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Funding amount
$2 million
Term
Up to 60 months
Min. credit score
620
Time to funding
As soon as same day
For business owners looking for equipment financing, a good option—and one of the best business loans from Lendio—is Balboa Capital. This equipment financing option from Balboa can offer up to $500,000 in financing to qualified borrowers in need of some help buying equipment for their business.
While Balboa Capital offers many different types of small business financing options, including Small Business Administration loans and vendor financing, this review will focus solely on their equipment financing option. If you’ve found yourself in need of equipment financing due to last-minute business changes, replacing old equipment, or even expanding your business, read on.
Typically for equipment financing, you will be approved and then offered financing to pay for the piece of equipment you need. Then you will repay the total cost (the principal) of it over the agreed-upon term, with added interest. This interest can vary significantly depending on where you get your financing, who you are as a business owner, the loan amount, and other factors. If equipment financing isn’t exactly the right fit for you, check out other available business loans options. This is a wise practice when deciding whether to accept financing, whether you’re evaluating Balboa Capital or other potential financing options.
We’re breaking down everything there is to know about Balboa Capital and its equipment financing product below. Keep in mind that, for loan amounts up to $350,000, soft collateral is required, but for loans up to $500,000, hard collateral is required. Soft collateral is that which is considered expendable. Hard collateral, on the other hand, is more tangible and could be seized by the lender should you default on the financing. Sometimes the equipment itself can act as the collateral, but that can vary by lender so be sure to read the terms of your financing agreements closely.
Balboa has a quick turnaround time for funding. Their website says they can offer approval decisions within one hour during normal business hours. This can be huge for borrowers who need equipment right away for their business. If you’re approved, they can then get you funds as quickly as the same day as approval.
For the equipment financing product offered by Balboa Capital, you can finance equipment that costs up to $500,000. They can offer this upper amount to those with hard collateral and up to $350,000 for those with soft collateral.
The rate for equipment financing with Balboa Capital is an APR range of 6.25% to 24%, depending on your profile as a borrower. The fees associated with working with Balboa should also be factored in. They charge a documentation fee that can range depending on the amount and the type of financing you get with them. Balboa Capital also charged an equipment inspection fee that ranges from $150 to $300 “based on the type, age, and cost of the equipment.” Other fees you might see on an invoice from Balboa Capital include prorated rent and sales tax.
In order to qualify for the equipment financing from Balboa Capital, you will need at least one year of business history, a minimum of $100,000 in revenue each year ($8,333 per month), and a minimum FICO score of 620. Keep in mind that these are minimums, meaning their average borrower actually meets a slightly higher profile.
Balboa Capital says most equipment financing terms last 24, 36, 48, or 60 months. Sometimes these terms can be shorter, if the equipment is inexpensive or can easily be paid off in a shorter amount of time, or if the equipment depreciates particularly quickly. They do not offer an early repayment discount or penalty. So you won’t necessarily save or lose by paying ahead of the determined terms.
When it comes to ratings, Balboa Capital has an A+ from the Better Business Bureau and a 4.3-out-of-5 star rating from TrustPilot. This bodes well for potential borrowers looking to finance equipment through them.
Ready to compare Balboa Capital with other financing options? Check your eligibility on Lendio and get multiple financing offers for your small business in one place.
*The information contained in this page is Lendio’s opinion based on Lendio’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page (November 22, 2022). While Lendio strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Lendio may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.
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