EQUIPMENT LOANS

• Loan amounts available from $50,000 - $50,000,000

• Quick approvals

• Funding in less than a week

• Flexible monthly repayment terms

• Low-fixed payments

• No early pay-off penalty

• SBA 7(a) and 504 loans

• FICO score of 620+

• Equipment leaseback options for secure capital

• Equipment leasing options available allowing much lower payments and avoiding high depreciation costs

Equipment loan advantages

• Purchasing light/heavy new equipment

• Industrial equipment loan

• Construction equipment loan

• Heavy construction equipment loan

• Restaurant equipment loan

• Software/hardware loan

• Commercial truck, trailer or trenchers loan

• Food trucks

• Automotive repair equipment loan

• Drilling rigs equipment loan

• HVAC equipment loans

• Large appliance loans

• Purchasing of new generators

• Equipment leases and leasebacks

• Refinance equipment asset

• Business furniture and fixtures loan

Common uses for our equipment loans

Equipment Loans

Consider what tools make your business thrive and consider it your equipment, be it high-performing software, computer servers or communications networks. Equipment loans are based on the value of the equipment you are trying to purchase and the expected lifetime of the equipment. The equipment the loan finances also serves as collateral for the loan, so if the loan is not repaid, the lender can seize it for failure to pay. The size of the loan should match the price of the equipment you’re purchasing, and the loan term should match how long you plan to use the new equipment. If you expect to use the equipment for 10 years, get a loan with a 10-year term, otherwise, if the term is too short you’ll be struggling to make payment. If the term is too long, you’ll be paying for equipment you are no longer using.
Interest rates will usually be about 8% to 30%, depending on your credit score. Other factors may also be taken into consideration, like your business revenue and how long you’ve been in business. The better your credit, the lower your rate.

Equipment loans for business are financial arrangements where a company borrows money specifically to purchase equipment necessary for its operations. This equipment could include anything from machinery and vehicles to computers and specialized tools.

Here’s how it generally works:

1. Loan Application – Application submission for the amount of financing needed

2. Loan Approval – If approved, the business receives the loan amount, which is then used to buy the required equipment necessary for its operations

3. Equipment Purchase – With the loan the business originally either purchases the equipment outright or submits the invoice prior to finalizing the purchase to the financing company for direct payment to the equipment seller

4. Repayment – The business repays the loan over a predetermined period, often in monthly installments. These payments include both the principal amount borrowed and the interest charged by the lender

5. Interest Rates – The interest rates can be fixed or variable, depending on the terms of the loan. Fixed rates stay the same throughout the loan term, while variable rates might change based on market conditions

6. Loan Security – Most times, the equipment itself serves as collateral for the loan. This means if the business fails to repay the loan, the lender can seize the equipment to recover their losses.

7. Tax Benefits – Businesses might enjoy tax benefits on equipment loans. They can often deduct the interest paid on these loans from their business taxes, reducing the overall cost. Equipment loans are beneficial for businesses that need to invest in machinery or technology without paying the full amount upfront, allowing them to manage their cash flow effectively while acquiring essential assets for their operations.