Equipment financing lets your shop spread the cost of new equipment over monthly payments instead of paying the full price up front. That means you can get a new frame machine, welder, or ADAS calibration system working for you now, while you pay for it over time. At Lombard Equipment, we offer financing on both new and refurbished equipment because we know most shops don’t have six figures sitting in the bank. Here is how financing actually works, what it costs, and when it makes sense for your shop.
Financing works a lot like a car loan. You choose the equipment you need, apply for financing, and if approved, you make fixed monthly payments over an agreed term instead of one large payment. The equipment starts working in your shop right away, often within days of approval, so you don’t have to wait to start earning it back.
Terms and payment amounts depend on the cost of the equipment, your shop’s credit, and how long you want to pay it off. Our financing page walks through the general terms we offer, and your sales rep can give you real numbers based on the specific equipment you’re looking at.
Here’s the honest trade-off: financing costs more over time than paying cash, because you’re paying interest on top of the equipment price. If your shop has the cash on hand and doesn’t need it for anything else, buying outright is cheaper in the long run. We’ll tell you that directly instead of pushing financing on every deal.
That said, most shops don’t have $40,000 to $100,000 in free cash sitting around for a frame machine or ADAS calibration system. Financing lets you get certified equipment now, start billing for the work it enables, and pay it off with the revenue it generates. For shops on a tighter budget, refurbished equipment is another way to lower the total cost, financed or not.
Financing tends to make the most sense when new equipment is tied to new revenue or a new certification. If an OEM certification now requires ADAS calibration equipment you don’t have, financing gets you compliant without draining the account you use for payroll and parts. The same goes for a frame machine upgrade that lets you take on jobs you currently have to turn away.
It makes less sense if the equipment is a “nice to have” rather than something driving new business. Before financing anything, ask whether the equipment will pay for its own monthly payment through new or faster work. If the answer is yes, financing is usually the right call.
Equipment financing is a tool for spreading cost over time, not a way to avoid paying for equipment. It costs more than paying cash, but it lets most shops get certified, stay competitive, and take on new work without draining cash flow. If you’re weighing financing against a cash purchase, talk to your local Lombard sales rep and we’ll help you run the numbers on your specific equipment.
Requirements vary by the financing partner and the amount you’re financing. Your sales rep can walk you through what’s needed for your specific situation before you apply.
Terms vary based on the equipment cost and your preference, but most shops choose terms between two and five years. Longer terms mean lower monthly payments but more interest paid overall.
Inspected, cleaned and fully tested collision repair machines, ready to ship. New arrivals are added often.