What should I look for after my equipment is delivered?

It's crucial to make sure your equipment is in good working condition and can be quickly put to use on the job site. Once you've successfully completed your application, agreed on terms and conditions, received approval and made an initial payment, you want equipment that is ready to work for you.

When your equipment arrives, conduct an inspection to look for any potential issues, like a missing part or exterior damage. Caterpillar® takes great pride in making sure equipment is ready to use before delivery, but unavoidable issues in transit and other unpredictable factors mean you should always give your new machinery a once-over before you put it to work. If you identify a potential issue, get in touch with your local Cat dealer and they'll help you determine the next steps to take.

How can I protect my financed equipment, and what are Extended Protection Solutions?

Extended Protection Solutions offer you an affordable, reliable option for making sure your Cat® equipment receives high-quality maintenance and care for as long as you use it. Cat Financial's coverage options let you make the important decision of what you feel should be protected. Whether it's ensuring any future powertrain repairs are managed by a dependable, authorized local service center or securing Premier coverage for powertrain, hydraulics, technology and structural and electrical components on a new piece of equipment, you make the decision.

You can also incorporate Extended Service Coverage for your power systems and physical damage insurance to protect your heavy equipment from external factors like collisions, fires and floods. These optional additions can help you select the level of coverage that is best for the specific equipment you finance, your available budget, the industry in which you operate, and the potential hazards of the areas where you work.

What do I do if I want to finance more equipment?

The equipment you finance through Cat Financial can have a major impact on your business. As part of a larger, coordinated strategy for business growth and development, you may find that your company is equipped to handle more work or that you have more potential customers eager to work with you after seeing the results of previous projects.

An existing financing agreement with Cat Financial doesn't mean you can't enter into another contract to acquire additional equipment. Whether you have an increased budget that enables your business to finance brand-new equipment easier, want to increase the amount of machinery in your fleet, or expand the range of equipment you operate, Cat Financial is here to help. With an established relationship, you can reach out to your Cat Financial representative to learn more about securing financing for additional equipment.

Bad and new credit are limitations, but not immediate disqualifications

Equipment financing encompasses s full of variables. Because the type and cost of equipment can differ greatly from one customer to the next - and the same is true of individual companies' financial situations - there's no single rate or term that's guaranteed to be offered to everyone. This flexibility can make it hard to pin down an exact figure in the early stages of considering financing, but it also helps your company secure financing, even when you have new or bad credit.

You shouldn't give up your search for effective equipment financing just because your business is relatively new or because your credit isn't perfect. Getting in touch with Cat Financial and taking the first step of requesting a quote will help you gain a better understanding of your company's current options. Even if you don't qualify for the specific terms and conditions you're most interested in, you could still find an effective option that helps your business get equipment, whether new or used, quickly up and running in the field.

Can new businesses apply for commercial financing?

New businesses don't have the proven track record that established organizations can bank on, which influences the terms and conditions of an equipment financing agreement. However, this doesn't mean recently started businesses are automatically turned down when requesting commercial financing. If your business is new but you have strong personal credit and the ability to make a strong down payment, your company can still be a great candidate for equipment financing.