If I finance equipment today, what are my options to upgrade it down the line?

April 26, 2021

Today, we're going to talk about your business's need to be flexible and expand. These financing options allow you to be versatile enough to react to changes and grow into more powerful equipment.


Video Transcript


Speaker: Aaron Rustebakke

If I finance equipment today, what are my options to upgrade it down the line?

Aaron Rustebakke: Hi, Aaron with Beacon Funding. Thanks for joining me on this fourth and final video on how flexible financing can help your business meet its goals. Today, we're going to talk about your business's need to be flexible and expand. These financing options allow you to be versatile enough to react to market changes and grow into more powerful equipment down the line. Depending on what you're trying to achieve while you're in a period of repayment, wrap financing or our equipment upgrade program may make sense for you. Here's how the equipment upgrade program works. Let's say you're currently financing a piece of equipment. You're only partway through your term, but business has been booming. You want to take advantage of this period of growth and upgrade your current piece of equipment to meet demand, but you don't want 2 pieces of equipment, and you don't want 2 monthly payments. The equipment upgrade program would allow you to trade in that current piece of equipment, upgrade and finance a new piece of equipment of greater or equal value. Put very simply, let's say you made 24 out of 48 payments of $1,500. On month 24, you take advantage of the equipment upgrade program by trading in your current piece of equipment for something better. Doing so, you end the original transaction on the 24th month and take on a new contract for let's say $1700 payments for 54 months. Essentially, you would bypass any remaining financing charges on your current transaction so that you can start a new contract for that bigger, better piece of equipment.

Aaron Rustebakke: With the equipment upgrade program, you get that more profitable piece of equipment and just one manageable monthly payment. At Beacon Funding, we write hundreds of upgrades annually for our customers. We understand the need to be able to expand and grow. Regardless of what actually happens down the line, be sure to talk to your financing consultant about how your business can expand with equipment financing prior to any equipment purchase. For more information on how flexible financing can help your business upgrade and expand, visit beaconfunding.com/businessgoals. and expand, visit beaconfunding.com/businessgoals.



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