your operation

The size of the equipment you’re looking to purchase can also play a role. The lower price tag on a mini excavator compared to a large bulldozer can make it easier to secure a loan in this case.

Before diving into financing for your construction business, it’s wise to grasp the basics of North Carolina lending laws and regulations. This insight can help you navigate the legal requirements for both lenders and borrowers. And remember, when in doubt, always seek advice from a licensed professional.

North Carolina Construction Equipment Loan Options With Bad Credit

What happens if you don’t qualify for “traditional” financing for an equipment purchase? You still may have options despite economic downturns, increased competition, and other reasons that can make approval difficult. If you’re a startup construction company, you may not have sufficient history to establish the credit needed to obtain a loan.

Regardless of the cause, a less-than-perfect credit score, and history, you may still be able to secure the financing you need. Many Carolina Cat customers qualify for funding through Cat Financial. You may experience a more straightforward approval process and better terms than when working with another national or local lender.

Leasing vs Financing Construction Equipment

In some cases, leasing can be more advantageous than purchasing your equipment. When leasing, you can make a smaller downpayment and monthly payments are usually lower. You can simply return the equipment at the end of the leasing period or buy it if you have that option.

Carolina Cat offers multiple rent-and lease-to-own programs through Cat Financial that can fit your company’s budget and give you more financial flexibility.

Insurance and Heavy Equipment Financing

Insurance coverage is essential to protect your investment and prevent a substantial loss when financing.

For example, a Cat Financial insurance plan covers physical damage to your equipment, whether it’s a Cat product or another leading brand. Simply pay your deductible and the insurance covers the rest.

You can also expect instant approval and fixed premiums throughout the financing term when you apply for coverage through Cat Financial.

Once approved, you’ll have access to a 24-hour claims service, expert repairs by Carolina Cat using genuine Cat parts and opponents, and peace of mind the repair was done to Cat specifications.

Ready to Secure Heavy Equipment Financing? Carolina Cat Can Help

At Carolina Cat, we offer a wide selection of equipment from Caterpillar and other leading manufacturers to help your business keep moving forward.

For select equipment like track loaders, mini excavators, skid steer loaders, and small bulldozers, you may be eligible to purchase equipment with 0% financing, $0 down, and 0 hassle!

With our flexible and cost-effective financing options, we make purchasing, leasing, or renting a frictionless experience for all customers.

Lock in 0% for 48 Months on New Compact Equipment

Lock in this attractive financing offer on compact Cat equipment today, including select compact track loaders, micro excavators, mini excavators, and skid steer loaders. See terms, conditions, and exclusions.