Get an estimate of how much your equipment loan could cost.
Like the tractor you may be seeking an equipment loan to finance, your monthly equipment loan payments are made up of many parts. In addition to the loan amount, you have to consider equipment loan interest rates and amounts, the loan term, and collateral. We used our work with more than 75 lenders to inform calculator estimates for your equipment loan.
Loan amounts vary widely between industries ($5,000–5,000,000). How much you can borrow depends on the type of equipment you’re financing, its lifetime value, and whether it’s new or used. We partner with plenty of lenders who specialize in industry-specific equipment loans to help you get the best deal.
Equipment loan interest rates typically range between 2% and 20%. While the variance is as wide as that tractor you’re financing, it’s only because the rate you get largely depends on your credit score and how long you’ve been in business. The higher your credit score, the lower your interest rate will likely be.
Terms are typically 12–72 months and will vary by loan option and lender.
Instead of spending a day Googling equipment loan interest rates that may or may not apply to you, take 15 minutes to fill out an application and access our network of 75+ lenders. That breaks down to an average of 12 seconds per lender. You won’t find a better investment… for your time.
Applying for an equipment loan through Lendio is always free, but many lenders will charge you application fees. If you’re shopping around, be sure to ask about fees before submitting your application so you don’t encounter any surprises.
While you’re at it, ask about potential origination fees—up-front costs a lender may charge when a loan is funded—so you can calculate the total cost of your equipment loan.
Making your monthly minimum payments on time is the no-brainer way to save money while also boosting your credit score. Calendaring your due dates or setting up automatic payments can help you stay on schedule. And if you’re worried about missing a payment, contact your lender immediately to check out your options.
Some lenders have prepayment penalties, while others will praise you for paying off your loan early and offer you a discount. Always ask about potential penalties and discounts so you can choose a repayment schedule that fits your budget and timeline.
Again, there are a lot of maybes here because every lender is different. Put these items on your checklist, and your funding manager can answer any questions about your repayment strategy.
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