As a business owner, you may need to acquire generators to ensure the continuity of your operations in the event of a power outage. However, purchasing one entails a significant expense that many businesses may not be able to afford upfront.
This is where generator financing can be a useful option for businesses that need to acquire a generator but cannot afford to pay for it in one go. In this article, we will explore the various options available for financing, as well as some tips on how to get started. We will also discuss the benefits of generator financing and what to consider when choosing a financing plan that fits your business needs.
Why Would Your Business Need a Generator?
A generator can provide your business with a reliable and cost-effective power source in case of an unexpected power outage. If you operate in an area that is prone to blackouts, having a generator onsite can not only help protect the safety of your employees and customers but also ensure your operations are not disrupted for too long. Generators can also be used to power lights, computers, and other machinery.
Regardless of the size of your operations, having a generator can be a valuable asset to your business.
How Much Does a Generator Cost?
The price of a generator will depend on the size, fuel type, power output, and other features. On average, a generator can cost anywhere between $3,000 to $30,000. Additionally, you may need to consider the costs associated with installation and maintenance to ensure that your generator is up-to-date and functioning properly.
Other factors that can affect the cost of your generator include the type of fuel it uses and its operating capacity. You may also need to factor in other expenses, such as transportation, installation fees, and any additional materials that may be required to keep the machine running.
Requirements To Finance a Generator for Business
When it comes to financing for a business, the requirements may vary from lender to lender. The typical criteria for generator financing include:
- Good credit score
- A minimum annual revenue of $100,000
- At least one year in business
- Ability to provide collateral
Some lenders will not require collateral or a minimum revenue for smaller loans. The machine that you will be purchasing itself can be a guarantee of payment if you and the lender agree on that. Some creditors also allow you to provide personal collateral such as a home or car. Because the terms are different per provider, it is important to shop around and compare different financing options before committing to one.
How Does Generator Financing Work?
Generator financing means taking out a loan to purchase the generator. The lender will provide a payment plan, and you will be required to make payments until the full amount is paid off. Depending on the lender, financing terms may range from 12 months to 5 years.
The process of applying for generator financing can vary depending on which financial institution or broker you are working with. For example, Charter Capital offers an easy and convenient online application process, and we will work closely with you throughout the entire process. We will also help you to choose an appropriate financing package based on your business needs and budget.
Benefits of Working With a Financial Broker for Generator Financing
Working with a financial broker such as Charter Capital can make the equipment financing process easier and more efficient. Unlike traditional lenders, brokers specialize in helping businesses find the right financing options without the hassle of waiting days or weeks for approval.
At Charter Capital, we will work with lenders on your behalf to help you secure the best terms and rates around. We also understand that every business is unique in its needs, so we provide customized solutions tailored to your situation. With our extensive network of lenders and over 40 years of industry experience, we make it easy to get the financing you need for your generator purchase.
We offer equipment leases and loans ranging from $10,000 to $1,000,000.
Find The Right Financing Partner with Charter Capital
Your business deserves the best generator financing options available. That’s why Charter Capital is here to help. We make it our mission to find the right solution for your business, so you can focus on what matters most — growing and scaling. At Charter Capital, getting things done right is more important than just getting them done.
Contact us today to get started with the process of securing financing for your generator or any other piece of equipment. We’re here to help!