Material handling equipment finance

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Mike maur
It's been a pleasure dealing with Elizabeth, Def a Gem for her business. Amazing communicator and process dealing with all the paperwork was made easy and stress free. Keep it up !
Nov 28, 2024
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I applied vehicle Finance through Swoop & lady Ikra help me from Beginning to end,she s very professional & helpful. Its just took 3 to 4 days & now i got new vehicle. I received Best customer services from Ikra & High recommend for this Swoop Finance.
Nov 26, 2024
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Nov 24, 2024
Andrew Frazer
Cynthi was a fantastic help in organising what was needing and obtaining finance
Nov 8, 2024
Chris Skeates
Predrag and the Swoop team have been outstanding. Very attentive to our needs and staying on top of our funding request with their partners.
Oct 24, 2024
Leo Tsuo
Great experience. They quickly understood my needs and was fast to find a lender that met those needs. Highly recommend
Oct 22, 2024
Kash De Silva
I had a fantastic experience working with Elizabeth Tan for my business lending needs. She provided exceptional support and guidance, helping me navigate the process with ease. Her expertise and dedication were instrumental in taking my business to the next stage. I highly recommend her to anyone looking for lending assistance!
Oct 15, 2024
Shannon T
Cynthia has gone above and beyond, explained the process, consequences, and found me the most suitable solutions for my business in a very busy time! I found the help (even before I was guaranteed to use them) invaluable and the help made all the difference!
Oct 9, 2024
Jon Marc
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Tendekai Mutemeri
Would recommend anyone to use my lovely lady, she went above and beyond to get me my business finance, the response when I had a question about anything and everything was on point, got me the deal I could have asked for, please use her services 🙂 😊 😀
Sep 6, 2024
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    Page written by Chris Godfrey. Last reviewed on December 9, 2024. Next review due April 6, 2025.

    Factories, warehouses, airports, seaports, logistics centres and more – in many types of location you’ll see specialised machinery keeping business humming. Material handling equipment is designed to move all kind of goods and materials from A to B, but for smart business owners, these expensive machines all have one thing in common: The best way to buy them is with an equipment lease or loan. 

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      What is material handling equipment finance?

      Material handling equipment finance is a form of equipment financing, Suitable for businesses in many different sectors – manufacturing, agriculture, food processing, construction, logistics and more – this type of financing allows companies to acquire specialist machinery without making a major dent in cash reserves. By spreading the cost of expensive machinery over time, material handling equipment finance helps businesses preserve working capital and better manage their cash flow while ensuring access to essential machinery. 

      What equipment can I finance?

      If it’s used to move goods and materials from one place to another, you can almost certainly finance it with a material handling equipment loan. Finance machinery as varied as:

      • Forklifts
      • Automated Guided Vehicles
      • Robo Trains
      • Conveyors
      • Lifts and Racking systems
      • Airport and Port handling equipment
      • Scrap handling equipment
      • Logistics systems
      • and more

      Can I finance used material handling equipment?

      Yes, although some lenders may place restrictions on the types of used materials handling equipment you can finance and may also set a limit on the number of operating hours the machine has worked.

      How to get material handling equipment finance

      Depending on the type of loan you are seeking, material handling equipment finance can be complicated. The sum you can borrow, the interest rate you’ll pay and other terms and conditions will vary from one lender to another. It therefore makes sense to shop around before settling on a deal. You can do this by approaching banks, credit unions and online lenders one by one, or you can use the services of a loan marketplace that will immediately introduce you to a choice of financing offers from a range of lenders. Some marketplace platforms can also give you advice and help you with the application process. This can be especially useful for borrowers who have never taken out an equipment loan before.

      What you’ll need to get material handling equipment finance:

      Although every lender will have their own qualifying requirements, borrowers will usually need the following to obtain a material handling equipment loan:

      • Strong credit score
      • In business at least 6 months
      • +6 months revenues
      • Cashflow forecast
      • Business registration documents and any required licenses or permits
      • Bank statements – most recent 6 months

      Can I get material handling equipment finance with bad credit?

      Yes. Although it’s never easy to obtain business loans with less-than-stellar credit, it’s not impossible. Three options to consider:

      • You may stand a better chance of being approved if you provide collateral with a value that is at least equal to the amount you wish to borrow. Collateral can be real estate, land, or other major assets. Lenders typically ask for this type of security when businesses have weak trading results or when the business owner or principal has poor personal credit. 
      • If you don’t have sufficient collateral to support a loan, you could consider bringing a co-signer into the deal. This would be someone you know who has good credit and/or assets and who is prepared to backstop the loan in case of your default.

      Lastly, if you lack collateral and cannot bring in a co-signer, you may be able to obtain funding from lenders who specialise in loans for borrowers with bad credit. However, be aware that this type of borrowing is usually more costly than regular business lending and the sums you may be able to borrow will often be much smaller.

      Alternatives to material handling equipment finance

      Just because you can’t qualify for standard equipment finance, it doesn’t mean you can’t obtain funding for your business. Alternative financing options include:

      Term loan

      Available from high-street and alternative lenders. These loans typically come with more relaxed qualifying rules and can be obtained on a secured or unsecured basis.

      Business grants

      Business grants are free money, they do not have to be repaid if you spend them properly and in most cases, funders do not consider credit scores when considering applications. The good news is, there are thousands of grants available across the UK and they are provided by local governments as well as foundations, non-profits and other organisations. The downside to this route is the fact that small business grants are usually highly competitive, slow to fund and often come with strict qualifying rules. 

      Get started with Swoop

      No matter if you’re seeking your first material handling equipment loan or you’re a seasoned borrower, working with business finance experts can make all the difference when applying for funding. Contact Swoop to discuss your borrowing needs, get help with your application and to compare high-quality equipment financing from a choice of lenders. Let us carry the load for you. Register with Swoop today.

      Written by

      Chris Godfrey

      Chris is a freelance copywriter and content creator. He has been active in the marketing, advertising, and publishing industries for more than twenty-five years. Writing for Barclays Bank, Metro Bank, Wells Fargo, ABN Amro, Quidco, Legal and General, Inshur Zego, AIG, Met Life, State Farm, Direct Line, insurers and pension funds, his words have appeared online and in print to inform, entertain and explain the complex world of consumer and business finance and insurance.

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      At Swoop we want to make it easy for SMEs to understand the sometimes overwhelming world of business finance and insurance. Our goal is simple – to distill complex topics, unravel jargon, offer transparent and impartial information, and empower businesses to make smart financial decisions with confidence.

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