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Funding for forklift trucks
Warehouse, yard or depot - the forklift is probably your most vital tool. Cutting the costs of finance can mean boosting your profitability.
Your forklifts can be the most vital tool in your business, but whether new or used, electric, propane or diesel, they mean a big investment.
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You can’t afford to skimp on your forklifts. A worn machine soon becomes unreliable and - even worse - a liability for your business and a danger to your workers. Fortunately, it is always easy to finance a forklift and get the benefits of increased performance and reliability from a new machine.
But where should you get that finance?
Your forklift dealer will be pleased to offer you various finance plans but, at Rangewell, we know that this can be an expensive way to get the finance you need. The dealers will be happy to offer you a finance package to help seal the deal but the rates and terms are likely to benefit their business rather than yours.
We believe that you will almost always be better off financing your forklift yourself with an asset finance deal from an independent lender.
What exactly is Asset Finance?
Asset finance is a more appropriate solution than a conventional business loan when you need business equipment.
This is because, with asset finance, the equipment - or assets - can provide security for the loan itself. If your business became unable to keep up the repayments on an asset finance deal, the lender would simply take the equipment to recover their costs, leaving no other risk to your business or property.
However, the benefits don’t stop there. Because the risk to the lender is reduced, they can offer a reduced interest rate for the finance they provide, which means, in turn, a reduced monthly payment - so you pay less with asset finance.
There are several types to choose from.
Hire Purchase – spreading the cost of buying a forklift
Hire purchase spreads the cost of buying an asset over time. You pay an initial deposit, followed by fixed monthly instalments for an agreed term, usually between 12 and 60 months.
HP can be a cost-effective solution for durable equipment you‘ll want to keep for long-term service. An electric forklift could go on working for ten years after it was paid off, making HP a sound proposition - although it will mean capital costs and an upfront deposit.
Leasing can provide the forklifts you want without an upfront cost. It is another type of asset finance that allows you to rent your equipment rather than buy it. You simply pay a monthly rental charge to use the asset - while maintenance, repairs and registration can all remain the responsibility of the leasing company, giving you problem-free service and the chance to arrange a new lease and a new machine when the arrangement comes to an end.
Helping you save on your existing forklift
If you already have forklifts under finance, we may still be able to help you cut the cost with Asset Refinance. We can help you find a more competitive lender, pay off the existing arrangement and start a new deal with a lower cost commitment.
An Asset Refinance agreement might also help you raise cash. By using your forklifts as the security for a loan - in essence, selling to the lender - you can receive a cash lump sum, which you will repay, again by using a straightforward asset finance deal. You can continue to use the equipment while you are repaying the lender.
Why you need Rangewell to set up finance that’s right for you
At Rangewell, we know that having the forklifts and other equipment you need at the right price can be vital for your business. Our team includes experts in asset finance. They work with you to help you find the right kind of finance answers - we can even set up a deal for secondhand forklifts.
Then they will help you find lenders who specialise in the sector and who can offer the most competitive deals.
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Every type of finance for every type of business
Our goal is very simple - to help businesses find the right type of finance as quickly, transparently and painlessly as possible.