Equipment Loans
Because every company has unique equipment needs, there is no template for providing equipment financing. Through our affiliate companies, we offer customized equipment financing, whether you’re buying new or used equipment, leasing equipment, consolidating existing debt, or trying to fund operations with equity from your fleet. Our affiliates have the expertise to evaluate and deliver custom financing to meet your needs.
What is an Equipment Loan?
An equipment loan is an excellent option for businesses that need to purchase any type of business-related equipment. The loan can be used to buy high-value equipment like semi-trucks, massive machinery for manufacturing or refining, or even specialized equipment for waste management companies. One of the most significant benefits of equipment loans is the ease of access. Unlike other types of loans, where you might have to produce collateral, equipment loans do not require you to offer up personal or business assets to secure the loan. With equipment loans, the purchased equipment serves as collateral, and if you default on the loan, the lender can repossess the equipment to recover any loss.
Many loans can have strict eligibility requirements, scaring many businesses from applying for them. However, equipment loans are designed to suit businesses that require high-ticket pieces of equipment and require less strict eligibility criteria. Lenders offering equipment loans are more willing to work with businesses that do not have high credit scores or annual revenues of over $150,000, making this type of loan an accessible option for many businesses.
Benefits
- Fixed Interest for life of loan
- Adjustable Payment Schedules
- Customized Terms
- Debt Consolidation Options
- Cash-out Loans
- Streamlined Process
Another Tool In The Box
Our team of experts will be able to assist you throughout the entire process, making it as seamless as possible. You'll also discover the true potential of your equipment as a valuable financial tool to fuel your business growth.
Requirements for a Equipment Loan
Here are requirements in order to be considered for equipment financing:
- Completed and signed lender application
- Signed program specific credit authorization
- Credit references and contact information
- Recent accountant prepared interim financial statement
- 3 months recent bank statements
- Invoice of equipment attempting to be financed
- 2 most recent year end financial statements or tax returns
- Full business narrative (ownership, history, customers, business operations, future plans)
-
What industries would qualify?
Current qualifying industries are construction, transportation, manufacturing, and waste management.
-
Are the rates adjustable or fixed for equipment financing?
All rates on our equipment loan products are fixed.
-
I have a seasonal business, are the payments adjustable?
Every loan is customized to your needs and your business' cash flow realities. Because of that there are adjustable payment options to meet your business seasonality.
SimpleTransparentSecure