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CNC machining has the potential of revolutionising your business operations. By automating important parts of the production process, you can save on costs and improve on the quality of your products. However, the upfront cost of CNC machines is high. Many businesses obtain this expensive equipment through equipment financing arrangements.
Equipment financing is basically a loan that you obtain from a lender so you can use it to purchase expensive machines. The equipment purchased acts as security for the loan itself. This option is useful when you need to make a significant capital investment.
The following is a guide detailing how you can develop an equipment financing plan to purchase a CNC machine.
1. Determine how you will use the machine to enhance your business
Even before you begin shopping around for a CNC machine, you should first determine how useful the equipment will be for your business. Calculate the ROI for the project and determine if you'll be able to make a profit in the long run.
In addition, determine the longevity of the equipment and whether you'll be able to repay the loan to your lender in good time. Work out how much repaying the loan and operating the CNC machine will affect your working capital and your cash flows. The investment should be such that your new CNC machine generates enough revenue to meet all its associated costs.
2. Find the right supplier
Now that you have the numbers out of the way, it's time to find a reputable supplier. Of course, quality and a reasonable price should be of top concern. Take time to know which features matter most to your operations and find a supplier that meets your needs.
As you shop around, also consider factors such as shipping, installation costs, insurance and taxes.
3. Find a reasonable financing option
After having identified a machine that meets your needs, the next step is to find a lender. This is perhaps the most important part of the process, as the lender will determine your interest rates, repayment period and monthly payment amounts.
Make sure the lender you're considering works with CNC machines and has financed them before. They should also understand the needs of your business, how you will use the machine and your ability to repay the loan over time.
4. Prepare for delivery and installation
After finalising the contract with both your supplier and financing company, you can now arrange for delivery and installation. Installing CNC machines is a delicate process. Make sure you carefully oversee the entire process so you can avoid any installation issues. Also, have all necessary staff trained to use the machine accordingly.Share