Why Co-ops Should Finance Equipment with Altec Capital

Running an electric utility cooperative is like putting together a giant puzzle with many pieces. Challenging – yet rewarding. Managing staffing needs, organizing daily operations, communicating with customers and financing equipment are all parts that come together to make for a successful operation.

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Whether you’re new to the co-op industry or a lifelong veteran, you know that financing equipment is a piece of the complex but exciting process of managing an electric utility business.

Streamlining the Purchasing Process

Here’s an all too familiar scenario – you’re ready to finance your equipment and get to work but still have to go through several steps with your bank before you can get the keys in your hands. It’s the end of the day, and you’re still dealing with piles of papers.

Whether you’re purchasing, renting, or leasing, Altec Capital can help you streamline that process into a seamless experience. Our team will work with you to reduce administrative pains associated with financing equipment. By participating in our digital finance experience, you can forget driving to and walking in the bank. Save gas, time and money by filling out your paperwork online with assistance from your Altec representative.

Custom Financing Solutions 

When considering how you want to finance equipment, it’s important to think about your co-ops driving needs. Do you have cash flow issues? Are you looking for competitive pricing? How big of a fleet are you looking to build or maintain?

At Altec Capital, we craft a program that works specifically for you and your priorities. Whether it’s looking at the lowest cost of capital, income statements, or service needs, our finance group can help you find a solution that works best for your co-ops work practices.

As a bonus, each lease is acted on independently, giving you the flexibility to lease different pieces of equipment as you see fit.

“By leasing through Altec Capital we are able to turn over our equipment more frequently reducing the overall cost of the unit,” said Michael Heinen, General Manager of Jeff Davis Electric Coop in Jennings, Louisiana.

Heinen added, “The Altec Capital FMV lease option allows us to get new equipment with the latest technology. Our linemen are much happier driving a new truck every five years and not concerned about downtime.”

In addition to custom lease options, Heinen says that Altec and the Capital financing team has always been a consistent help in times of need.

“Altec Capital gets me the equipment I need, when I need it and supports my requests along the way. A normal bank just would not do that,” Heinen said.

OEM Relationship 

When financing equipment, other lenders tend to give their customers a cookie-cutter plan. They often aren’t familiar with the details of a customer’s work, or the type of equipment the customer is purchasing. At Altec Capital, we are a part of and directly connected to, Altec – your equipment’s original manufacturer.

In working with Altec, we provide financing options that include provisions for warranty, service and much more. With decades of experience helping customers in the electric utility industry, our team has the knowledge and resources to help you keep your co-op running efficiently.

“The quality of the equipment and the service I get from Altec is excellent. If I need somebody here, they are here. They never stop looking for ways to help me,” Heinen said.

Why Choosing Altec Capital Matters

Overall, financing with Altec Capital provides many advantages for co-ops that purchase, rent, or lease equipment.

Key benefits: 

• Streamlined purchase process

• Custom financing solutions

• Full turnkey services due to the strong relationship between Altec and Altec Capital

“Servicing our leases through Altec Capital has been very simple. They are easy to work with. Hats off to the Altec and Altec Capital team,” Heinen stated.