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The Buyer's Guide for Financing Cat® Equipment
Equipment is a big investment, but buying it shouldn’t be a big hassle. Start your Cat® equipment journey off right with this comprehensive guide. It’s filled with tools and resources to make the process as simple as possible. That way, you can get the equipment you need and put it to work.
Estimated read time: 6 minutes
New to equipment buying or just need a refresher? We’ve got you covered with this simple guide. It walks through the entire process: from online shopping to Cat® equipment financing and beyond.
GETTING STARTED: EASY WAYS TO SEARCH FOR CAT® EQUIPMENT ONLINE
The Cat product line includes more than 300 different machine models. That’s everything from backhoes to dozers to excavators to wheel loaders. Where should you start your search?
The first step is identifying your equipment needs. Each Cat machine is engineered to help you complete a task. Knowing what work needs to be done, as well as how long you need to use the equipment, can help you narrow down your search.
Once you have an idea of what you need, it’s easy to compare different pieces of equipment on Cat.com. You can view equipment by industry — construction, paving, agriculture, snow removal and so on — or by product type. Select a specific model to view details and specs, watch videos and download brochures. To see multiple models side by side, just click the “Compare models” button.
As you search, keep in mind that buying new equipment is just one equipment option. Review all your acquisition options before deciding. That includes Cat Used equipment plus short- and long-term rentals from The Cat Rental Store.
NEXT UP: CHECK CAT MACHINE PRICES, OFFERS AND YOUR BUDGET
We know that price can influence your decision. The Build and Price feature for select models on Cat.com gives you instant pricing based on your preferred machine configuration. You can add options, attachments, protection plans and more. Provide your location to see if the machine is available from your local dealer. In many cases, you can even reserve equipment online.
If the Build and Price tool isn’t available for the machine you're considering, your local Cat dealer is your best resource for specific Cat machine prices.
Have a specific budget for your equipment purchase? Use our affordability calculator to see if machine models you’re looking at align with your plans. Enter your desired monthly and down payments, then plug in the interest rate and term. The calculator estimates how much you can afford to spend based on those numbers. It also gives you a graphic look at your total equipment investment.
Our payment calculator is another helpful budgeting tool. Know the Cat machine price? Enter that number (or a close estimate) along with your down payment, interest rate and term. The calculator then approximates monthly payments over the life of your loan or lease.
Don’t forget to check out the special offers available from Cat Financial, too. These deals can make choosing Cat equipment, attachments, parts and services easy and more affordable.
EQUIPMENT DECISION MADE: NOW, HOW WILL YOU PAY FOR IT?
Once you choose equipment, you must decide how to pay for it. Cash purchase? Loan or lease? Rental? You have plenty of Cat equipment financing options. Use these resources to find the best fit for your business:
Options for Acquiring Heavy Equipment: This guide offers a closer look at the pros and cons of paying cash, financing, leasing and renting. It also answers common questions about how investing in equipment affects your budget and business plans.
How to Make the Most Out of Equipment Financing: This article explains the differences between finance and operating leases. It also walks through various protection plans you could add to your equipment.
Step-by-Step Financing Guide: Here’s a comparison of equipment loans, finance leases, operating leases and rentals. It’s a great way to see the advantages of each at a glance. You’ll also learn how to package maintenance and protection with your loan or lease and finance parts and services.
APPLYING FOR FINANCING: WHY CAT FINANCIAL?
Did you decide to finance your equipment purchase? You can work with your bank or any other lender. But here’s why it pays to consider Cat Financial instead.
Cat Financial isn’t a traditional bank. As a “captive” finance company, we only work with Caterpillar customers. That means our financing is built around your equipment and needs. We tailor solutions, stay flexible and make things easy. You can select your model, finance your purchase and protect your equipment in one trip to your local Cat dealer.
It’s also easy to apply for financing. Just complete our Cat equipment credit application. Curious about how we evaluate it? Here’s a closer look at the four key credit factors we take into account: credit rating, equipment financing history, overall credit history and work on hand.
EQUIPMENT ADD-ONS: MAINTENANCE AND PROTECTION PLANS
You’ve selected your equipment. You’ve figured out how to pay for it. Now is a good time to think about keeping your equipment running at peak performance and how to cover the cost of parts, repairs and other services down the road.
Did you know you can package maintenance and protection plans with your Cat equipment financing? That simplifies budgeting because everything’s covered in one monthly payment. You can add a:
Cat Customer Value Agreement (CVA) by Cat Financial: This personalized preventative maintenance plan helps you keep your equipment running at peak performance. And you can lock in parts and labor costs for the length of your contract.
Equipment Protection Plan (EPP): Coverage beyond the standard warranty for parts and labor helps you reduce the risk associated with unplanned repairs. EPP comes in different levels of coverage to fit how you use your equipment and your budget.
Another way to finance a CVA or EPP is with the Cat Card. You can also use it to pay for parts at your dealer or on Parts.Cat.Com, along with repairs, rebuilds, overhauls, attachments and rentals.
Basically, the Cat Card is a convenient way to pay for everything BUT your equipment itself. And it’s simple to apply and easy to manage your account online using MyCatFinancial.
READY TO START YOUR EQUIPMENT BUYING JOURNEY?
We’re here to help. Need assistance beyond the tools outlined in this guide? Reach out to your local Cat dealer by filling out this form to connect to the experts. They can provide more details about your buying options or get the financing process underway.
You can also get in touch with our team at Cat Financial anytime.
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Find in-depth articles to answer your questions about construction equipment financing, and expert tips to help you navigate today's economy as a successful business.
