Equipment Financing
Tools and widgets, gizmos and gadgets - they’re all covered.
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You call it equipment - we call it financeable.
Need a new backhoe? Or a credit card processing app? Or, heck, even a six-speed blender for all those sales guys on your team who do Crossfit after work and can’t seem to function without their morning protein smoothies? There’s a loan for that. Seriously. There are small business equipment financing options for nearly every industry and every kind of kooky apparatus you need - which means your wish list is probably covered.See your options
Your equipment is your collateral.
No down payment or collateral? No problem. The equipment that you’re financing can also act as your collateral - which means you can secure a loan without emptying your wallet for a bunch of upfront costs. How much you can finance will depend on the type of equipment you’re buying, its lifetime value, and whether it’s new or used.
It’s pretty easy to qualify and apply for equipment financing.
To get equipment financing, you’ll typically need to be in business at least 12 months, have $50,000 or more in annual revenue, and have a credit score of 650 or higher.
Because the collateral is literally part of your loan, it’s often not as difficult to get approved as many small business owners think it is. Applying is easier than following those Ikea instructions: just fill out our 15-minute application, then compare equipment financing options from 75+ lenders.
Your costs can vary as much as your equipment can.
Your equipment loan payments are determined by four things: your loan amount, interest rate, term, and collateral. These factors can vary widely across industries and equipment types. That’s why we work with a variety of lenders who specialize in industry-specific loans - so we can help you find the best deal. Use our equipment financing calculator to figure out how just much you can afford.
If you want a hearty return on your investment, it’s also important to consider the longevity of the equipment you’re financing. For example, financing equipment that may be obsolete in a few years when you pay off your loan may not give you the long-term leg up that you’re looking for - whereas taking out a 4-year loan on machinery that will last 12 years is probably a sound investment for your small business...
