Northwick Business Capital built this used equipment financing calculator for shops, crews and plants in Lenoir and Caldwell County, North Carolina. Enter a price, down payment, rate and term to see an estimated monthly payment and total cost for a pre-owned machine, mower, lift or truck. The page also covers what business loans are used for and what collateral can back them.
Used equipment payments compared at two terms for a Lenoir, NC buyer
Illustration only, invented figures: an invented $42,000 used router with an invented $6,000 down, at an annual rate of 10%, comes to about $913 a month over 48 months and about $1,162 a month over 36 months (our arithmetic). The shorter term costs about $2,008 less in total (our arithmetic), at a higher monthly payment.
Older equipment may come with shorter terms or larger down payments, because its remaining working life is shorter. Try the term a partner is likely to offer for the machine's age, not only the one you would like.
What is a commercial loan used for in a Caldwell County, NC shop?
Commercial loans fund the business side of an operation: machines and vehicles, build-outs, buying another business, stock, and wages or bills during a gap. They do not fund the owner's personal costs. Each use has a funding type that fits its life span: equipment financing for machines, a term loan for a purchase or build-out, a line of credit for repeating gaps, inventory financing for stock.
What a small business loan can be used for beyond the machine, for Lenoir, NC owners
- Delivery, rigging and installation of the machine, if the partner allows soft costs.
- Tooling, attachments and the first run of material.
- Electrical or floor work the machine needs.
- Training for operators.
Ask before assuming: some equipment financing covers only the machine, and the rest goes on a separate loan or line.
What collateral can be used for a business loan as a Lenoir, NC owner?
For equipment financing, the equipment itself is the collateral, and its age and resale value set how much a partner will advance. Other loans can be secured by business assets in general, receivables, inventory or, for some products, real estate, and many include a personal guarantee. Used equipment's value is checked against the quote, an inspection or an appraisal.
See equipment financing, manufacturing equipment financing, landscaping equipment and the request form.
By Northwick Business Capital · Updated