Equipment Financing
Get the equipment your business needs to fill orders, finish construction projects, and satisfy clients with fast equipment financing from our network of lenders. Whether you need vehicles, heavy machinery, or state-of-the-art software, we’ve got you covered with affordable options.
What is Equipment Financing?
When you need to bring in new equipment and upgrade outdated equipment, you can rely on equipment financing to make it happen. The cost of commercial ovens, label machines, and tractors can put these items out of reach for many small businesses that need them. Financing can reduce the upfront cost of equipment, breaking it down into manageable payments.
The equipment being financed is usually used as collateral on the loan. This encourages lenders who might otherwise be reluctant to take a chance on a small business. It also means damaged or new credit doesn’t necessarily disqualify borrowers. Your business can get 90% or more of the total cost of equipment financed through one of our network lenders.
Buy
Equipment financing makes buying new equipment affordable. Many types of equipment qualify, from walk-in freezers to farming machines.
Lease
For equipment that requires frequent servicing, leasing is a better option. With a lease, the owner of the equipment your business uses is responsible for repairs and upgrades.
Sale-Leaseback
If you already have equipment but need cash, a sales-leaseback may be a good fit. This allows your business to sell its equipment and lease it back from the buyer.
Advantages of Equipment Financing
- Financing can make expensive equipment affordable.
- Get cash for many different types of equipment.
- Use the value of existing equipment to increase working capital.
- Refinance an existing equipment loan for a better interest rate.
Frequently Asked Questions
When is Equipment Financing not a good fit?
Equipment financing is ideal for heavy-duty equipment that’s meant to last for many years. If the equipment you need isn’t designed with long-term use in mind, let’s discuss alternatives.
Is Equipment Financing right for my business?
As with any loan, it’s important to evaluate your business’s ability to meet the loan terms. We’ll walk you through the best equipment loan options and help you understand the terms and conditions before you make any commitment.
How do small businesses get Equipment Financing?
The Small Business Administration helps small businesses get equipment through their 7(a) and 504 loan programs. See if you qualify by contacting our office today.
How long can you finance equipment?
Equipment financing isn’t a long-term option. Most loans are for one to three years. This is why it’s best to finance only equipment meant to last five or more years. You won’t want to be left paying for equipment you no longer use.