This Hollygrove Lenders article answers who finances equipment for contractors around Fort Pierce, Florida: dealers and manufacturer programs, banks and credit unions, independent equipment finance companies and used machines, St. Lucie County, FL contractor counts by trade, renting, leasing or buying a mini excavator, a worked track loader purchase, comparing offers and what Hollygrove does with a request.
The Short Answer: Dealers, Banks and Equipment Finance Companies
Contractors finance equipment through three channels. The dealer selling the machine often offers its own or the manufacturer's financing. Banks and credit unions lend to established contractors who bring full financial records. Independent equipment finance companies fund new and used machines across brands, including private sales.
Each channel suits a different situation. Equipment financing explains loans and leases; the sections below explain who offers them.
Dealer Financing and Manufacturer Programs
Dealers selling loaders, excavators, lifts and sprayers arrange financing at the counter, sometimes through the manufacturer's own finance arm with promotional terms on new machines. The convenience is real, but the financing covers only what that dealer sells, and promotional terms may require a particular term, down payment or package.
Read a promotional offer for its total cost, not only its rate. A low rate with a high price or added fees can cost more than a standard loan on a discounted machine.
Banks and Credit Unions for Established Contractors
Banks and credit unions lend for equipment as part of a broader relationship: a checking account, a line of credit, sometimes a term loan. They read tax returns, financial statements and the owner's credit in full. For an established contractor with clean records, a bank can be a strong option.
Their reviews follow a set process and ask for more paper. A contractor with a short history or uneven years may find the bank's standards hard to meet.
Independent Equipment Finance Companies and Used Machines
Independent equipment finance companies specialize in machines as collateral. They fund mixed packages across brands, used equipment and private-party sales, and read the machine's age, hours and resale value closely. They may approve a contractor a bank would decline, often at a higher cost.
For a used machine bought from another contractor, an equipment finance company may be the only channel that will fund it.
Finishers, Remodelers and Mechanical Trades in St. Lucie County, FL
County Business Patterns counted 1,198 construction employers in St. Lucie County, FL in 2023, more than in any other sector (County Business Patterns 2023). Among them were 345 building finishing contractors, 298 building equipment contractors (plumbing, HVAC, electrical and others), 239 residential builders, 160 of them remodelers, and 143 foundation, structure and exterior contractors.
Each trade buys different machines: finishers buy sprayers and lifts, site and remodel crews buy loaders and excavators, mechanical trades buy vans. The contractor page has the full table.
Rent, Lease or Buy a Mini Excavator
Renting suits a machine needed for a few weeks a year: the contractor pays only while using it, and the rental company handles maintenance. Leasing suits a machine used steadily but replaced on a cycle. Buying with a loan suits a machine the contractor will use for years.
Add up a year of rental invoices for the same machine. If they approach the annual cost of owning it, the contractor is paying for a machine it does not own.
A Compact Track Loader Purchase With Invented Figures
Illustration only, invented figures: a remodeling contractor buys a compact track loader for $62,500, puts $6,250 down and finances $56,250 over 60 months at an invented 10% annual rate. That invented loan costs about $1,195 a month and about $77,959 in total with the down payment (our arithmetic).
The contractor compares that invented payment with what it spends renting a loader now, and with the jobs the loader would let it take on without waiting for a rental.
Comparing Offers From Three Kinds of Lender
- The total of all payments and fees over the term, in dollars.
- The down payment, and whether a trade-in counts toward it.
- Whether the rate is fixed.
- What collateral is pledged: the machine alone, or a general lien.
- Whether a personal guarantee is required.
- Any charge for paying off early.
Lay offers from a dealer, a bank and an equipment finance company side by side on these points. Secured or unsecured explains the collateral questions in more detail.
What Hollygrove Does With a Contractor's Equipment Request
Hollygrove's part comes before any of these lenders. A contractor calls or sends the form with the machine and its price; Hollygrove asks about the business's work, deposits and existing equipment debt, then passes the request to funding partners that finance that kind of equipment. From there the decision belongs to whichever partner reviews it.
The machine's quote, recent bank statements and a list of current equipment payments are what to have ready. Dial (772) 314-3260 with the quote, or fill in the short request form. Term loans and lines of credit cover the needs a machine loan does not.
By Hollygrove Lenders · Updated
