EQUIPMENT FINANCE LOANS
Simple Procedure & Tax Deductible.
Apply for Equipment Financing in just two minutes.
How it Works
Apply online in just minutes
Apply directly through our secure-based application.
We find you the best match
We’ll evaluate your business needs and revenue to provide you with the best options possible.
Receive funds quickly
Choose your capital and get funded in as little as 24 hours!
Equipment Financing Loan
Our Equipment Financing Program offers businesses a dedicated loan to purchase the essential equipment required for their operations. This financing can cover a broad spectrum of equipment, from vehicles and machinery to computers.
There’s a plethora of small business loan options available. However, equipment financing loans are generally secured. This means the equipment you’re buying acts as collateral. If there’s a default on payments, the lender has the right to seize the equipment.
Who is the Equipment Financing Loan for?
If your business is looking to acquire equipment but lacks the immediate funds to do so, equipment financing might be the right choice. It’s also advantageous for businesses aiming to manage their cash flow by distributing the equipment’s cost over an extended period.
What are the terms of an Equipment Financing Loan?
Terms for equipment financing can differ based on the lending institution, the equipment type, and the borrower’s credit profile. Various lenders, including banks, credit unions, and online platforms, provide equipment financing options.
Before finalizing any equipment loan, it’s crucial to compare different offerings to secure the best deal. Also, ensure your business can comfortably manage the loan’s monthly repayments.
Advantages of Equipment Loans:
- Enables you to acquire the necessary equipment to expand your business.
- Enhances cash flow by distributing the equipment expenses over a period.
- Can positively impact your credit score.
Challenges of Equipment Financing:
- Collateral, often the equipment itself, might be required.
- Potential for high interest rates.
- Commitment to prolonged monthly payments.
If you’re contemplating equipment financing, it’s essential to meticulously evaluate the pros and cons to determine if it aligns with your business needs.
Guidelines for Securing an Equipment Loan:
- Prioritize your credit standing. Your credit score plays a pivotal role in lenders’ decisions about your loan eligibility and the applicable interest rate.
- Research to find the most favorable terms. Evaluate different lenders to compare interest rates and loan conditions.
- Be ready to offer collateral. Lenders might ask for assets, possibly the equipment you’re buying, as a guarantee for the loan.
- Assess your repayment capacity. Before finalizing the loan agreement, ensure your finances can handle the monthly installments.