Richmond, KY Equipment Financing for Truck-Mounted Extractors, Traction Tables and Walk-In Coolers

Nonemployer Statistics listed 7 carpet and upholstery cleaning businesses without paid employees in Madison County, KY for 2024 (NAICS 56174).

In a $1 buyout lease the lessor holds title during the term and the business makes every scheduled payment. After the last one, the business pays a single dollar and title to the equipment passes to it.

Illustration only, invented figures: a truck-mounted extraction unit priced at $18,460 goes on a 36-month $1 buyout lease at $587.40 a month. In this invented example the 36 lease payments total $21,146.40; with the one-dollar buyout the invented total is $21,147.40, which is $2,687.40 above the price.

The van that carries the unit is a separate cost, so the lease in this example pays for the extractor alone.

Automotive repair and maintenance shops numbered 42 employer establishments in Madison County, KY in 2023 (County Business Patterns, NAICS 8111). The 2024 Nonemployer Statistics listed 104 automotive repair and maintenance businesses without paid employees in the county.

1. The shop gets a written quote for two transmission jacks and a hydraulic press.
2. It decides on a down payment, if any; a partner may ask for one, and another may finance the whole price.
3. It calls (859) 461-8654 to talk through the quote, or uses the request form for contact details, time in business, revenue range and amount.
4. A partner then looks over the request, possibly including credit and the shop's bank statements.
5. Any offer names the rate, term, payment and who holds title, and the shop compares before deciding.
6. Once the shop signs, the seller is paid by the partner, and the shop's monthly payments begin.

Illustration only, invented figures: the jacks and press come to $12,780 and the shop puts $1,280 down. In this invented example the remaining $11,500 is financed at an 11.6% annual rate over 36 months for $379.77 a month; the invented payments total $13,671.72, and with the down payment the invented total cost is $14,951.72.

Those are the inputs the equipment calculator on this page takes: price, down payment, annual rate and term in months. Type 36 for three years, not 3: a term entered in years pushes the payment far too high.

Electrical contractors and other wiring installation contractors made up 12 employer establishments in Madison County, KY in 2023, 8 of them with fewer than five employees (County Business Patterns, NAICS 238210).

A lease is more than its monthly figure. For a scissor lift that moves from job to job, four clauses deserve as much attention as the payment:

• Upkeep: a lease may put service and repairs on the business; the agreement says which.
• Insurance: the lessor may require the business to insure the lift and name the lessor on the policy.
• Return condition: if the lift goes back, the lease may define acceptable wear and charge for damage beyond it.
• End of term: hand the lift back, renew, or buy it at the price written into the lease.

Illustration only, invented figures: a 24-month lease on the lift at $498.60 a month comes to $11,966.40 in invented payments, before any end-of-term price, insurance or repairs.

Offices of other health practitioners, including chiropractors and physical therapists, counted 61 employer establishments and 374 paid employees in Madison County, KY in 2023 (County Business Patterns, NAICS 6213).

Traction tables bring soft costs: delivery, setup and staff training. Whether those soft costs can go into the financed amount is up to the partner; one may include them, another may finance the equipment price only.

Illustration only, invented figures: two traction tables cost $14,900, delivery and setup add $640 and staff training adds $350. In this invented example, financing all $15,890 at a 10.95% annual rate over 48 months costs $410.30 a month, with invented payments totaling $19,694.40.

Financing only the $14,900 tables on the same invented terms costs $384.74 a month, and the invented $990 for delivery, setup and training is paid from the office's cash. Any new electrical circuit for the tables is property work outside this site.

With an equipment loan, the business holds title to the cooler from the start, and the lender may file a lien on it, such as a UCC financing statement, that stays on record while a balance is owed. After the last payment, the business can ask the lender how and when that lien is released and keep a copy of the release.

Illustration only, invented figures: a walk-in cooler for a specialty food market costs $21,350. Financed as an equipment loan at an invented 9.95% annual rate for 60 months, the cooler costs $453.10 a month, $27,186.00 across the schedule in this invented case.

• Is the lien filed on the cooler alone, or on other business assets too?
• Does the loan carry a documentation or lien-filing fee?

The cooler's electrical hookup and any floor or wall work are property work outside this site; the financing covers the cooler unit. For a cost that is not equipment, the business loans overview lists the other products.

More equipment cases, each with invented figures: an operatory chair package and a laser, Holter recorders and a shockwave unit, zero-turns, a trailer and a dump truck, hybrid battery tools and bay machines, and bakery machines on a term loan when lab testing and label design ride along.