How to Finance New Dry Cleaning Equipment
By financing new dry cleaning equipment the business owner can use the money for other purposes. The owner will need to research different lending sources to determine which one has the best financing structure. Consulting with an accountant will help the owner determine the best type of financing to use for the equipment.
- Choose the type of dry cleaning equipment you want to use in your shop. Go online to research different equipment manufacturers to help you make a decision. Determine how much you can afford to spend and how much money you have to put down on the equipment.
- Meet with an accountant to help you choose the best way to finance the dry cleaning equipment. Find out if it is better for tax purposes to lease the equipment instead of buying it outright. Ask your accountant to analyze the cost of the equipment to help you decide if it is affordable.
- Call a dry cleaning equipment manufacturer to discuss the different machines you want to buy. Decide whether to lease equipment that you can return to the manufacturer at a later date to upgrade to newer equipment. Apply for financing with the manufacturer’s lender. Find out the financing terms so you have the information available to compare with what a local lender can offer.
- Contact a commercial lender in your area and set up a time to meet. Take your dry cleaning equipment specifications with you to the meeting. Apply for financing and find out when you can expect to receive a decision on your request.
- Review the different approvals you receive to decide which source to use to finance your dry cleaning equipment. Arrange a time to sign the paperwork with the source you choose. Once you sign the papers, find out when you can expect to receive the dry cleaning equipment so you can arrange for the installation.