America is a country that has become an economic superpower simply because of its entrepreneurial spirit. The backbone of our economic might is not huge companies like Walmart, Google and the like. No, our strength is found in the millions of smaller businesses found in every town.
I suggest they attend one of my 10-hour seminars and get fully informed about what is possible. Please note that the "capitalization phase" in the equipment loans section of my book is only four years. Furthermore, I demonstrate that the policy can be used much earlier than that.
Fast Food: If the food is fast and cheap, they will buy it. Carvel and Cold Stone Creamery consumers have switched to the $1.00 ice cream cone at McDonalds. Starbucks coinsurers now drink flavored coffee from Quick Trip. Burgers cost less in the drive through. Pizzerias and Chinese delivery are thriving. People still don't have time to cook. They just can't afford regular restaurants anymore. Leasing: Instead of buying cars, equipment loan, and even furniture, people are leasing them especially if they don't feel they need the items for the long term. This business is booming right now and people and companies become more conservative with their pocketbook.
What is a lease? A lease is an agreement in which you have the use of a piece of equipment, but you do not own it. The user (the lessee) makes payments to the owner of the equipment (the lessor). Leasing has become a common business practice. The U.S. Small Business Administration (SBA) reports that equipment finance has risen about 20 percent over the past two years. And, according to the equipment finance Association, 8 out of 10 U.S. businesses lease all or part of their equipment.
I still believe the first place to find a finance source will be your dealership or supplier. If you are buying from a brand name dealer like Deere or CAT, then they should have no problem providing finance at good rates. If you are at a local dealership, you may get lucky and they will have in-house heavy truck financing (
in the know). If not, most dealerships have a list of finance companies for you to call or fill out an application. I believe it is best to call them first to make sure they are still offering finance for logging equipment.
Taxes can be a living nightmare for some. Trying to learn all the tax laws is often complicated and the best way to ensure that everything is done proper is to have a professional do it for you. Never take the chance when it comes to your company's well being and financial future.
