Equipment Financing
Manage the costs of equipment like commercial ovens, medical machines, company vehicles, or even software. Leverage our equipment financing program and get access to the right tools and technology to run your business.
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What is Equipment Financing?
Many businesses operate with high-end equipment. Sometimes there is the need for replacement or upgrade, but due to cost, many businesses delay acquisition. Without the equipment, what was an advantage can look much more like the norm. Equipment loans help address things like production efficiency, volume and speed, as well as support data tracking for decision making. With equipment financing, costs are broken into manageable payments so that a business owner doesn’t have to bear the burden of high upfront costs.
Other than its general use to onboard new equipment, businesses utilize equipment loans to generate working capital. A sales leaseback or hard money loan lets you leverage the value of existing equipment to get money for other areas of your business. With a sales leaseback, you can sell a piece of existing equipment for a lump sum while continuing to utilize it. Hard money loans let you secure a loan against the value of the equipment so that you can get a percentage of the equipment’s value for your business needs. Whether you’re looking to purchase new equipment or to secure capital, contact us today. Our lenders will provide you with the best rates available.
Vehicles
If you run a construction or farming business that needs vehicles like trucks, tractors, or excavators, consider getting an equipment loan. Stay on top of your business with an expanded inventory and updated fleet.
Machinery
Whether you need commercial ovens and industrial freezers for your restaurant or need a band saw for your woodworking or metalworking business, we can help you. Get new equipment to fast-track your operations with equipment financing.
Medical Equipment
The costs of medical equipment like x-ray machines and diagnostic machines can be outrageous. Talk to our professionals today and let us help you find an easier way to update your medical facility with the right equipment.
Electronics
If you run a technology-based business, the costs of computers, network servers, and high-performance software can be prohibitive. We can help you finance the purchase and upgrade of these equipment. We can also show you how to leverage the value of your computers.
Advantages of Equipment Financing
- Get the equipment you need in no time
- Break high upfront costs into smaller payments
- Open more financing options with the value of owned equipment
- Choose from a variety of loan options
- Enjoy reduced interest rates
Frequently Asked Questions
When are Equipment Loans not a good fit?
Equipment loans are designed to cover heavy-duty equipment that are meant to serve long-term use. If the equipment you need will not last up to five years or will get outdated within that period, you might want to consider alternatives.
Can I get approved for an equipment loan with bad credit?
While a high credit score is always helpful, having a low credit score won’t stop you from securing an equipment loan. Since the loan is secured on the value of the equipment being financed, the equipment stands as collateral. Besides, we help businesses build and repair their credit.
How long do Equipment Loans last?
Equipment loans are short-term financing options. Typically, they last one to two years. An ideal financing structure funds equipment that will last five or more years and that will break even at or before the end of the loan term.
What is the average interest rate for Equipment Financing?
The interest rates on equipment loans vary based on the specific equipment you’re financing. Your credit history also counts. Typically, the rates range between 4% and 13%.