How to Qualify For Used Industrial Equipment Financing
March 8, 2022
To increase growth and achieve long-term success, industrial companies need access to heavy equipment and specialized machinery to meet production deadlines and fulfill customer orders.
Business owners can achieve these goals while also saving valuable capital by applying for used industrial equipment financing for purchases through Texas Gulf Bank.
We invite you to learn more about the key aspects of used industrial equipment loans as well as the application process. By working with our bank for used equipment financing, your company can access the tools and equipment you need for daily operations, major projects, and expansion plans in a strategic, fiscally responsible way.
Why Companies Need Used Industrial Equipment
Securing large-scale machinery and specialized industrial equipment is an important investment, but it can be a financial drain to pay full price for brand-new equipment.
Rather than spending a large amount of available cash on a major capital expense, companies can secure financing options for used equipment that helps spread out the cost over time. This way, you constantly have access to reliable, time-tested used equipment and machinery.
Choosing used industrial equipment means business owners can:
- Choose equipment that is already proven to work in their industry.
- Remain competitive within their market.
- Better anticipate maintenance or repair needs.
- See immediate productivity results.
By purchasing used machinery and specialized equipment, your company will be able to test new technology and experience improved efficiency without the risks that come with using new, untested equipment.
The end result of purchasing used equipment is that the cost savings can be directed towards more critical business needs and goals.
Which Industries Need Heavy Equipment Financing?
A wide variety of industries rely on used industrial equipment to meet production goals, construction deadlines, and manufacturing orders. With access to newer but used specialized machines and heavy equipment, your company can realize growth in both productivity and revenue.
Industries that can benefit from purchasing used equipment include:
- Construction
- Land Development
- Industrial Distribution
- Manufacturing
- Fabrication
- Trucking/Logistics
Business owners can use financing options for many types of used equipment, allowing them to focus resources on other areas such as research and development, sales, recruiting, and new customer acquisition.
Qualify For Equipment Financing Through Texas Gulf Bank
Is your company located along the Texas Gulf Coast? Or, do you have jobs that take you to this region of Texas? We can help. Texas Gulf Bank supports local businesses by providing lending options for used industrial equipment purchases.
We offer loans to qualified customers that meet our specific loan application guidelines. When evaluating a company for used equipment financing, we study the 5 c’s:
- Capacity
- Capital
- Collateral
- Conditions
- Character
Our bank looks for companies that can demonstrate the ability to service the proposed debt, detail an acceptable business use for the equipment, provide their historical financial performance, meet loan structures, and show us that they are a reputable borrower.
As part of the loan process, we require companies to provide:
- A completed Loan Application
- 3 years of company financials and tax returns
- Existing debt schedule
- Personal financial statement of the owner(s)
- 2 years of personal tax returns of the owner(s)
- Equipment invoice and description
As part of the process, our loan officers will discuss potential interest rates, monthly payments, and repayment options to ensure that you fully understand all aspects of the loan agreement.
Why Companies Should Choose Texas Gulf Bank
We understand that commercial and industrial businesses need to be able to purchase used industrial equipment to support their specific business needs. Texas Gulf Bank is ready to support your company so that you can spend more time delivering projects, not looking for financing options.
We strive to develop long-term relationships with businesses, and we believe our strength is in our commitment to helping business owners for years to come. Our experienced bankers study each client’s needs in order to be a continual resource and valued partner for your business.
Our bankers will leverage their extensive experience and networks in the market to help provide the best information possible as it relates to industrial equipment financing. We’re here to provide you with valuable financial resources as you grow.
– We recommend that you subscribe to our Texas Gulf Bank newsletter to receive regular updates on commercial and industrial lending options directly to your inbox.
– Ready to apply for used industrial equipment financing? Contact us via the form below. We’ll get in touch with you to follow up.
All Loans Subject to Credit Approval