The decision to add new equipment to your shop floor is usually a careful one made slowly. That does not mean you want to spend extra time waiting once you have applied for financing and made space for delivery, though. There are also times when you need a machine quickly. It might be due to a breakdown or a sudden rush order that requires a new tool. Fast financing approvals help in all cases.

1. Consider Leasing for Limited-Term Equipment Needs

If you’re financing equipment for a limited term because a single project needs a few special tools, you might be able to get the machines in your shop faster and come out ahead on costs if you sign a lease for the term of the project. Not only do leasing agreements usually close quickly, the financing company handles delivery and removal, so you can focus on the job at hand. Depending on how long you need the equipment, a lease could be a fraction of the purchase price, with no hassle from selling or sitting on a machine you don’t use later on.

2. Consider Private Equipment Financing Programs

Hard money financing is often the best choice for small companies that need capital quickly because determinations are made quickly and because your credit score plays a more limited role in the determination. On top of the fast approvals and increased accessibility, there’s also the fact that loan terms and down payment requirements tend to be more flexible with private financing, so it’s easier to find a deal that will work for your company even when you have to bring in a new machine unexpectedly. Keep that in mind if you ever have a breakdown in the middle of a big project.

3. Use Multi-Asset Loans Where Possible

While the SBA’s flagship loan programs do not have the best reputation for fast approvals when compared to some other options, they do have the advantage of consolidating your financing. When you need to buy multiple pieces of equipment, one multi-asset loan often processes faster than separate loans on every asset. The consolidated loan also helps keep your monthly finance costs down, and a large consolidated loan is also usually for a longer term than separate smaller loans could be.

If you keep all of these tips in mind, it should be a lot easier to find the right deal for your current situation every time you need equipment financing. Start your search for a financing company with a clear eye on what you need from today’s deal to find the best solution to your current needs.