LOANS FOR EQUIPMENT FINANCING
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Equipment financing loan
Our Equipment Financing Program is a type of loan that businesses can use to purchase the equipment they need to operate their businesses. Equipment loans can be used to purchase a wide variety of equipment, including vehicles, machinery, and computers.
There are many different types of small business loans available, each with equipment loans typically being secured loans, meaning that the equipment being purchased is used as collateral for the loan. This means that if the borrower defaults on the loan, the lender can repossess the equipment.
Who should apply for an equipment loan?
Equipment loans can be a good option for businesses that need to purchase equipment but don’t have the cash available to pay for it directly. Equipment loans can also be a good option for businesses that want to improve their cash flow by spreading the cost of equipment over time.
What are the terms for an equipment loan?
Equipment loan terms can vary depending on the lender, the type of equipment being purchased, and the borrower’s creditworthiness. There are several different lenders that offer equipment financing, including banks, credit unions, and online lenders.
When considering an equipment loan, it is important to compare the terms of different loans to find the best deal. It is also important to ensure that the business can afford the monthly loan payments.
What are the benefits of an equipment loan?
- It can help you purchase the equipment you need to grow your business.
- You can improve your cash flow by spreading the cost of equipment over time.
- It can help you improve your credit score.
What are the risks of equipment financing?
- You may be required to provide a warranty, such as the equipment you are purchasing.
- You may have to pay high interest rates.
- You may have to make monthly payments over a long period of time.
If you are considering financing equipment, it is important to carefully weigh the benefits and risks to decide if it is the right option for your business.
Tips for applying for an equipment loan
- Get your credit score in order. Lenders will look at your credit score to determine your eligibility for a loan and the interest rate you will pay.
- Compare prices to find the best deal. Compare interest rates and terms from different lenders.
- Be prepared to provide collateral. Lenders may require you to provide collateral, such as the equipment you are purchasing, to secure the loan.
- Make sure you can afford the monthly payments. Before you sign on the dotted line, make sure you can afford the monthly loan payments.