The Pros and Cons of Buying New vs Used Equipment

The Pros and Cons of Buying New vs Used Equipment

To address the equipment needs of our clients in a wide range of industries that include construction, transportation, restaurants, and medical equipment suppliers, Universal Finance offers financing that keeps businesses on track to meet deadlines and avoid interruptions in the projects they are working on. Our creative financing programs and customizable payment plans provide borrowers with the funds they need to purchase equipment and obtain working capital.

When a customer comes to us to obtain financing, one question that often comes up is whether it is better to buy equipment that is new or used. Because every customer’s needs are unique, there is no right answer, but there are some general guidelines in most industries when it comes to buying equipment. Making the choice between new or used depends on the unique position of the business and what the short and long-term equipment inventory needs are.

One of the biggest pros of buying used equipment is the lower upfront cost. It’s usually the main reason a business chooses used. However, other pros include retention of value and lower insurance costs. One of the cons of buying used equipment could be the fact that the equipment might be in bad condition and will require ongoing maintenance. We always encourage our customers to really try out and inspect the equipment before buying so they don’t encounter this problem down the road.

Similarly, there are also upsides and downsides when it comes to buying new equipment. Among the pros of buying new include trouble-free operation, a warranty, up-to-date technology, and tax advantages. These advantages come with a big price tag, though, which is the biggest con for buying new equipment. Newer equipment also has a rapid depreciation of value compared to used equipment.

The bottom line is – there are many factors to consider when deciding whether to purchase new or used equipment. Each purchasing route has pros and cons, and these factors can be applied to the construction industry as well as the other industries that Universal Finance serves. 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!

Redesigned Website Launch

REFLECTING THE LATEST TRENDS IN INTERNET TECHNOLOGY, UNIVERSAL FINANCE LAUNCHES REDESIGNED WEBSITE

Universal Finance Corp. is pleased to announce the launch of its completely redesigned website, www.universalfinco.com. Universal Finance redesigned its website to reflect the latest trends in internet technology and to provide visitors with an easier way to learn about our financial services, improve the site’s aesthetics, add new resources, and increase the ease with which customers can communicate with us.

The website redesign also reflects important changes that Universal Finance has recently implemented to expand our financial services to a wide range of industries. Universal Finance established itself as a premier lender to the construction industry in the early 1980’s and, over the last four decades, the company has expanded its reach to serve customers in many other industries including transportation, restaurants, and medical equipment suppliers. We provide borrowers with the financing they need to secure jobs, purchase equipment, and obtain working capital.

KEY REDESIGN FEATURES

LAYOUT

The vertical scroll down layout on the home page is designed to promote visual clarity and provide an action-oriented interface. An “above the fold” design was used which keeps the most important pieces of content positioned in the section of the screen that is seen without having to scroll downward.

RESPONSIVENESS

The new site was designed to ensure that it looks great and functions properly on all devices, including laptops, tablets, and cell phones. The new design features streamlined menus, clear navigation, and a responsive layout for all electronic platforms.

CONTENT

The site’s content has been restructured to better highlight the financial services and consulting that Universal Finance offers across many industries. In addition to providing information about financing options for the construction industry, the website now reflects the financial services we offer to medical suppliers, transportation companies, restaurants, and franchises – just to name a few.

Why a Working Capital Loan?

As a business owner, you may be in a position where some capital would help keep your business moving and Universal Finance offers many solutions. One of our most popular solutions is to obtain a working capital loan by simply utilizing the equipment you already own. The size of the loan available to your business is calculated based on your assets – this includes the equipment you use every day. Our team will work closely with you to determine the value in your assets and together we’ll come up with a plan to turn them into capital.

A business’s operating liquidity determines its potential working capital loan. Fixed assets such as fully owned property, office space and equipment can be considered as a part of a company’s available capital. In some cases, if a company’s total assets are less than its current liabilities, the business has what is known as a working capital deficit or negative working capital. However, even if your business has a deficit, Universal Finance offers flexible financing options that may be available to you.

Leverage Your Company’s Working Capital to Drive Your Business Forward

For more than four decades, Universal Finance has helped clients obtain working capital loans in a wide range of industries that include construction, transportation, restaurants, and medical equipment suppliers. Unlike a traditional lender, we look beyond how our clients “look on paper”. When we receive a working capital loan application, we work to develop a complete understanding about who the customer is and what they have to offer, oftentimes regardless of their credit score.

Whether you need capital for materials or to help with your ongoing expenses, our team can work with you to establish financing that will turn your assets into cash. By leveraging the equipment that you own, a working capital loan can be done fast and give you the funding you need now.

Click here to learn more about our working capital loans or call us at 781-219-0511 to speak with a representative today!

Pre-Qualified vs. Pre-Approved

Pre-Qualified vs. Pre-Approved – What is the Difference?

Universal Finance is a direct lender therefore, we decide which customer to lend to. Unlike traditional banks and many of our competitors, we look beyond how a prospective customer “looks on paper” to fully understand who the customer is and what they have to offer. This approach has enabled Universal Finance to solidify relationships with thousands of customers who have secured business loans from us for nearly forty years.
One question that our team often gets from new customers is “What’s the difference between getting pre-qualified and pre-approved for a loan?”. This question typically comes up when a prospective customer is preparing to apply for a loan and are in the process of supplying our team with financial information about their company.

Pre-Qualification

To obtain pre-qualification for a loan from Universal Finance, prospective borrowers verbally provide us with information including their company’s revenue, its assets, and any outstanding debts. Our team will then review this data, and, in as little as 24 hours, we will notify you to confirm that we are prepared to move on to the next step in the process – pre-approval.

Once your business has been pre-qualified, Universal Finance will provide you with estimated terms and conditions which would include additional documents needed. It is important to note that pre-qualification does not include an analysis of your credit report or an in-depth review of your company’s finances or assets – these steps will occur during the pre-approval process.

Pre-Approval

Once a customer is pre-qualified for a loan, Universal Finance will begin the pre-approval process. In most cases, we offer same-day pre-approvals as our team works as quickly as possible to move the process forward to ensure that our customers get the funding they need fast.

To obtain pre-approval, customers are asked to complete our one-page loan application and submit any additional documents needed. Once Universal Finance has processed your application, we will review your credit score, and work with you to gain an understanding of your business history, as well as your business goals.

At Universal Finance, we base our financing decisions on the “Three C’s – Credit, Collateral, and Character.” Therefore, keep in mind that your credit score is just one piece of the puzzle that determines your eligibility to obtain financing. Understanding the value in your assets and the work that goes into your business is just as important.

Once an application is pre-approved, our team will review the financing options available to you, and we will develop a plan to get you the funds needed to keep your business moving forward.
Click here to apply for pre-approval for a loan from Universal Finance or call us at 781-219-0511 to speak with a representative today!

About Universal Finance Corp.

Universal Finance Corp. established itself as a premier lender to the construction industry in the early 1980’s and, over the last four decades, the company has expanded its reach to serve customers in a wide range of other industries including transportation, restaurants, and medical equipment suppliers. Located just outside of Boston, MA, Universal Finance provides borrowers with the financing they need to secure jobs, purchase equipment, and obtain working capital.

Financing Small Business

Acquire the Equipment You Need to Keep Your Business Moving Forward

Benefits of Financing - Working Capital

To address the equipment needs of our clients in a wide range of industries that include construction, transportation, restaurants, and medical equipment suppliers, Universal Finance offers financing that keeps businesses on track to meet deadlines and avoid interruptions in the projects they are working on.

Our creative financing programs and customizable payment plans provide borrowers with the funds they need to purchase equipment and obtain working capital.

Here are just a few of the many benefits our clients enjoy with a loan from Universal Finance:

Obtain More Buying Power

Our financing programs provide customers with the flexibility to make regular loan payments that work within their budget constraints. Through our wide range of financing options, our clients obtain more buying power and they eliminate the biggest barrier to buying the equipment they need: the high purchase price.

Improve Your Company’s Cash Flow

With a working capital loan from Universal Finance, our customers can boost their business’s cash flow. We can work as fast as you can! Together, we’ll gather all of the necessary documentation so you can get the financing you need to keep your projects moving forward and to meet critical deadlines.

Take on Manageable Monthly Payments

As an experienced lender, Universal Finance has the resources to offer a variety of equipment financing options. Our customizable plans enable long-established businesses as well as start-up companies to make large purchases that can be paid for overtime through manageable monthly payments.

Never Blow Your Budget Again

Once they know what we have to offer and understand how our services can benefit them, many of our customers return to Universal Finance for additional funding. After you establish a rewarding relationship with our team, we look forward to working with you again to get you what you need when you need it without blowing your budget.

Get Approved in as Little as 24 Hours

Apply for financing today and get approved in as little as 24 hours so that you can acquire the equipment you need when you need it. From small loans to substantial funding for your business, we offer fast turnaround financing.

Universal Finance provides loans that can be customized to meet your company’s specific needs and we offer repayment terms for up to 72 months.

Relief Funding Under the New U.S. CARES Act

Universal Finance Corp. Can Provide Guidance to Small Business Owners

US CARES ACTApply for Relief Funding Under the New U.S. CARES Act

Small businesses in the United States are facing an unprecedented economic disruption due to the outbreak of coronavirus (COVID-19). On March 27, the federal government signed into law the U.S. CARES Act, which contains $376 billion in relief funding for American workers and small businesses.

The team at Universal Finance Corp. is pleased to inform our valued clients that we are available to provide guidance to small business owners who are planning to apply for relief funding through the U.S. CARES Act in the days and weeks ahead. The provisions of the federal government relief program, which will be managed by the U.S. Small Business Administration (SBA), entail several categories of funding that include the following:

  • Paycheck Protection Program – This program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
  • EIDL Loan Advance – This loan advance, the Economic Injury Disaster Loan Program (EIDL), will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
  • SBA Express Bridge Loans – This plan enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
  • SBA Debt Relief – Under this provision, the SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.

“All of us at Universal Finance are proud to continue to make our loan services available to our current as well as new customers during the very challenging time that businesses are currently facing throughout the country,” said Dan Robinson, Owner. “We also look forward to helping our customers and partners navigate the terms of the U.S. CARES Act by providing them with our guidance about the SBA loan application process, and – when an SBA loan is secured – to offer advice to business owners about how they can best allocate the funds they receive.”

Representatives from Universal Finance – which provides capital investment loans to businesses in a wide range of industries including construction, transportation, and medical equipment suppliers – are currently available to work with small business owners who wish to apply for a loan from Universal Finance or who are seeking consultation regarding the U.S. CARES Act.