How to Finance Used Machine Tools

If your business is the type of business that needs to finance machine tools, then you will want to know how to go about obtaining financing for machine tools. Finding companies that specialize in financing for CNC machines, lathes or any other type of machinery can be tricky, but not impossible.

Things You'll Need

• Good credit rating, preferably with a high Paydex score OR
• High-yield bank account and ability to save for 5 years

Instructions

Financing Used Machine Tools Through a Bank or Lending Institution

1. Locate the used machine tools that you need.

2. Find a financing company. You will need to find companies that specialize in this type of financing and are flexible with their terms.

3. Check with companies such as Crest Capital and Methods Machine Tools (see links in Resources). They can offer full-service funding for pretty much any type of used machinery that you need.

Financing Used Machine Tools Through a System You Control

1. For self-financing, you'll need to figure out how much money you need to purchase your used machine tools.

2. Next, you'll need to save up an amount equal to the purchase price of the machine tools you need.

3. Then you simply "borrow" from your savings and pay back your savings with the amount you would have paid to a financing company over a 5-year term (or whatever term you feel comfortable with).

Resources

• Crest Capital
• Methods Machine