Finance your minicar accessories with
Direct mini carts
Miniature accessories are expensive. Not all companies or operators have the cash to buy new or used equipment when needed. With our finance partner CIT Small Business Solutions, Skid Steers Direct is delighted to offer some of the best equipment finance plans around.
In these uncertain economic times, people want a nest egg. Saving takes time, and generating the income you need first is a challenge without the right equipment.
Our financing products take advantage of IRS Section 179 to provide miniature financing with an easy and accessible payment plan. This is a unique financing program that we have worked on to provide a unique credit product for equipment buyers.
How to apply for funding
- Each product and blog page has an orange link to our funding request page.
- Fill in your company’s basic information.
- Get instant approval for up to $250,000 in financing.
Our loan officer will contact you for additional information if you are not approved immediately. We can often correct issues and get you approved. Once you have your approval, there are a few easier steps:
- Our sales team will contact you to create a purchase order for your equipment.
- Our loan manager will provide you with various loan terms.
- Once you’ve agreed to the terms and digitally signed the contract, you’re done! We will now process your order.
Click the link below to see your pre-approval amount without obligation
How to save money by financing minicar accessories
[Consult your accountant for a complete understanding]
Section 179 of the IRS tax code allows businesses to deduct the total purchase price of qualified equipment financed during the tax year up to $1,080,000. Bonus depreciation is also available to those who purchase more than $2,700,000 in qualifying equipment.
Simply put, if you purchase a miniature accessory, you may be able to pay it off completely immediately upon delivery. This depreciation can lower your tax bill, resulting in overall savings in the attachment.
By financing this fully amortized attachment, you save money now and pay for the equipment later because you use it to make money!
example
1) Buy new equipment and start using it before December 31st of this year
2) Accept the full dedication of equipment depreciation up front instead of over several years
3) Save money NOW on your bottom line
More benefits of financing your equipment
Fast application and approval
With no money-down financing plans, start generating income with your skid steer or accessory right away, making payments as you go. Our fast and convenient online application portal gets you credit today without losing critical productive time spent saving or risking your hard-earned reserves.
Attached payments are taxed favorably
Funded equipment can be dedicated as an operating expense in the period it is paid for, reducing the overall cost. Payments are also treated as expenses on the income statement, so you don’t have to worry about depreciation.
Pay as you go
Making monthly payments as you go will keep your cash in your pocket and allow the equipment to pay for itself as it generates revenue for your business.
Competitive rates
Find out what your monthly payments would be with our rate calculator. Fund your attachments with our fast and convenient application portal, or contact our lending partner James Kelley with CIT for more information.
https://skidsteersdirect.directcapital.com/
Frequently asked questions
What type of credit do I need?
We offer a variety of rates and options based on your credit score.
How long does the approval process take?
Typical turnaround time is just 2-3 days, compared to 2-3 weeks at many financial institutions and credit unions.
What is a typical payback period?
Terms are available between 6 and 72 months. Most customers choose 38 monthly loan payments.
What will my monthly payment be?
Payments will depend on the size of your loan, but our rates will be comparable between terms. The application portal will help you see which financing options are best for you. See below for a helpful calculator chart on a $20,000 loan sample. As you can see, our financing plans offer good deals at fair and lower rates.
What kind of information do I need to provide?
Many applicants are pre-approved automatically without the need for documentation, especially for loans under $250,000.
Can I get financing to buy through sellers other than Skid Steers Direct?
Yes, you can. While we prefer to have your business, you can access credit through the “Skid Steers Direct Capital” application portal and then take your loan to the provider of your choice. The loan can also be used at multiple vendors and topped up with a cash advance.
Can I buy more than one computer with this loan?
Yes! Many customers have even used this financing program to obtain accessories and equipment from more than one supplier. A customer obtained financing through our financing partner Skid Steers Direct, purchased from one of our competitors, and then used the remaining funds to purchase an additional $250,000 with us, paying in cash the difference between their remaining credit and the purchase price The unique process and lending relationship allows us to maintain the same rates regardless of where the customer purchases.
How much credit am I eligible for?
Total purchase price up to $1,080,000 is available on equipment financing through CIT and Skid Steers Direct.
Who offers the loan?
Our unique mini car financing products are offered through our CIT partner First Citizens Bank and Trust Company.
How are you bidding without money?
These loans are possible because customers agree to fully pay off the equipment up front instead of over several years and take advantage of Section 179 of the IRS tax code. This makes the economics work for the lender and allows you to pay less tax. The upfront loss of depreciation, which would happen over the life of the machine at your expense anyway, isn’t much of a sacrifice!
Additional useful information
- True commercial loan = The debt is reported exclusively to the customer’s business.
- Financing from $2,000 – $500,000 APP only
- No penalty for paying early
- Funding for EQUIPMENT + SOFT COSTS (tax, shipping, installation, etc.).
- Rates they are usually aligned with consumer mortgages.
Where can I get more information?
CIT representative James Kelly is available by phone or email to provide any information and help with any questions:
james.kelley2@cit.com
(603) 373-1390
How do I apply?
Minicarretes Direct online equipment financing portal “Direct capital”. Click the link or find it on our website when you browse our wide selection of the best brand and helpful tips. We’ve got the best options, from credit to gear, to get gear working for you now. (https://skidsteersdirect.directcapital.com/)
witnesses
Derek Dicks, Equipment Finance Business Client. [prosource machinery]
“Even though CIT handles the transaction from start to finish, I never feel like I lose control of the transaction. I’m informed throughout the process and I’m never left in the dark about a transaction. It’s seamless.”
“What I like most about CIT is that they answer the phone and tell me where we are in the process. That sounds a little basic, but believe me, there are people who don’t.”
“I would definitely refer other IEDA members to CIT; We know the process works with CIT. They have been a great ally for us to help finance our customers.”
Equipment Finance Commercial Client Paul Lashin [Prestige Equipment]
“You have to move a lot faster, be nimble and offer more options,” said Lashin of today’s gear market. Funding is one facet of the business that I think is very helpful in giving someone that extra edge to get a deal done.”
“CIT is very quick to respond and takes a hands-on approach. If they’re working on the final financing of the deal, we’re not worried about our client getting lost in the shuffle or falling through the cracks.”
“It’s important to keep in mind”, he continued, “that although what we do is buy and sell iron, our business is really a people business. Having the right relationships with people you trust is essential if you want to be successful in the long term in our industry.”
“We know we can trust CIT, and you know we really consider them family in a sense … and I mean it.”
