Equipment financing is designed specifically for the purchase of business equipment. Your business makes payments towards what you borrow over time and once the debt is repaid, you own the equipment free and clear. With certain types of equipment financing, the equipment itself serves as collateral so that if you default, the lender assumes ownership.
This type of financing might be used to purchase or borrow any physical asset, such as a tractor trailer, dump truck, office equipment or medical equipment. There is an endless number of equipment purchase options available to serve almost any business.
Any business that utilizes physical equipment can probably make use of equipment financing.
Qualifying for equipment financing will requires good credit. Doesn’t have to be perfect, but we will be looking for at least a 600+ credit score. Plus, you need to be able to demonstrate that you can afford the payment.
It only takes a day or two for approval and about a week to complete the transaction. Down payments range from NO money down to as much as 30%. It’s all based on the risk of the client.
Business owners commonly get equipment financing in these situations:
You want the tax advantage from and equipment purchase
Is equipment financing right for your business? Call us today 800-783-5799 to get a decision right over the phone.