If your business needs a new or used excavator to tackle new projects and expand its capabilities, turn to the trusted team at H.O. Penn Machinery. For over 100 years, we’ve served businesses in New York and Connecticut with powerful solutions from Caterpillar.
Whether purchasing your first excavator, replacing an aging digger or expanding your fleet, these machines are an investment. Not every business has the resources to pay for equipment outright, which is where our financing solutions come in.
If you’re ready to purchase a Cat® excavator, we can assist you. We offer competitive financing to buy a new or used compact excavator and get to work, with options like rent-to-own, equipment loans and excavator leasing. Let us help you explore financing opportunities, offer money-saving tips on excavators and guide you toward financing that works with your business needs and budget.
Our equipment financing helps business owners fund the purchase or lease of a new or used excavator, providing the capital they need to purchase these powerful machines. Understanding the different types of financing available to you is essential to choosing the right option for your operations. Our team will help you find a financing solution for your business goals.
If you want ownership and equity in your excavator, an equipment loan from H.O. Penn Machinery may be your best financing option.
Equipment loans allow you to purchase your excavator without a lump sum payment. A loan spreads the full cost of your excavator out, allowing you to make monthly payments over a set time. Clients who qualify can choose flexible contract terms, allowing them to choose between different payment schedules or durations.
The total cost includes the excavator’s price and the agreed-upon interest. When financed through Caterpillar Financial Services Corporation (CFSC), there are no penalties for paying off your equipment early.
There are several major advantages to obtaining an equipment loan for one of our Cat excavators:
If you want access to the latest excavator technology and the most advanced features, equipment leasing may be the right option. You may not be able to purchase the newest model excavators outright. A standard or mini excavator lease means borrowing the machine for a set period through lower monthly payments. Your payment amount remains consistent throughout the lease term, and you are free to utilize the leased excavators until the termination of your lease.
Depending on the type of lease you choose, CFSC owns the equipment throughout your lease agreement. However, once your lease ends, you have several options — you can extend the lease on the excavator, return the machine, upgrade to a newer model or purchase it to add it to your fleet.
Some of the benefits of excavator leasing include:
H.O. Penn Machinery is your go-to source for equipment rentals. Sometimes, during the rental agreement, businesses realize that they need to add a machine to their fleet.
If you have a rental agreement with us and would like to explore purchasing our excavator, contact our team. Rent-to-own financing allows you to rent our excavators for a set rental term with the option of buying them.
Some of the benefits of this financing option include:
Leasing and equipment loans are popular options for acquiring the excavators you need. While leasing involves temporarily borrowing the machine for a flat monthly fee within a specific period, taking out an equipment loan is a purchase option that spreads out payments over a set period.
Both options are excellent ways to finance your excavator purchase. If your business is deciding between leasing or an equipment loan to finance your excavator, there are a few factors to consider:
If you’re ready to finance your excavator, the team at H.O. Penn can walk you through every step of the process to help you determine if you qualify for an excavator loan or one of our leasing opportunities. Our clients are busy working some of the most challenging jobs in the region, so we make the application process as quick and convenient as possible.
There are several criteria we look at to determine your eligibility for financing, like:
Businesses and individuals with a strong financial history and better cash flow are more likely to qualify for excavator equipment financing and better interest rates and terms.
The team at H.O. Penn understands the businesses that build the backbone of this region’s economy. Whether you run a construction company in Connecticut or provide utility services in New York, we know you rely on excavators to get the job done. We want to help you afford a hardworking machine to support the success of your local business.
Choosing an honest financial partner is critical to financing your new or used excavator. We believe that doing the right thing and building lasting, trusting relationships is more important than making a sale.
As a Cat authorized dealer, we have access to specialized Cat Financial programs that allow us to offer unique benefits you won’t find anywhere else, including:
H.O. Penn carries a wide inventory of Cat mini, medium and large excavators to meet the demands of your industry. We bring decades of experience to our clients, providing financial solutions and flexible payment arrangements to ensure you get the equipment you need for a price you can afford.
If you’re ready to explore our excavator financing options, contact us online. You can also call us or visit one of our locations to speak with a team member.
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.