If you are thinking about leasing new equipment, do not sign that agreement just yet. In many cases, financing equipment with a business loan can be more cost effective and more beneficial than leasing.

When you own your equipment outright, you can sell your old equipment and upgrade to new equipment as your business dictates. You also have equity in the equipment you own, which you can use as collateral for additional financing.

Taking out an equipment loan also offers some tax benefits. In the year you purchase the equipment, you may bbe able to deduct up to $25,000 of its value; amounts over that depreciate over several years.  Please contact your tax advisor for the specific IRS and state income tax guidelines to determine your business deductions. 

Reliable equipment is critical to your business. When you need to update, replace or repair machinery, DuTrac Community Credit Union has financing terms that make it affordable and convenient.

Contact us at (563) 582-1331, 1-800-475-1331, stop into any of our 8 convenient locations or email our Business Relationship Manager, to get started.  We'll help you make the right choice that will fit your financial goals and needs.

DuTrac Community Credit Union does not provide tax or legal advice. You should contact your tax or legal advisor for advice regarding your situation