Your business can’t move forward if you don’t have the right equipment. From heavy equipment like forklifts to large medical equipment, having the equipment you need is a necessary part of your business. Don’t be deterred by the huge cost of equipment. With equipment financing and leasing, you can get up to $150,000 in funding for financing your new or used business equipment. With our Lowest Payment Guarantee and no down payment requirement, we cost you less. Our dedicated Funding Specialists will work to get you a quick approval on virtually any type of equipment. They will then find the payment option that’s best for you.
Equipment financing is the process of obtaining business equipment using a loan or lease. Equipment financing loans allow you to purchase the equipment with payments made over time, similar to using an auto loan to buy a personal car. Equipment leasing, on the other hand, gets you the equipment you need without the intention of owning it. You’ll make a regular lease payment to continue using the equipment as if it were your own. When the lease is up, you can give the equipment back or renew the lease. Sometimes you may have options for purchasing the equipment at the end of the lease.
Equipment financing works by providing you with the equipment your business needs for a periodic payment which includes interest. After the set term of months for your loan or lease is over, you’ll either own your equipment outright or will need to make a decision about your lease. Generally, you can renew your lease if the equipment is in good condition and still helpful to your business. You can finance almost any type of major equipment your business needs to run smoothly, expand and maintain competitiveness.
Our Team is Ready to help you with all the types of business loans to let you reach your goals in business
Understanding Equipment Financing
To understand equipment financing and leasing, it’s important to understand what is considered “equipment”. In terms of equipment financing—it’s more than just a construction loan; or a loan to buy construction equipment. Any tangible asset, other than property or a building, used in the operation of a business may be considered business equipment. For example, desks for an expanding office, a pizza oven in an Italian restaurant, a dental X-ray machine, as well as a large milling machine or construction implement, may all qualify as business equipment.
Many businesses choose to finance the purchase of expensive equipment to spread the cost over the useful life of the asset, making the purchase more accessible. There are also times when a business will choose to finance the purchase of equipment, to free up capital to invest in other areas of the business. As a result, equipment financing can be a useful tool.
There are two options available for financing new equipment for a business:
- Equipment Leasing
- Equipment Financing
There are some important things you need to know about each financing type to help you determine which will make the most sense for your small business.