Equipment Financing
TO LOWER COSTS AND INCREASE REVENUE
HOW DO THEY WORK?
Self-secured equipment financing uses the item being financed as collateral for the loan. You won't need to put up additional collateral; the amount and conditions of your equipment financing will be determined by the cost of that equipment. We are able to provide several equipment finance agreements at once.
WHAT DO THEY COST?
Some business owners may be able to qualify for equipment financing more easily since it is self-collateralized. Equipment financing rates and terms are typically far better than, instance, an unsecured business loan because the equipment also serves as security for the lender (the lender can easily seize it and sell it for cash to recover their losses in the case of a failure). In accordance with IRS Section 179, equipment may also be deductible, thus maximizing tax benefits!
WHEN WOULD THEY MAKE SENSE?
Businesses who wish to own their equipment outright as opposed to leasing it, or that can't afford a significant upfront cost or don't want to exhaust their financial reserves with such a major one-time purchase, may want to look into equipment financing.
WILL I QUALIFY?
Our equipment financing solutions are available to companies with at least a 600 FICO score, $10,000 in monthly revenue, and two years in operation. The majority of equipment types are financed, but only when they are purchased and maintained from reliable, respectable businesses (equipment purchased from private sellers is not eligible for financing). A detailed explanation of how the equipment benefits the firm (e.g., how it will raise revenue or cut costs) and an equipment invoice are all you would need to apply, in addition to the standard credit application.