The Pros of Buying Used Equipment

As an experienced lender, Universal Finance offers a variety of equipment financing options that cover a wide range of industries including construction, transportation, restaurants, and medical equipment suppliers. Our customizable plans enable long-established businesses as well as start-up companies to make large purchases that can be paid for through manageable monthly payments. Our creative financing programs and customizable payment plans provide borrowers with the funds they need to purchase equipment and obtain working capital.

One question that we often get when a customer comes to us to obtain financing, is whether they should buy equipment that is new or used. There are general guidelines across most industries that outline best practices related to equipment purchasing but since each situation is unique, the answer can vary depending on what each business owner is trying to achieve.

One of the biggest pros of buying used equipment is the lower upfront cost. In most cases, this is the primary reason a business owner chooses used over new equipment. Additional upsides to buying used include retention of the equipment’s value and lower insurance costs. We always encourage our customers to check the operability of used equipment, and to fully inspect what they plan to buy to avoid maintenance and breakdown issues in the future.

There are many factors to consider when purchasing used equipment. The team at Universal Finance will work directly with you to provide the guidance you need to choose the right equipment for your business and to secure the financing you need to acquire it.

Click here to learn more about equipment financing or call us at 781-219-0511 to speak with a representative today!