Equipment Financing

Equipment financing is a type of loan that allows you to purchase equipment or machinery. You may be able to borrow money against the future earnings from your assets, so long as the equipment is used in your business and meets certain qualifications. This can be a great way to get the gear you need without taking on too much debt, and it's also an ideal solution for vendors who want to lease their products rather than sell them outright.

There are two main types of equipment finance: short-term and long-term loans. Short-term loans are usually only good for 6 months or less, while long-term loans typically have terms of up to 10 years. In order to qualify for a loan, you will generally need adequate proof of income, credit score rating above average, and financial stability in case there are any problems with the payment schedule.

To learn more about equipment financing and how it may help with your business needs complete our 15-second application to speak with a business financing advisor.

Equipment lease financing is a type of loan that allows businesses to borrow money against the equipment that they plan on purchasing. The loans usually have shorter term than traditional loans, and are interest-free for the first 12 months. After that, there is an annual percentage rate (APR) calculated based on your credit score and other criteria.

This type of Loan can be a great option if you don't want to buy the Equipment outright or if you need more time to decide whether it's the right decision. Plus, by taking out a lease finance loan, you'll avoid any hassles associated with owning the Equipment such as maintenance costs and repairs.

Is equipment lease the best option for your company? Complete our 15-second online application to learn more.

Equipment financing works by providing a loan to purchase equipment that will be used in your business. The main benefits of this type of financing include the ability to borrow money at low interest rates and the convenience of not having to take out a traditional loan. In addition, you can spread the cost of your purchase over time which makes it more affordable overall.

To get started with Equipment Finance, you need to first determine what type of equipment you would like to buy and how much you are willing to spend on it. Once you have gathered these details, contact a finance company who can help guide you through the process. 

To learn more about how equipment financing works, complete our 15-second online application to speak with one of our business financing advisors. 

When it comes to financing heavy equipment, there are a few options available that you may want to consider. You can either take out a loan or apply for a lease. Loans typically require higher down payments and come with stricter terms and conditions, but they offer the convenience of being able to pay off your debt quickly. Leases tend to be more expensive up front, but you have the option of renting your equipment for an extended period of time if you're happy with the monthly payment plan that is offered.

Both loans and leases come with various benefits and drawbacks; so it's important to carefully review each scenario before making a decision. 

Additionally, make sure to factor in potential insurance costs when deciding on which type of finance should be utilized.

Looking for heavy equipment financing? Explore your options by completing our 15-second online application to speak with a business financing advisor.