Buying Used Heavy Equipment? Make Sure You Are Aware of These Three Potential Risks

Used heavy equipment can be a great value, but there are several unique risks that buyers should be aware of. Buying used heavy equipment is often seen as a solid move for many companies. After all, a used backhoe, skid steer, dump truck or similar machine can be a superb value, getting companies a piece of needed gear for a budget-friendly price. However, there are some aspects specific to used equipment that buyers should be aware of. Some of these are obvious (the condition of the equipment), but others are not quite as straightforward (does it really have a clean title?). And in the case of the latter, the answers are not always clear. In my 30-plus years in the lending industry, I’ve seen almost everything possible in regard to used equipment sales. Here are three important tips for used heavy equipment buyers, whether you are buying from an established dealer or a private party. READ FULL ARTICLE >>