When you buy heavy industrial machinery you spend a lot of time researching your next purchase, sometimes hiring consultants to aid in your selection process. The hope is that you can use this machine or piece of equipment for decades to come, however, in most instances this isn’t feasible due to wear and tear/costly repairs and constantly evolving machine technology. Discovering the right industrial equipment financing solution can help you determine the right time to replace your machine rather than putting a metal bandage on it.
Eating Up Your Budget
Repairs are costly, especially when you have to do them regularly. From covering the costs of parts and labor your overall repair budget can easily get inflated. Yet without a working machine you are stuck in limbo and unable to perform the tasks needed to make the money…to pay for the repairs. See the cycle you are caught up in? If this sounds like you, then it’s time to consider funding machinery in a new way—by replacing your machine or equipment.
Costing You in Down Time
Along the same line as repairs, every time you can’t complete a run or have to shut down for the day, you are losing out to down time. Being unable to run a piece of equipment decreases your ability to keep your business running. When your employees can’t do the job they were hired for, they end up losing hours and you potentially lose your experienced workers to competitors.
Missing Latest Technologies
The most difficult issue with older equipment and heavy machinery is the lack of technology. Everything from computerized data inputs to mechanized lines give you an advantage. Whether you are a machine tool shop, assembly and fabrication, print, packaging, woodworking or plastic, your machine demands require the latest tech to keep up with competitors and meet customer run demands.
If your machine is not equipped to use this technology, you could retrofit the device to feature some of the latest tech. But that’s a piecemeal effort, and often you’ll end up right back there with increased repairs and more down time. Why not do it right and replace your old equipment with a modern unit or line?
Whether you are interested in funding machinery for commercial printing, packaging, processing, or manufacturing we can help you. Here at ENGS Commercial Finance we have been helping machine operators and heavy equipment owners since 1952. Learn more about how we can help you secure financing to buy heavy machinery. Contact our office today to get started!