{"id":17453,"date":"2024-03-26T17:07:57","date_gmt":"2024-03-26T17:07:57","guid":{"rendered":"https:\/\/carolinacat.webpagefxstage.com\/construction\/?p=17453"},"modified":"2024-08-12T13:28:20","modified_gmt":"2024-08-12T13:28:20","slug":"guide-to-financing-construction-equipment-in-nc","status":"publish","type":"post","link":"https:\/\/carolinacat.webpagefxstage.com\/construction\/guide-to-financing-construction-equipment-in-nc\/","title":{"rendered":"Guide to Financing Construction Equipment in NC"},"content":{"rendered":"
Are you a construction company owner, operator, or equipment manager in North Carolina? Is it time to add another machine to your fleet?<\/p>\n
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.<\/p>\n
At Carolina Cat, we’ve prepared this user-friendly guide to provide insight into heavy equipment financing as a North Carolina company\u2014including information on the Cat\u00ae<\/sup>\u00a0equipment financing process.<\/p>\n 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:<\/p>\n The size of the equipment you\u2019re 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.<\/p>\n Before diving into financing for your construction business, it’s wise to grasp the basics of\u00a0North Carolina lending laws and regulations<\/a>. 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.<\/p>\n 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\u2019re a startup construction company, you may not have sufficient history to establish the credit needed to obtain a loan.<\/p>\n 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.<\/p>\n 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.<\/p>\nGetting a Construction Equipment Loan in North Carolina<\/h2>\n
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North Carolina Construction Equipment Loan Options With Bad Credit<\/h2>\n
Leasing vs Financing Construction Equipment<\/h2>\n