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WHAT IS EQUIPMENT FINANCING?

Equipment financing is the use of a loan or lease to purchase or borrow hard assets like machinery for your business. Rather than paying for the assets in full upfront, equipment financing allows you to receive the equipment you need now while allowing you to pay for the asset over a period of time. This is ideal for purchasing healthcare equipment, construction vehicles and machinery, kitchen equipment, and other large hard asset purchases that allow you to increase production and grow your business.

Secure Financing For Your Business

An equipment loan is a loan taken out with the intended purpose of purchasing equipment. Typically, the equipment secures the loan meaning that if you can no longer afford to pay the loan, the equipment gets repossessed as collateral.​

These loans are perfect for business owners that need a piece of equipment long-term but can’t afford to make the purchase upfront as the lending institution typically agrees to deploy the majority of the capital so that you can pay in periodic phases. While the arrangement will ultimately cost more than if you had bought the equipment upfront, equipment loans allow you to receive the equipment you need, while leaving you with sufficient working capital.

 

Quick Application

Applying is quick and simple and remittances are automatically debited from your account at a fixed rate each month, giving you the peace of mind that your remittances will stay consistent.

 

Flexible Funding

Because your monthly revenue may go up and down, we give you the option to request an adjustment to your remittances to better fit your revenue of that month.

 

Favorable Rates

We find the cheapest rates and pass the savings on to you. We can get you the equipment financing your business needs in 1-2 business days.

Avg. Term Length: 3 - 60 months

Equipment Financing Details

 

Qualifying Criteria:

Required Items:

  • 700+ personal credit score (for startups)

  • 700+ personal credit score (for 2+ years in business

  • Signed one page funding application

  • 3-5 most recent business bank statements

  • Invoice or quote for the desired equipment

No Collateral Requirements

 

Advantages

  • Allows you to access equipment you could otherwise not afford, and it generally carries lower monthly payments than many other flexible financing options.

  • The equipment is often collateralized, making it easier to qualify for than most unsecured financing options. In other words, you do not need as strong of a credit score or annual revenue to qualify.

 

Disadvantages

  • Buying the equipment outright will always be less expensive than financing it and equipment that needs to be replaced frequently may cause large amounts of debt.