First-time machine buyers are welcome here
You do not need an established fleet or an existing dealer relationship to work with Peterson Cat.
Our sales and financing teams help first-time customers match equipment to the work, understand available purchase and rental options, and get the support they need to become successful machine owners.
“If you’re a first-time buyer, we’d like to welcome you to Peterson.”
“I’m here to tell you how excited it makes me to finance brand-new customers. As they progress, I love watching them grow and purchase a new machine.”
What happens next?
- Tell us about the work, jobsite and transportation requirements.
- Right-size the machine, attachments and trailer.
- Compare new, used, purchase, lease and rental options.
- Plan financing, delivery, maintenance and ongoing support.
Not sure which option fits?
A Peterson Cat sales representative can help you compare the equipment, expected use, payment structure and potential ownership outcome.
Financing and lease products are subject to credit approval and applicable terms. Payments, purchase options, tax treatment and other conditions depend on the equipment and agreement. Consult your tax or financial advisor regarding your individual circumstances.
One account for rentals, parts and service
The Cat® Commercial Account gives approved businesses a convenient way to pay for qualifying parts, attachments, service, protection plans and equipment rentals. Use it at Peterson Cat and Cat Rentals locations, as well as online at Parts.Cat.com and through the Cat Central app.
Manage your account through MyCatFinancial or Cat Central, track expenses by job, and either pay in full or use available monthly payment options. Eligible accountholders may also qualify for promotional financing and earn Cat Credits on qualifying purchases.
Subject to credit approval. Not all applicants will qualify. Rates, terms, payment options, promotional offers and rewards eligibility are subject to applicable agreements and may change without notice. Additional terms and conditions apply.
Frequently Asked Questions
What credit score do I need for equipment financing?
Your credit score is only one part of the decision. Cat Financial may also consider how long you have been in business, your payment history, current business activity, and the equipment being financed. Even if your credit is not perfect, talk with us. Cat Financial helps new and established businesses acquire the equipment they need.
If you have work on hand, we want to have a conversation about getting you into a machine.
Are equipment loans hard to get?
The application process is designed to be straightforward. For financing requests under $350,000, you can apply online with minimal documentation in just a few minutes. Cat Financial can often get you an approval within an hour. Some applications require additional documentation or review.
Do I need a large down payment?
Not necessarily. Some Cat Financial promotional programs offer low or zero-down-payment options to qualified buyers. The required down payment will depend on your credit, the equipment, the financing structure, and the promotion available at the time of purchase.
Can I get 0% financing on an excavator?
Yes. Qualified buyers can currently receive 0% financing for up to 60 months on eligible new Cat excavators weighing up to 23,000 pounds. Eligible Cat excavators over 23,000 pounds may qualify for 0% financing for up to 36 months.
Promotional financing expires and is subject to credit approval, equipment eligibility and availability, and the complete offer terms.
What is the monthly payment on $100,000 of equipment?
$1,675 per month. At 0% financing for 60 months, $100,000 financed would equal approximately $1,666.67 per month. Cat Financial’s $500 document fee is included in the amount financed, bringing the total to $100,500 and the monthly payment to exactly $1,675.
Your actual payment will depend on the amount financed, down payment, interest rate, term, fees, and applicable taxes.
Can I finance more than just the machine?
Yes. Financing may include qualifying attachments, technology packages, service agreements, Cat Customer Value Agreements, Equipment Protection Plans, and other approved products. This can make it possible to finance a more complete working package instead of paying separately for each component.
Is there a fee for paying off my equipment loan early?
Cat Financial charges a flat $275 early-payoff fee, regardless of the remaining loan balance. Your financing agreement will contain the terms that apply to your specific transaction.
When will my first payment be due?
Your first payment will generally be due 30 days after funding. Seasonal and other customized payment schedules may be available for qualifying businesses.
How soon can my financing be funded?
Once your Peterson Cat sales representative submits the signed documents, funding is typically completed within three to four business days. Next-day funding is sometimes available. Requests for additional documents or due diligence may extend that timeline.
Is there a financing document fee?
Yes. Cat Financial currently charges a flat $500 document fee, regardless of the amount financed. The fee is included in the financed amount.
Can I get a line of credit for parts, service, and rental?
Yes. The Cat Commercial Account provides a revolving line of credit for qualifying parts, service, and rental purchases.
Nearly two-thirds of customers who finance a machine with Cat Financial are automatically approved for a Cat Commercial Account with an initial credit line of $27,500 or $55,000. Smaller lines may be available for customers who do not qualify for those amounts. Larger credit lines can support major purchases such as Cat Certified Rebuilds, large equipment rentals, and advanced work-tool attachments.
Can Cat Financial accommodate seasonal revenue?
Yes. Qualifying customers may be able to schedule up to three skipped monthly payments per year around predictable seasonal slowdowns. Initial payment skips may also be available when a business needs time to put the machine to work and begin generating revenue.
These are planned financing arrangements established in advance, not permission to miss an ordinarily scheduled payment. Your Peterson Cat representative can help structure a payment schedule around your business cycle. Tell us your situation. We want to work with you.
Are annual payments available?
Yes. Annual payments may be available, particularly for agricultural businesses with seasonal revenue. Every transaction is different. Your Peterson Cat representative can work with Cat Financial to explore a payment schedule appropriate for your business.
Can I finance a used machine?
Absolutely. Cat Financial can finance qualifying used equipment purchased from Peterson Cat, including equipment manufactured by John Deere, Case, Kubota, Komatsu, and other brands. Available terms will depend on the machine’s age, condition, value, and other credit considerations.
Can Cat Financial offer a 72-month loan?
Yes. Financing for up to 72 months may be available to qualified buyers on eligible equipment. A longer term can reduce the monthly payment, although the interest rate and total financing cost may differ from those of a shorter-term offer.
Why should I finance equipment instead of paying cash?
Financing allows you to acquire equipment while preserving cash for payroll, fuel, materials, taxes, growth opportunities, and unexpected expenses. Even businesses that could pay cash may choose financing to keep more working capital available.
You should also consider leases, rental purchase options, and short-term rentals. Your Peterson Cat representative is ready to explain the options.
What makes Cat Financial different from a bank?
Cat Financial specializes in equipment financing and understands Caterpillar products, machine values, dealer operations, and the industries our customers serve. You don't need to tell them how winter affects the market for excavation work. That equipment knowledge can help Cat Financial structure financing around the machine, its application, and the way your business earns revenue.
Can equipment financing and insurance be handled together?
Yes. For many qualifying transactions, physical-damage insurance can be included in the financed amount and incorporated into the equipment payment. This can simplify ownership and eliminate the need for a separate insurance payment.
Financing is subject to credit approval by Caterpillar Financial Services Corporation. Rates, terms, fees, equipment eligibility, and promotional offers are subject to change. Additional restrictions may apply. Contact Peterson Cat for current terms and a financing quote specific to your business.
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