Haas
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Mehmi Financial Group helps businesses finance and lease Haas equipment, including CNC machines and lathes, in Canada and the USA. As a brokerage, we compare options from banks, equipment finance companies and alternative lenders for new and used Haas units, from dealer purchases to private sales. Approval, rates and terms are set by each lender.
About Haas Automation
Haas Automation was founded in 1983, according to its company profile. It makes CNC vertical and horizontal machining centres and lathes. See Haas history for more.
Haas machines
Haas CNC mills and lathes are common in job shops, schools, prototype shops and production plants because of their price and broad support network.
How lenders view Haas machines
Haas machines have a deep resale market, which lenders like. They review age, spindle hours, options, tooling and the shop's contracts and financials.
Financing Haas machines
Tooling, probing and installation can often be included. Start-up shops are commonly financed with a down payment or guarantor.
How Haas equipment financing works
Most Haas purchases are financed with an equipment loan or a lease. A loan gives you ownership from day one, with the lender registering a security interest (PPSA in Canada, UCC in the USA). A lease keeps title with the lessor and can lower the monthly payment, with a buyout, renewal or return option at the end.
What lenders check on a Haas CNC machine
Lenders look at the machine type, installation and tooling costs, and the contracts or production the equipment supports. Soft costs such as rigging and installation may be included, subject to lender approval.
Expect to provide a credit application, recent business bank statements, the dealer quote or bill of sale with serial number and age and usage, and financial statements or tax returns for larger amounts.
See the full list of eligible equipment, compare equipment financing options, or estimate payments with the equipment financing calculator.
All Haas models with financing pages
| Model | Type | Category |
|---|---|---|
| Haas Automation | Equipment | Manufacturing |
| Haas ST-10 CNC Lathe | Lathe | Manufacturing |
| Haas UMC-500 5-Axis CNC Mill | Cnc | Manufacturing |
| Haas VF-2 CNC Mill | Cnc | Manufacturing |
| Haas VF-3 CNC Mill | Cnc | Manufacturing |
| Haas VF-4 CNC Mill | Cnc | Manufacturing |
Tax treatment of Haas equipment
In Canada, machinery used to manufacture or process goods has its own CCA classes (Class 43 and Class 53), and which one applies depends on the asset and purchase date. Confirm the class with your accountant. With a loan, you generally claim capital cost allowance and deduct interest. With a true operating lease, lease payments are generally deductible instead. See the CRA classes of depreciable property. In the USA, Section 179 and bonus depreciation may apply; see IRS Publication 946. Always confirm with your accountant.
End-of-term options on a Haas lease
A $1 buyout lease is built for ownership: you keep the machine for a nominal amount at the end. A fair market value lease usually has a lower payment, and at the end you can buy the equipment at its market value, return it or upgrade. Read the return conditions, such as hour limits and wear standards, before you sign.
Who finances Haas equipment
Manufacturing: fabricators, machine shops, plastics and packaging manufacturers, food processors and contract manufacturers finance Haas equipment to take on new work, replace aging units or add capacity.
The right structure depends on how the equipment earns money. A machine tied to a long contract can support a longer term, while seasonal work may call for skip or seasonal payments that some lenders offer.
Questions to ask the dealer or seller before you finance
- What is the exact model year, serial number and age and usage?
- Is there a service history or recent inspection report?
- Is any warranty or extended coverage included, and does it transfer?
- Are attachments, delivery, installation and taxes itemized on the quote?
- For a private sale, is the equipment free of liens, and who will provide the bill of sale?
Insurance on financed Haas equipment
Lenders and lessors require the equipment to be insured for its replacement or financed value, with the lender named as loss payee, before funding. Some also ask for liability coverage. Getting an insurance quote early avoids last-minute delays.
Frequently asked questions
Can I finance a Haas CNC mill?
Yes. Lenders review the machine, tooling and the shop's financials.
Can I finance a used Haas lathe?
Yes. Haas machines have a deep resale market.
When was Haas founded?
Haas Automation was founded in 1983.
Can a start-up shop finance a Haas?
Yes, often with a down payment or guarantor.
Can tooling and options be included?
Usually, if they are on the quote.
Can a school finance Haas machines?
Yes. Lenders review the organization's financials.
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