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What To Know Putting Used Equipment Up for Sale

What To Know: Putting Used Equipment Up For Sale

What should someone know when looking to put used equipment up for sale?

To help you put used equipment up for sale, we asked financing experts and business leaders this question for their thoughts. From giving your used equipment a make over to getting it inspected by a third party, there are several great tips to help you put your used equipment up for sale.

Here are seven things to know when looking to put used equipment up for sale:

  • Bargain
  • Give Your Used Equipment A Makeover

Research Similar Equipment On The Market

  • Post Better Photos, Descriptions, And Full Records
  • Price According To Supply and Demand
  • Get A Third-Party Inspection And Advertise It
  • Partner With An Online Auction Company


When leasing equipment, don’t forget that you may be able to negotiate when you feel you have a quote worth pursuing from a reputable company. If you get the quote for your lease agreement and a provision that you are not comparable with or something that you want to see added, talk to your contact and see what kind of bargaining position you are in to see those changes be made.

Vicky Franko, Insura

Give Your Used Equipment A Makeover

Before putting your equipment up for sale, give it one last wipe down, wash, or a fresh coat of paint to make it look good as new. You might even think about hiring a photographer or using a professional-grade camera to capture the pictures you will use to list the item for sale rather than snapping some blurry iPhone photos. It might be a little more work up front, but it will be time and money well spent once you get the sale!

Henry Babichenko, DD, Stomadent Dental Lab

Research Similar Equipment On The Market

Before putting up your equipment for sale, it is important to do research and see what is on the market. Based on what is out there, you may want to adjust your price, highlight various elements of your machine in the product description, etc. By reading comments and/or FAQs from potential customers, you can learn what they are vetting for prior to purchase.

Blake Murphey, American Pipeline Solutions

Post Better Photos, Descriptions, And Full Records

Since you’re listing used machinery for sale, most buyers won’t be able to inspect it in person. As a result, it is critical to take multiple photos and write detailed descriptions. Take a variety of photos, from full-sized to close-ups of various details that may be of interest to buyers. Following that, create detailed descriptions of the used machinery. Photos don’t need to be award-winning pieces. All you have to do is write down all the details about the item, like the model, make, year, history, capabilities, as well as other accessories you sell with the item. Check your manual for accuracy and only include relevant information. Buyers will want to see all of the equipment’s documentation. This could include warranties, titles, and service records, so make sure you have these on hand before listing the item for sale.

Altay Gursel, Metriculum

Price According To Supply and Demand

When the pandemic hit in March, we decided to sell everything in our office by early May. We listed office furniture and equipment on OfferUp and learned a valuable lesson in pricing through supply and demand. When we listed our office furniture and equipment in early May, office furniture and equipment had exceedingly high demand and little supply. Stores like IKEA were selling out of desks within minutes and had backorders of six weeks. This created a frenzy of activity and interest in our equipment, from monitors to chairs and more. I met people working at notable companies who were stuck searching for desks for weeks. As a result, the price we were able to achieve—and very well could have achieved if we were greedy—was much higher as a result of supply and demand. The learning lesson is to always take inventory of supply and demand before pricing inventory for sale.

Brett Farmiloe, Markitors

Get A Third-Party Inspection And Advertise It

When putting used equipment up for sale, have a third party conduct an inspection. Within the ad, be sure to mention the inspection and your intention to furnish proof of the results. Announcing these preparations to your ad audience can discourage scammers who might otherwise try to make hidden defect accusations post-sale. Plus, conducting a pre-sale inspection can speed up the purchasing process since buyers may no longer need to find and hire their own inspectors.

Michael Alexis, Teambuilding

Partner With An Online Auction Company

When putting used equipment up for sale, you can partner with an online auction company or full-service global auctioneer to gain more prospective buyers. Find the time to allow buyers to inspect and test equipment at their convenience since this could give them more confidence in what you’re selling. Any piece of equipment—regardless of age or listing venue, or value—won’t get a solid price if it doesn’t look good. Having equipment cleaned, refurbished, or painted prior to listing is often recommended. Make sure to leverage on filing and updating maintenance and usage logs to show that you take care of the used equipment properly.

Anton Konopliov, Palma Violets Loans

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8 Things to Know About Medical Equipment Leases

8 Things To Know About Medical Equipment Leases

There’s certain situations in life where, looking back, you wish you knew more than you did before taking action.

Entering into a medical equipment lease is one of those life situations. It is a good idea to be well equipped with information before signing on the dotted line.

What is one thing companies should know about medical equipment leases?

We asked experts and people who have “been there and done that” for their insights. Here are eight things to know about medical equipment leases.

  • Involvement of MD (Medical Doctor)
  • Know That Your Capital Can Be Reinvested
  • Basic Lease Conditions
  • Long Term Contracts
  • Risk of Loss Clause
  • Required Collateral
  • Down Payment Alternatives
  • Purchase Options

Involvement of MD

When we are asked to finance a piece of medical equipment, the lender always asks if a medical doctor (MD) is involved in the operation of the medical equipment. The MD does not have to be an owner of the business, but it’s helpful when the MD is involved in the operation of the business.

Carey Wilbur, Charter Capital

Know That Your Capital Can Be Reinvested

The one thing that companies should know when it comes to equipment leases is that your capital can be reinvested. Lower initial costs associated with leasing means more capital. Instead of an outright purchase that leaves you with negative returns in the short term, leasing medical equipment allows you to avoid a down payment, thus conserving capital that can be reinvested back into your business!

Chris Dunkin, Portable Air

Basic Lease Definitions

Understanding the definitions of terms in medical equipment leases is a necessary starting point when considering leasing equipment. Educating yourself about terms like a “fair market value lease” or a “project financing lease” will help you understand the basic terms of the lease, and may inspire you to ask better questions throughout the process.

Megan Chiamos, 365 Cannabis

Be Aware of the Long Term Costs

In general, there are a lot of similarities with leasing a car. For example, the lease allows you to procure and use up-to-date and maintained equipment, without the initial substantial outlay in cost. However, you also need to be aware of the long term costs of financing your equipment this way, which can substantially exceed the cost of owning in five to ten years.

Michael Alexis, Teambuilding

Risk of Loss Clause

Many leases contain a risk of loss clause that holds the lessee responsible for all risks of damage or loss to the equipment – even those not covered by insurance. For example, if a non-covered natural disaster or event (such as a riot) damages the equipment, the lessee must replace it. Likewise, if a third-party contractor damages the equipment, the lessee must replace it even though it can be years before the contractor’s legal liability is resolved. With many medical equipment devices costing in the millions, this can be financially detrimental to a lessee. Unfortunately, too many businesses mistakenly assume that insurance will cover all losses. This is not true and lessees must carefully consider and negotiate this clause.

Christine Kuntz, Concerto Law

Collateral Isn’t Required

Companies thinking about medical equipment leases should know that collateral isn’t required. Borrowers don’t need a personal guarantee. Instead, the equipment they plan to lease can be used as the collateral. This is important to note because some physicians want to avoid having to put up personal assets as a security. Understanding medical equipment can be leased without risking repossession of personal property can help private practice owners make financing decisions they’re comfortable with.

Nishank Khanna, Clarify Capital

The Down Payment is Lower Than you Think

Concerns over the capital needed to finance equipment that you’ll eventually own is something we hear a lot, leading folks to go the leasing route. The problem is with leasing, you miss out the fact that owned medical equipment counts as a taxable income generator, meaning you may now be eligible for tax deductions, write-offs, and other incentives. This is only possible via financing for equipment ownership though, not leasing or purchasing in full, which few can afford anyway.

Furthermore, you’re building your business’ equity with every payment made. That’s also impossible with perpetual leasing but carries with it all sorts of long-term benefits. So while you court higher up-front costs with leasing, you’re likely making a smarter long-term investment.

Jim Pendergast, altLINE

Purchase Options

The end of a lease typically presents an opportunity to purchase the equipment. The more specific you are up front about the purchase options, the less surprises you’ll have at the conclusion of a medical equipment lease. Make sure you have the option to purchase, renew, extend, or return the equipment at the conclusion of the lease.

Brett Farmiloe, Markitors

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Equipment Finance Rates 7 Ways To Find The Best Rate

Equipment Finance Rates: 7 Ways To Find The Best Rate

“What’s the rate?”

It’s the question that everyone always wants the answer to. Unfortunately, there are quite a few variables that make equipment finance rates differ depending on the funding source.

So how can you find the best rate for an equipment financing loan or lease?

To answer this question, we asked equipment financing professionals and business owners for their best tips on finding the best rate.

Here are seven ways to find the best equipment finance rate:

  • Negotiate the Equipment Price First
  • Get Local and National Quotes
  • Develop Long Term Lending Relationships
  • Fine Tune The Credit Score
  • Use Search Formulas and Parameters
  • Negotiate Based On Other Rates You Found
  • Read Never Split The Difference

Negotiate the Equipment Price First

The best equipment finance rate typically comes from vendor finance programs. Typically a vendor will partner with an equipment finance company and come up with a program that provides rates and terms that motivate a customer to make a purchase. One piece of advice, negotiate the price of the equipment first and then talk financing. You want to make sure that the lender doesn’t raise the cost of the equipment just to provide a low financing rate.

Carey Wilbur, Charter Capital

Get Local and National Quotes

Like any major business decision, it is important to do your research and get quotes from both local and national financing companies. Sometimes business owners miss out on great financing rates because they go straight to the brand name companies before checking out the local options.

Noah Downs, American Pipeline Solutions

Develop Long Term Lending Relationships

Our company was founded in 1972, and we have vendor relationships that have carried on through generations of family ownership. We know that through these long-term vendor relationships, we can operate from a place of trust and transparency – which are critical to any business transaction.

Randall Smalley, Cruise America

Fine Tune The Credit Score

Whether you applying for equipment financing through a minimal disclosure application-only program or with full documentation, a lender is going to require a signed credit application. To prepare for this, review your credit report before applying for financing. By reviewing your credit report several months before applying for financing, you can detect erroneous information or work to address negative credit items that appear on the report. As a credit repair SEO company, we’ve learned that by fine-tuning your credit, you may be able to gain better rates because the risk of lending is reduced.

Brett Farmiloe, Markitors

Use Search Formulas and Parameters

Nearly everyone knows how to use Google search, but not everyone knows about using search formulas or parameters. For example, you might search for “equipment financing” and find the highest-ranked sites for those general terms. Instead, you could use a search like “equipment financing +used -loan” which would ensure that all of the results include the word “used” and do not have the word “loan.” The expected outcome would be that you would find financing options for used equipment that are structured in a way other than loans. The addition of these terms will help you find the best solution for your specific business.

Michael Alexis, Teambuilding

Negotiate Based On Other Rates You Found

The best way to find the best equipment financing rate is to negotiate according to other rates you’ve found. There is always leeway when it comes to discussing rates because companies are trying to remain competitive (as long as you aren’t a big risk to them). If you do your research before contacting each company to negotiate, you’ll have a better leg to stand on. Understand what each company’s service offerings are for the rate you’re getting and use that to negotiate prices down. If you get it right, and your financial behavior is good, you could end up getting much lower rates for the same quality of service.

George Birrell, TaxHub

Read Never Split The Difference

You can get the best equipment financing rate by improving your negotiation skills. I recommend reading Never Split The Difference to sharpen up your technique before making any deals.

Blake Murphey, Montauk Services

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Doing anything for the first time is risky, whether it be getting a new job or founding your very first startup. Financing heavy equipment for the first time is no different. There are so many questions that need to be answered, such as which equipment financing company can you trust, what are the requirements, and how long is the entire process going to take. These are all valid questions to ask if this is your first exposure to equipment financing.

Before you begin your search to find the right financing for heavy equipment here are a few things should know:

Financing Equipment Can Reduce Costs Upfront

Buying the equipment upfront is not always a great idea. You have to take into consideration the amount of money it takes to purchase your heavy equipment, then look at all the other areas of your business that could have benefited from having that money. If you cannot come to the conclusion that this is the best idea, do not go through with it. Buying equipment upfront will only hurt you in the end. Although there are some negative aspects to financing, like being in debt, in the short-term outlook it is possible to be smarter with how you spend your money.

However, you may not get 100% financing if your credit is not good, so make sure before reaching out to a financing company that you know what your credit situation is. It is a smart idea to work on building or maintaining a good credit score in order to receive the best rates for a loan.

There are Several Financing Options to Choose From

Financing with the right company comes with a lot of great options. For example, you get to choose the payment plan that will best fit you and your company’s needs. Depending on the lender, you may be able to take advantage of flexible payment options as well as certain incentives. This means that you are still able to run your business while taking your time paying back the money you owe.

If you are a smaller company or startup that simply does not have enough funding, then looking into financing is definitely a great option for you. By financing, you are taking one step closer to getting the capital you need when you need it. This can be what differentiates between a successful business from one that inevitably fails.

Not All Financing Companies Have a Good Reputation

The company that you choose for your future heavy equipment financing will likely be the most important thing that you can do for the financial safety of your business. There are some financing companies out there that scam your business in order to benefit from you.

These scams come in all shapes and sizes and are more widespread than you could imagine. There are upfront fees where the lender might disguise fees as application fees or document processing fees. There are also companies that use you by taking advantage of your personal information. This can result in identity theft or even stealing from your bank account. Last but not least, scams can occur via email, such as a free period where you get to try their products before any form of payment.

It Can be Hard to Get Equipment Financing at a Bank

If you have had late credit card payments, defaulted on some loans or just a history of bad credit, it can be extremely hard to get financing. This is especially true if you are looking to finance heavy equipment, which usually comes with a hefty price. The reason why lenders will not offer to help finance your request is that to them you look like a risky lender. They are not okay with lending money to someone who is risky, because what if you do not pay your money back in time?

Therefore, the key is to be prepared in all aspects. You need to do your research ahead of time and always be prepared with not only good credit but a good credit history. This will make your financing process a lot easier overall.

It’s a Good Idea to Have a Good Business Plan Before Seeking Financing

Lastly, you have to have a good business plan before making such an impactful decision of getting financing heavy equipment. Some lenders will look at your business plan as a roadmap to your future success. They need to be able to identify your business model, whether that means knowing your product or service. It is also a great idea to be able to detail your current cash flow and set realistic goals for your business to grow successfully.

Of course, make sure that the equipment you are financing is something that you will be using in your company in the long run. The equipment that you are financing should not be something that will fail to add to your company’s long term success.

For more information about financing heavy equipment, contact Charter Capital today and one of their specialists will reach out to you shortly. Charter Capital has been financing equipment for the last 40 years and is a trusted lender with heavy equipment. Check out how they can help you finance your heavy equipment.