Forklift Financing Checklist

• July 22 2024
• -
• Tips & Tricks

Forklifts can be crucial investment pieces within your warehouse or construction operation. However, they are often pricy purchases that may seem too expensive to afford. Forklift financing doesn’t need to be stressful. We’ve put together a checklist that you can use to prepare for your next forklift leasing or financing journey.

Prepare Your Budget

While forklifts are essential to performing many tasks and can help generate immense profit, forklifts are not cheap assets. Decide early on precisely how much you are willing to spend on a forklift. Is there a particular make or model you want? Are there any specific features that you need in your next forklift? Factor in all of the necessary parts of your next forklift when weighing your budget.

Gather Your Paperwork

If you choose to pursue a financing plan for your forklift, you’ll need to provide certain items to your preferred lender. These help guarantee that you are financing a forklift for a good reason and will pay back the money you can’t afford in the down payment. While every lender and forklift vendor is different, there are a few pieces of paperwork that many will ask for, such as:

• Trade references. If you are opening a credit line at a new financial institution, they may require proof that you complete the type of work you claim and that you are a reliable loan recipient. Trade references are organizations from which you acquire goods and services that can vouch for your reliability. Consider providing lenders that you already have strong, long-standing relationships with as references, such as wholesalers or suppliers.
• Tax paperwork. In order to extend a loan of any kind to you, lenders will require some proof that your business is in good financial standing. To acquire this information, you will likely need to provide your Employer Identification Number (EIN), also known as your Federal Employment Identification Number (FEIN). In addition, if you are claiming tax exemption, you will need to provide some evidence for this exemption. Locate both of these items before starting on your loan application.
• Financial history. At new financial institutions, you may be asked to list former lenders or submit proof of loans paid in the past, along with documentation of how much money your business has recently made. This helps lenders feel more confident getting you started on a leasing plan.

Make it a Write-Off

It’s easy to forget, but forklift financing can be written off on your taxes. The IRS allows up to 100% of the purchase costs of tangible property related to business to be counted as a deduction.

The Home of Easy Forklift Financing

When you’re ready to start pursuing forklift financing, rely on 123Forklift to get you the equipment you need to get the job done. Browse our full collection of listings to find the perfect vehicle addition to your site. Our dealers are ready to assist in getting you your new equipment on your budget.

https://www.toyotaforklift.com/resource-library/blog/purchasing-decisions/how-to-get-a-credit-line-for-financing-a-forklift

https://swoopfunding.com/us/business-loans/asset-finance/forklift-finance/