Getting the Best Rates on Equipment Financing for C-Stores

Obtaining the best interest rates for gas pump financing for your retail petroleum business is not difficult, it’s just good common sense (and doing your homework).  C-store owners should follow the steps in this article to obtain the best rates on financing gas pumps and other C-store or commercial fueling equipment.  The full article is available at Fuel Marketer News   Suggestions to get the best financing rates on gas pumps, LED's, UST's and other fueling and C-Store equipment:

  • Determine what's important to you, whether its financing interest rates, financing terms, collateral guarantees, etc. Make sure you help lenders understand anything that's unique about your site and your business, as this will help them provide you with the best options for financing your fueling and in-store equipment.
  • Present your complete financial package to appropriate lenders. These could vary on the type and size of equipment financing you wish to do. Make sure you're not chasing down a loan from the wrong funding source.  The right funding source for a convenience store operator will have experience in financing gas pumps, UST's, LED's and other convenience store equipment.
  • Match your package to lender requirements. Lenders often have varying requirements, such as different forms, levels of credit or years in business. Work with a lender that understands financing gas pumps, convenience stores and the related equipment required to run a profitable convenience store.  These financing firms will be most able to quickly understand your sites business, the industry requirements, and quickly review the financial information package that you are offering.
  • Present your package to several lenders, competition among them can be good for you.

  An additional suggestion to improve your borrowing costs as a C-store owner - consider financing multiple smaller transactions as one larger transaction.  Just as borrowing for a car is more expensive than borrowing for a house, borrowing for a small transaction such as a point of sale system can be more expensive than financing gas pumps or underground storage tanks (UST's), which are typically larger transactions.  An example of lowering your financing costs cost be to combines your LED upgrade financing with financing your point of sale upgrade or a dispenser upgrade.  Each of the first two transactions would typically be between $10,000 and $20,000, with dispensers being anywhere from $60,000 to $100,000.  You may choose to also finance shipping, taxes and labor.  By combining these into a single larger financing transaction it is possible to get a better interest rate than if each of these equipment purchases was financed separately. Start your application here.  

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