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Funding Up To $10 M
Lines of Credit
Monthly Payment Options
Rates As Low As 5.99% Per Month
Applying will not affect your credit score
Get funding
fast
Funding Up To $10 M
Lines of Credit
Monthly Payment Options
Rates As Low As 5.99% Per Month
Applying will not affect your credit score
What is Equipment Financing?
Equipment financing involves utilizing a loan or lease to acquire tangible assets necessary for your business operations. This form of financing is applicable to obtaining or borrowing any physical asset essential for your business, such as a restaurant oven or a corporate vehicle.
Businesses often opt for equipment financing in the following scenarios:
Businesses often opt for equipment financing in the following scenarios:
- When you require costly equipment but lack the immediate financial capacity or prefer not to invest your own funds upfront.
- When there is a frequent need to replace equipment due to a short lifespan, or your business demands staying abreast of the latest technological advancements.
- When a combination of the aforementioned situations applies to your business.
Determining whether equipment financing is suitable for your business depends on its specific circumstances. If your business aligns with any of the situations mentioned above, then equipment financing could indeed be a viable option.
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How to Apply
Equipment financing differs from equipment leasing in that, with leasing, you make periodic payments to the equipment owner for the usage rights over an agreed-upon period. At the end of the lease term, unless renewed or subject to a buyout arrangement, the equipment is returned to the owner. Leasing qualifications generally tend to be less stringent than those for financing. However, for essential business equipment, continuously making lease payments without the potential for eventual ownership may result in higher overall costs.
As with any financing arrangement, rates and terms vary based on the applicant's qualifications and current financial status. Below are some illustrative rates and terms to consider when exploring the possibility of securing an equipment loan.
Documents Needed
- 1 page application
- Invoice or purchase order
- 3 months of business bank statements
Qualifications
- 600+ credit score
- $100,000 in annual revenue
- 12+ months in business
If approved, only pay when you draw funds. No application fees, subscription fees, or inactivity fees.
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Applying will not affect your credit score