At H.O. Penn Machinery, the success of your business is our priority. Whether you work in construction, demolition or landscaping, you may need a new or used backhoe loader at your jobsite. Financing allows you to pay for these machines over time and use them right away.
We invite you to explore our wide selection of Cat® backhoe loaders. If you find a machine and want to add it to your fleet, we offer numerous financing and cost-saving solutions to purchase, including equipment loans, leasing arrangements and special pricing on used backhoe equipment.
There’s a lot to understand about financing. The financial experts at H.O. Penn will walk you through the process on your time, explaining our financing opportunities, flexible payment options and even cost-effective maintenance packages that will keep your new backhoe in tip-top shape.
Let’s explore the various financing solutions and the benefits they could bring to your business.
As an authorized Cat dealer, H.O. Penn connects you with specialized financing programs you won’t find anywhere else. These resources allow you to spread out your backhoe loader’s total cost over a set period.
There are many reasons that financing may be the best move for acquiring a Cat backhoe loader, like:
Whatever your reason for financing, we offer multiple backhoe financing solutions at H.O. Penn.
An equipment loan allows you to borrow money to purchase your new or used backhoe. This form of financing typically requires a down payment, like cash or an equipment trade-in. You can utilize the backhoe throughout the financing process and gain ownership once you’ve made all payments. While interest is included in the total cost of the equipment, loans are typically your least expensive path to backhoe ownership.
There are many advantages to pursuing an equipment loan, including:
Leasing is an excellent option for short-term backhoe loader needs, like one-and-done projects. The two primary types of backhoe leases are operating and finance leases.
Operating leases allow you to pay a low monthly amount for equipment use without ownership. Once your lease agreement ends, you can continue leasing the equipment, return the machine or upgrade to a newer, more advanced model. With a finance lease, you typically have the option to purchase the equipment once your lease term ends.
There are numerous advantages to leasing backhoe loaders from H.O. Penn, like:
Buying a preowned standard loader or used mini backhoe is a great way to get the equipment you need right now. Like with new equipment, financing allows you to purchase used machines with competitive terms.
If you’re debating between new and used equipment, our team can help you explore the cost-saving benefits of choosing a used backhoe loader, like:
Once you find a used backhoe loader that fits your operational needs, we can help you decide whether an equipment loan or a lease agreement is better suited to your business and budget.
Here are some answers to frequently asked questions to get you on your way to financing your new or used backhoe loader.
If you’re considering applying for an equipment loan or leasing equipment, understand your unique usage needs. How frequently will you use the backhoe loader? Do you need it for your daily operations or a short-term project? Leasing is preferable for shorter-term needs, as it offers lower monthly payments and greater flexibility to upgrade to new models. An equipment loan allows you to own the backhoe with all the advantages of building equity.
At H.O. Penn, we don’t leave you wondering for days on end, worrying whether or not you’ve been approved for financing. We make applying for a backhoe loan or lease as simple and quick as possible. We use a few criteria to determine your eligibility for financing:
The higher your credit score, the better your chances of getting approved for backhoe financing and securing excellent terms. If you would like to learn the minimum credit score for obtaining financing, we invite you to speak to a member of the H.O. Penn team.
Beyond the immediate benefit of acquiring a hardworking machine for your project needs, financing a backhoe loader can come with valuable tax savings. The following benefits can help your business lower taxable income and improve your year-end profitability:
Yes, we offer rent-to-own equipment financing at H.O. Penn.
Similar to leasing, this financial solution allows you to rent a backhoe for a set amount of time with the option of purchasing the equipment once your rental term is up. However, you are under no obligation to purchase. Rent-to-own financing allows you to put a portion of your monthly payments toward the total cost of your machine. It’s a great option to test out the backhoe before committing to buy.
Are you ready to grow your fleet with a used or new backhoe loader but don’t have cash on hand? H.O. Penn Machinery is an authorized Cat dealer with decades of experience in equipment financing. We will develop a competitive solution with flexible terms that support your work’s efficiency and your business’s growth.
Reach out online, and one of our financial experts will contact you with information about backhoe loans and leases. Need some answers right now? Visit us at one of our locations or call us to speak to a team member.
When you choose H.O. Penn, you’ll find the specific tools you need from a world leader in heavy-duty construction equipment, backed up by a team of skilled technicians and field service professionals. From the moment you join us, you’ll have access to unparalleled support for shopping small construction equipment, repairs, maintenance and more.
Contact H.O. Penn
Be prepared to take on any project you receive by browsing our catalog and requesting a quote today. You can also contact us online or at 845-448-0018 to discuss your options.
