Learn More About Equipment Loans & Payment Factors
Equipment loans can be used for anything from heavy machinery to agricultural tools to pizza ovens for your Italian bistro. Like a car loan, the equipment you finance will act as collateral for the loan. This is good news because qualifying for an equipment loan can be pretty easy. It also means that you can finance that sweet new cappuccino machine you’ve had your eye on.
Equipment loans are offered in amounts up to $5,000,000. How much you can borrow depends on the type of equipment you’re financing, its overall value, and whether it’s new or used. Loan amounts vary widely between industries, so we partner with plenty of lenders who specialize in industry-specific equipment loans to help you get the best deal.
The interest rate on equipment loans is typically 2-20%. While the variance in the interest rate is as wide as that tractor you’re financing, it’s only because the the rate you get largely depends on your credit score and how long you’ve been in business. Once you take a few minutes to complete our application, you’ll have a good idea of what your interest rate will be.
Equipment loan terms are 12-72 months. However, many business owners are able to pay off their loans even faster due to the immediate ROI they see from putting their new equipment to work. Cha-ching! The term of your specific loan will depend on the kind of equipment you’re financing, as well as the anticipated lifetime of the equipment.
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Still need help with the math? Talk to one of our personal funding managers. 800.334.1729