Use Heavy Equipment Loans to Get the Job Done

June 2, 2022

The construction project is outlined. The materials have been procured. The construction crew is prepared for the work to be done. But, do you have the right equipment for the job?

Because of the diverse nature of construction projects, you need to ensure that your company has the appropriate heavy equipment to dig up dirt, tear down existing buildings, lay down new roads, create new structures, and perform other rigorous jobs at the construction site.

That’s why we recommend working with Texas Gulf Bank to obtain heavy equipment loans for each piece of equipment that you need. Whether you are looking to finance the purchase of used or new equipment, we offer a streamlined construction equipment loan process that will align with your project timeline.

Find out why construction companies across the Texas Gulf Coast turn to our local bank for their heavy equipment needs.

Which Heavy Equipment Do You Need for the Job?

Margins are tight for construction projects when considering the cost of materials, labor, and insurance. We want to ensure that you obtain the right equipment for the specific needs of the project so that you can maximize efficiency at the job site.

Consider this sample of heavy equipment that you may need for each of the major categories of construction jobs:

Residential construction projects:

Crane with a wrecking ball can help knock down an old home to make way for new construction to begin.
Excavators can dig up new dirt or remove underground elements from existing property.
Skid Loaders can move dirt and other materials from one location to another to help smooth out the property.
Trenchers help create space for utility lines, pipes, and other underground elements to be put into place.

Commercial construction projects:

Larger cranes that can reach higher levels can be used to knock down multi-story buildings.
Articulated trucks boast a large hauling capacity to move a considerable amount of material or dirt from one location to another.
Backhoe loaders provide amazing versatility to support excavation, hauling, and digging at a commercial construction site.
Scissor lifts and/or Boom lifts can help work crews reach high-up areas or hard-to-reach locations during construction.

Infrastructure / Roadway / Heavy construction projects:

Bulldozers clear out junk such as rocks, gravel, dirt, and other debris from roadway areas to make way for new surfaces.
Cold Planers are valuable to remove old asphalt to make way for new asphalt to be laid down or repair damaged asphalt to create a smoother surface.
Asphalt Pavers can be used to evenly lay down new asphalt on roadways to ensure that you get the job done right the first time.
Drum Rollers help smooth out roadways and other driving terrains to create strong, flat surfaces.

Specialized Industrial Construction projects:

You’ll need larger versions of earthmoving equipment such as excavators and bulldozers to get more done compared to other types of construction jobs.
Scrapers clear out a tremendous amount of dirt from large areas at an industrial site.
Graders can prepare large surfaces for construction, especially in difficult terrain.
Compactors can be used to compress waste that you dig up and collect at an industrial site to prepare for new surfaces to be laid.
Telehandlers support safety by allowing work crews to maneuver materials into difficult spaces or at high-up locations during construction.

There are additional pieces of heavy-duty equipment that you may need depending on the job. And, you may need different size equipment or equipment that has certain attachments and add-ons for the work to be done.

Our team can help review the equipment you are looking to purchase, assess the specific use of the equipment, and provide you with financing options.

Loan Application Process for New Heavy Equipment

When you are ready to purchase new equipment for the construction site, we can help you get started on the equipment loan process.

If you are looking to purchase new heavy equipment, we ask that applicants provide the following information to help our lenders assess the viability of your intended purchase:

Description of the new equipment.
Purchase price of the equipment.
Expected use of the equipment.
Construction plans to match the use of the equipment against the type of construction project.

We also ask that loan applicants provide us with financial information about your company as well as the guarantors of the loan to ensure that you can pay back the loan including but not limited to:

Company financial statements for the most recent 3 years.
Company tax returns for the most recent 3 years.
Personal financial statement from the guarantor(s) of the loan for the most recent 2 years.

Depending on the cost of the equipment, we may also ask to review the construction project budget to ensure there is ample financial support to cover the monthly payments on the heavy equipment loan.

Once we have gathered all applicable information to support your new equipment purchase, our lenders will promptly review your application.

Because we are an independently owned and operated bank, we make lending decisions in-house without needing to consult with outside decision-makers. This enables us to expedite the loan application process and inform you of a lending decision. Then, if approved, you will quickly gain access to the necessary funds to complete the purchase.

Loan Application Process for Used Heavy Equipment

If you are looking to purchase used heavy equipment, we will ask you to provide the same information as a new purchase. This includes but is not limited to the same list as above with information about the equipment you are looking to purchase, as well as financial reports from the company and the individual guarantors of the loan.

There is one big addition to the loan application process for used equipment, however. We need to review usage information for each piece of used heavy equipment that you are looking to purchase:

Documentation about the origins of the equipment.
Length of service prior to a potential purchase.
Previous and/or current use of the equipment.
Expected lifespan of the equipment.
Current market value of the used equipment.
Records of repairs/maintenance/any major changes to the equipment.
Whether any additional repairs or changes are recommended.

Our goal is to ensure that all equipment is fit-for-service at your construction site. Because of the high cost of equipment – including used equipment – this effort to review the history of the equipment protects you as the borrower and us as the lender providing you with access to financing.

After we review all relevant information related to your intended purchase, we will follow the same expedited process of reviewing your loan application, provide you with a lending decision, and initiate the funding process if approved.

Contact Texas Gulf Bank for Heavy Equipment Loans

One of the best parts about working with Texas Gulf Bank is that we are focused on building long-term relationships with our customers. Our aim is to be your go-to bank for each heavy equipment need, not just provide you with financing for one transaction.

The more you do business with Texas Gulf Bank, the easier it is to complete the loan application process for each successive equipment purchase. Plus, you’ll have access to a dedicated representative from our bank who can help you review each intended purchase. We will provide you with guidance on planned purchases and help you make informed decisions about your financing options.

Let’s get started today on your options for heavy equipment loans. Reach out to us using the contact form below or give us a call to speak with one of our loan officers. We look forward to supporting your heavy equipment needs so that you can get the job done at the construction site!

All Loans Subject to Credit Approval