Options For Auction Financing
Auctions are a great way to get affordable equipment for your business. Auction houses handle the liquidations of businesses and there are deals to be found. But purchasing at auction can require large capital expenditure and impede the cash flow of your business. There are options for auction financing. First Capital Leasing has strategies to finance your auction purchases.
The Auction Solution
If you have found the equipment you need available for sale at auction don’t miss the opportunity by failing to prepare. Follow these key tips to ensure that you are positioned for the winning bid.
Do Your Research
Preparation is key when planning to purchase at auction. Do your research to ensure you understand:
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- The Auction House: Make sure you understand the processes set out by the auction house. Each one has different guidelines for inspecting equipment, insurance, documentation, and bidding procedures. Attend a preview if it is offered.
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- The Equipment: Do your homework on the different brands being auctioned, the age and condition of the equipment, market pricing, and history of the goods. Make sure that parts and service are still available for the equipment you are purchasing. Get as much information about the seller as you can.
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- Financing Options: Some auction houses provide financing options, some require cash payment only. Financing is available through third-party financers like First Capital Financing. Secure your financing well ahead of auction day.
- Know Your Limit: Be prepared with your bottom line. Know exactly how high you are willing to go with bidding. And don’t forget that the final bid price does not include costs like administrative fees, taxes, dismantling costs, and removal and shipping expenses. Be sure to include all costs when calculating your bidding limit.
How Auction Financing Will Help Your Business
Tailored solutions for auction financing can facilitate the acquisition of equipment that is vital to your business. Seeking auction financing strategies from a knowledgeable company with vast experience in the auction process will get you a customized plan that can make a big difference to the overall cost of your project. Connect with the FCL team to explore your options for financing.
Your Auction Partner
If you are considering exploring auctions to find the equipment you need to upgrade your fleet, increase your production capabilities, or diversify your offerings, consider purchasing at auction. Auctions offer the opportunity to access quality equipment from a variety of brands at affordable prices. But don’t let the large-scale expenditure cause you to miss out on bidding. Partner with First Capital Financing to explore options for financing. We can support your growth with the financing you need.
Read more about our solutions for auction financing here.
FAQs
Is there a maximum financing amount I can secure?
There is no maximum. We want to work with you to ensure you can secure the equipment you need. Contact our team to explore your options for auction financing.
Do you make payment directly to the auction house?
Yes. We can handle the transaction directly with the auctioneer to ensure an airtight arrangement.
How do I apply for auction financing?
We have an easy application process. Once you have applied, there is no need to apply again, we will continue to partner with you for all your business financing needs.
