- September 10, 2019
- Posted by: Sergey Grushetskiy
- Category: Equipment Financing
Construction equipment is a big investment, and one that requires experience, insight, and instinct. Regardless of the machines needed, companies of all sizes across the country must find the right equipment financing to provide a fruitful outcome for their operations. Purchasing the wrong construction equipment or the wrong quality of said equipment can set your business back, and impact your bottom line. It pays to find the right fit for the job, and our finance specialists are here to help!
10-4 Financing is here to provide construction equipment financing to meet a wide range of needs nationwide. Our proven process and positive partnerships have helped to create a program that you can feel confident in.
You also need to feel confident in your decision when purchasing used construction equipment. Keep reading for a few of our tips to ensure you’ve made the right choice, and contact us today to review our national inventory of equipment!
Consider Your Equipment Needs
Knowledge is key in this industry, and when it comes to making the right buy, it pays to know exactly what you need. We recommend researching the potential make and model of your chosen construction equipment before making any decisions.
Will this equipment provide the right services for your professional needs? Are upgrades available (and affordable) to improve your capabilities on the job site? Is there other equipment that is more suitable?
Check the Fluids
One standard procedure during your inspection process should be to check the fluid levels. This step is simple to complete, and will provide considerable peace of mind moving forward. As you inspect the construction equipment you wish to finance, be sure to check the coolant, engine oil, transmission fluid, and more, and be on the lookout for:
- Low fluid levels — Any lack of fluid for critical components can indicate a problem. Check the condition of the reservoir; if the low level looks to have occurred recently, a leak may be to blame. Conversely, a drier tank may indicate a lifetime of neglectful maintenance. If something doesn’t seem right, be sure to bring it up with the seller.
- Fluid quality — Now is an ideal time to inspect the cleanliness of the fluids. If you notice a darker hue than normal, any contamination in the fluid (if other fluids are mixed in, it may be time for repairs!), or other signs indicating something is out of the ordinary, be sure to do more research before making an investment.
Perform a Full Inspection
Now is the time to look over every component of the equipment, starting with the big factors (wheels, windows, engine) and working your way down to the more minute details. This should be a simple process to help you ensure your new purchase will provide the expected level of value to the company.
Any signs of leakage during an exterior inspection may be indicative of unseen problems. Not only could this show a breakdown in a vital point in your machine, but it could also explain the low fluid levels from before. Keep in mind that older machines tend to produce small leaks more often, and may not indicate serious issues.
Review the Maintenance History
One key way to gain insight into the quality and reliability of your potential purchase is to review the maintenance history. Regular services should indicate a high level of care, while continual repairs may suggest an ongoing problem. A well-running machine is often the top priority for contractors needing to get the job done!
If you are looking for a good deal on construction equipment, be sure to also review the vehicle’s ownership history. If there is a lien on the machinery in question, ownership cannot be transferred to you until said lien is paid for and lifted. If you’re worried about who truly owns this equipment, you can jot down the serial number and do some investigative work.
Verify the Operating Hours
In addition to the quality of maintenance provided for your chosen piece of construction equipment, it will prove beneficial to know just how many hours have been logged behind the wheel. Unlike passenger vehicles, which rely on the odometer to highlight how much potential is left in the machine, construction equipment’s condition is determined by the number of hours used.
This value works closely with the maintenance history. If you are looking at a skid steer with 2,000 operating hours and comparing it to one with 10,000 hours clocked, it may be more beneficial to opt for the older equipment if it was properly cared for.
Compare the Prices
The cost of your used construction equipment will vary widely based on a range of factors, but generally, it helps to narrow down the true value of the vehicle before you decide to buy. You can find your starting point by selecting a new version of your construction equipment purchase and pricing it accordingly. Take into account the age and condition of the vehicle. While it is easy to spot when a price is inflated beyond reason, suspiciously low prices can slip under the radar. Why is this equipment so cheap? What will I need to do to correct this problem? Is the seller seemingly in a hurry to offload their merchandise?
10-4 Financing is here to help you find the best price for your professional needs, relying on our experienced team to ensure you receive valuable equipment from a trusted dealer.
Rely on Proven Professionals
No matter your professional needs, it pays to find a professional source for all of your equipment financing needs. 10-4 Financing specializes in versatile services to help buyers of all backgrounds find the new or used construction equipment they need at a fair price. Our partnership with lenders across the nation ensures we have a versatile range of programs to deliver an ideal fit for your needs.