Get an estimate of how much your equipment loan could cost.
Equipment loan payments are determined by four main factors: loan amount, interest rate, term, and collateral.
How much you can borrow depends on the type of equipment you’re financing, its lifetime value, and whether it’s new or used. Loan amounts vary widely between industries ($5,000-5,000,000), 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 is as wide as that backhoe 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.
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. It’s also a good idea to ask about any potential origination fees 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 see what your options are.
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.
Monday - Friday
9am - 9pm Eastern Time