It is hard to keep track of all of the plastics equipment in your plant and what every piece is called and what each piece does. You just know that you have employees who know what these machines are called, what they do, and why the machines are vital to production. That said, if an employee comes to you and says that a particular machine is not working right or at all, you are going to first try to have it repaired. Then you have to look at replacing it as soon as possible. If the money to replace equipment is not in the budget right now, there are a few options to help you get this machine much faster than having to wait for the budgeting issues to clear.
Plastics Equipment Financing Services
Financing is a business's best friend when something was needed last week and your business does not have the money until next month. There are a couple of ways to go about getting the financing too.
The following examples are the three most common means of financing equipment:
- Third-party financing via the manufacturer of the equipment you need. The financier has a partnership with the equipment company and makes it easier for businesses in need of equipment to finance their purchases directly through the manufacturer's company.
- Second-party financing via a bank or traditional lender, although approval is going to take a lot longer than you might like.
- Business receipt financing, which is a secondary, non-traditional lender that looks at all of your profit receipts for the last three months to a year and provides you with a cash loan based on your profits. You are required to make monthly payments in full with higher interest rates, but at least you will be able to purchase your needed equipment.
Of course, if you have a wealthy relative or wealthy friend, you could always get a personal loan, but that is not a recommended option given the cost of the plastics equipment you need to purchase.
Check Warranty Information and Guarantees
Before you start running down loans, check the warranty information and the guarantees on the equipment that is not working. You may find that the equipment is still covered. If that is the case, you may not have to borrow much money at all, if anything, and the manufacturer will replace or repair it for free.
For more information, reach out to a company that offers plastics equipment financing services.