These advantages to equipment financing just keep popping into my head. There’s 12 days of Christmas, right? So maybe there should be 12 days of equipment financing, where I wear a red suit and give a different reason each day while children sit on my lap… ok, that sounds really odd. But I do keep coming up with advantages.
Today, I want to talk about something us equipment leasing companies can easily do, and that’s combine loans. What I mean is this: you buy a widget machine in January, and you go through my equipment financing company. Great – we’re all happy, you’re making widgets (which are hot this year), and things are churning along nicely. Then, your company president decides it would be neat of you could also manufacture Blungets (which, if you are already selling widgets, makes perfect sense.)
So, you look into Blunget machines (goodness, are there a lot), and you decide on one. But wow, you’ve already got this loan for the widget maker, and it just seems like such an ordeal to have two loans going (your accountant is giving you that look). So what to do?
Well, really, this is no problem. In most cases, your equipment financing company will happily add the Blunget maker to your loan. Or make up a new loan with all of it – however it works out, the bottom line is, we’re really good at this sort of thing. Making equipment financing easy for you (and your accountant) is our specialty. And our pleasure. Oh, and like always, it’s just a few quick forms, and bam, you’re done, off making Blungets for a Blunget-starved populace.
Section 179 Update
I swear I can feel a tiny nip in the air… this means we’re turning into the homestretch of the year, meaning I have to mention Section 179 again. If you are thinking of buying new (or used) equipment, doing it now will allow you to take advantage of this generous tax deduction. Right now, the maximum deduction is $125,000, but that’s scheduled to drop to $25,000 next year. So buying your equipment and getting it into service before year’s end is paramount if you want to take full advantage of this. I’ll have a full post on Section 179 shortly with more details, but for now, keep in mind the deadline is approaching.