This article from Blackvale Business Funding in Bay City, Michigan compares where contractors and landscapers finance skid steers, with Bay County construction figures and an invented skid steer priced three ways.
An Equipment Financing Loan for a Bay County, MI Contractor: Three Sources Compared
An equipment financing loan for a skid steer pays the dealer, records a lien on the machine and is paid back monthly over a set term. The three sources differ in paperwork, speed and price, and the machine's age decides which ones will look at it at all: a dealer program is usually for new machines, while an independent lender may take a ten-year-old loader from an auction. Construction counted 169 employers in Bay County, MI in 2023, and 97 of them had fewer than five employees (County Business Patterns), and for a firm that small a lender may ask the owner to guarantee the loan.
Equipment financing explains the structures common to all three.
Dealer Financing and Manufacturer Programs for Skid Steers
Manufacturer and dealer programs often carry promotional rates or deferred first payments on new machines, and the paperwork happens at the counter. The trade-off: they are tied to that brand and dealer, and a promotional rate may come with a higher cash price than the dealer would accept for an outside-financed or cash sale.
Ask the dealer for the cash price and the financed price side by side.
Dealer programs can also bundle a maintenance plan or an extended warranty into the payment. That can be useful, but it raises the amount financed; ask for the machine price and the add-ons as separate lines so the comparison with an outside lender is fair.
Banks and Credit Unions Near Bay City, MI for Equipment Loans
A bank or credit union that already holds the contractor's accounts may offer an equipment loan, usually asking for full financial statements, tax returns and sometimes a down payment. The review can take longer than a dealer program. A credit union lends to members, and each sets its own rules.
The FDIC's BankFind and the NCUA's credit union locator list institutions by location.
A contractor that already has a line or a term loan with its bank may find the equipment request goes into the same relationship review. That can help, because the bank knows the business, or it can slow things if the bank wants updated statements first. Ask before the dealer's quote expires.
Independent Equipment Lenders and Funding Services for Bay County, MI Crews
Independent equipment lenders finance new and used machines from any seller, including auctions and private sales, often with less paperwork for smaller amounts. A funding service such as Blackvale passes the request to funding partners, which review it and decide. These sources can suit a used machine, a mixed fleet or a contractor whose bank says no.
Pricing varies widely; compare total paid, not the monthly payment alone.
Independent lenders often ask for less up front but may charge documentation fees or require a deposit before ordering a machine. Read the fee schedule, and ask whether the lender pays the dealer directly or reimburses the contractor after purchase.
An Invented Skid Steer Priced Three Ways for a Bay City, MI Contractor
Illustration only, invented figures: a Bay City, MI contractor prices an invented $62,000 skid steer three ways. The invented dealer program at 4.9% over 48 months costs about $1,425 a month, but the invented cash price would have been lower. An invented bank loan with 20% down at 8% over 60 months costs about $1,006 a month on the invented $49,600 borrowed. An invented equipment lender offer at 9.75% over 60 months with no down payment costs about $1,310 a month (our arithmetic for each).
The invented totals paid are about $68,400, $72,743 including the down payment, and $78,582 (our arithmetic). The lowest invented payment is not the lowest invented total, which is why totals matter.
The skid steer financing calculator runs the same arithmetic on real quotes.
Records Bay County, MI Contractors Pull Before Applying
- Business bank statements and tax returns.
- A work-in-progress schedule and backlog.
- The dealer quote, with attachments and hours if used.
- Existing equipment loans with balances.
- Contractor license and insurance certificates.
The construction loans page has more on contractor records.
Records Bay County, MI Landscapers Pull Before Applying
- Customer contracts or a list of regular clients.
- Bank statements for the last twelve months.
- The latest tax return.
- Quotes for the skid steer and attachments.
- Current equipment and truck loans.
The landscaping page and the Bay City, MI page add more.
By Blackvale Business Funding · Updated
