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Financing Your Trash Bin Cleaning Equipment
Financing Your Trash Bin Cleaning Equipment
When it comes to financing your bin cleaning equipment, you’ll want to find the most cost-effective way to finance the equipment you need. Your decision will depend on your equipment needs, budget, and the state of your personal finances. The two-financing options we’re going to cover will be 1. Equipment Financing and 2. Personal Loans.
Financing your Bin Cleaner with an Equipment Loan
Equipment Financing: If you already have a business that has been established for at least 2 years, then equipment financing may be a good option for you.
There are plenty of reasons why you might want to consider an equipment loan instead of a traditional, general business loan from a bank.
- They require less documentation. Equipment loans are secured by the piece of equipment that’s being financed. You typically won’t need to provide as much documentation.
- They save you money. Equipment loans typically allow you to finance 80 to 100 percent of the cost of equipment, often with no down payment. Some equipment financing companies offer flexible repayment terms that can help you maximize cash flow. The payments on equipment loans may also be tax-deductible as operating costs (be sure to check with your accountant).
- You get an answer right away. In most cases, equipment financing companies decide to approve or deny your loan application very quickly. You can even apply online and get a quote instantly.
US Bank Equipment Financing
We have partnered with US Bank to provide equipment financing. They will work with you one-on-one to find the best credit option for your business.
- Financing amounts up to $1,000,000
- Finance multiple pieces of equipment on one contract
- 125% financing when including additional costs such as installation, tax & freight
- Pre-approval option
- Flexible payment options (monthly, quarterly, or annually)
Before you apply for Equipment Financing
You’ll need:
- Estimated price and description of the equipment you want to finance
- Date your business was established (minimum required: two years ago)
- Representation of at least 51% ownership in the company
- Information about all owners with 25% or greater ownership in the company, including their SSN's and birth dates
Keep in mind:
- You must be a legal resident of the United States
- You must have at least 1% ownership to apply on behalf of a commercial business
- The maximum finance amount available online is $249,999
If equipment financing sounds right for you, start your application online or contact us directly and we can send you more information.
Financing your Bin Cleaner with a Personal Loan
Personal Loans: When you’re just starting your bin cleaning business, and looking for the best interest rates, a personal loan will typically provide the best rates.
If you have good credit, generally a credit score of 690 to 719, you’ll find favorable interest rates on most personal loans that don’t require collateral. If you have a great credit score, 720 and above, your interest rate will be even better. If you have good credit, you should shop around at online lenders, and your local bank or credit union to get the best combination of low rates, fees and payment flexibility. Most lenders will let you check the rates you could get without affecting your credit (that’s called a soft check), so it’s worth taking some time to compare offers and get yourself the best possible rate.
A good place to start looking for the best rates online is at Lending Club.
Getting a personal loan with bad credit
A bad credit score, one that’s below 630, won’t keep you from getting a personal loan. Some online lenders cater specifically to people with bad credit. These companies consider your credit score and history when deciding whether to loan you money, they also have more flexible requirements than banks do.
Personal loans from reputable online lenders can be good options for many borrowers with scores below 630. However, I really recommend you visit your local credit union. Most credit unions offer lower interest rates than online lenders for people with bad credit. The maximum annual percentage rate at a federal credit union is 18%.
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Also in Blog
Software Programs for Running Your Bin Cleaning Business
Using a field management program helps automate and streamlines tasks so you can focus on growing your business. They help with things like scheduling, optimizing your cleaning routes, GPS directions to your next job
Some of the programs, like Innovative Service Routes and HouseCall Pro, even offer customer portals that allow your customers to schedule a service online.
Equipment FAQ's
