HOW TO PAY FOR TRUCKS/EQUIPMENT?

For most people, financing can be stressful and sometimes confusing. Every business owner has their own preferences and specific circumstances that influence how they want to finance their business assets.

The chart below will simplify the Pros / Cons of different methods of financing. Whether you have a surplus of cash or limited working capital, Empire will help you meet your needs. We want you to be comfortable with your choice because it is your business and your livelihood. Feel free to contact us with any questions or to assist you in structuring financing that fits your budget.

FINANCING CHART

What Program Is Best For My Company?

HELPFUL HINTS

1. Save Cash - By financing or leasing equipment, cash can be saved for other business expenses.
   
   
2. Conservation of Credit – If you have a limited source of cash, a Rental or Lease Agreement is a great fit for you. Renting and leasing is not a loan, thus will not reduce your lines of credit. Save your lines of credit for unexpected expenses…rainy day.
   
   
3. Financing / Re-Financing Your Home – If you chose straight financing for your equipment/truck, your liabilities are increased, which could negatively affect your financing or re-financing of a house. Your interest rate could be substantially increased for the whole term of your mortgage.
   
   
4. Tax Implications – Most leasing programs are 100% tax deductible, where as cash and conventional financing you may write off the depreciation. Empire Financial Group suggests you contact an accountant for your tax situation.