Business assets are the most important items a business could have. They should be long term investments hence the need to proceed carefully when out looking for them. You should buy according to your company needs and also consider other aspects. For instance the experience and reputation of the company you are buying from.
Experience is one of the first factors to consider when selecting a company for an equipment financing program. Newer equipment leasing companies might not have the expertise or resources that business owners need to finance a project, no matter how small or large it is. Companies that have been around for decades are usually more financially sound, have substantial experience in the construction industry, and have the knowledge of working with companies in a wide variety of financial situations. Those that have been established for many years will typically have a strong familiarity with the specific types of equipment that a construction company will use.
Convenience is another factor to strongly consider when choosing an equipment financing company. Many companies can provide similar rates across the board, but only a few offer the catered and dedicated service that a business owner wants. Construction business owners should seek companies that have professionals who can thoroughly walk customers through the entire financing process. Not all companies have teams that are readily accessible to address questions in a timely manner. In addition, leaders in the equipment financing industry often have applications that are only one-page, and offer credit decisions with the hour.
If it is possible then you can buy your equipment directly from the manufacturer because it is cheaper. At times if you still can’t afford new equipment you can go for pre-owned ones. If this is the case then ensure that you are able to compare the equipment to other identical equipment so that you get the best.
When possible, consider purchasing directly from the manufacturer. Most OEMs offer a remanufactured equipment program for customers seeking an economical alternative to new equipment. This is a huge investment for the manufacturer, but is worth it if their pre-owned equipment is in demand. The OEMs have several advantages over third-party providers: they have direct access to the parts, product development support, training, system upgrades and services for the equipment. Also, the OEM typically tests all equipment as if it was new; something non-OEM vendors can’t duplicate since they didn’t manufacture the equipment and are not likely to have the testing equipment to ensure that the system meets manufacturers’ original specifications.
Compare apples to apples. Many times, product offerings and pricing don’t match from one company to another. A lower price may be more attractive, but in reality, the product and quality may not be comparable. It’s important to ensure that all model numbers, accessories, software, and other components match. Ask for itemized quotes that spell out all the necessary detail to make an informed decision. If the price of one product is significantly different from another, there could be something missing. Remember the two different processes in play; although the more extensive remanufacturing process may be more expensive, it may also provide more long-term reliability, process assurance and useful life.
Buying equipment for different use means considering different things while purchasing. For instance when buying embroidery machines there will be need to consider job size and time.
Selecting the RIGHT Industrial Embroidery Machine
1. Physical size of your jobs – Size does matter when doing some work. Many users of home machines have become very creative, as sewers are known to be, by using their home embroidery machine, (such as the Brother embroidery machine “PR 600”, a Bernina equivalent or machines like the Husquvarna, also known as Viking and of course the Singer Sewing/Embroidery machines) to do large field.
2. Time is an issue – If you have already taken the step to an industrial, also referred to as a commercial or computerized, and even if you’re an old pro with a shop full of machines, there is one tell-tale sign that doesn’t lie about the fact you need a new system that is larger, faster or both to run your business successfully – TIME.