Don’t pay cash for equipment when you can pay over 5 years!
Interested in Equipment Financing?
Calculate your payment below!
$25,000 – $5,000,000
1 – 5 Years
5.25% – 24.99%
as little as 24 hours
What is Equipment Financing?
When looking to purchase equipment a business owner can use operating cash flow or they have the option of utilizing a variety of attractive Equipment loan programs available to them. Equipment business loans is a form of term financing that amortizes over 12 to 60 months and can be used for a wide range of equipment purchases. Whether it be for construction equipment, phone and computer systems, copiers and printers, or vehicles, there are programs available with terms that are typically better options than paying with cash.
Equipment financing terms range based on factors associated with the business owners credit, the trade history of the business, the financial strength of the company, and the type of equipment that’s being purchased. Like any type of financing, credit plays a role in the rates and terms that are offered, but the equipment type can play as equally as large role.
What can equipment loans be used for?
Upgrading outdated equipment
Purchasing new equipment
Purchasing used equipment
What are the benefits of equipment financing?
Low monthly payments
Quick and easy application process
Limited documentation required
Underwriting and closing within 24-48 hours
What are the best industries for Equipment Business Loans?
Equipment loans can be used by a wide variety of industries with very little restrictions. Whether business to business (b2b) or business to consumer (b2c) industries, there are still requirements for equipment purchases. Some of the industries that we’ve provided Equipment Financing to are; trucking, warehousing and logistics, healthcare, manufacturing, wholesale, technology, and retail.
How to apply for Equipment Financing?
The application process to apply for Equipment Business Loans is very quick and easy when under $200,000. When the equipment is under $200,000 the complete application and closing process can be completed within 24 hours. When the equipment purchase is over $200,000 the process is still streamlined, but there is more financial information required before closing.
Speak with a SMB Lending Expert to prequalify for equipment financing. SMB Compass’s simple and secure online application can be completed in a matter of minutes, with no obligations and no impact on your personal credit!
Once your equipment loan application is complete we will review the rates, terms, and any questions you have about your loan approval. We will only move forward when all of your questions are answered!
Once you accept your approval and provide closing documents we will review your terms again to make sure that all your questions are answered. Your loan will then be closed and funded within 24 hours!
Equipment Financing Case Study
One of our clients owns a medical practice and had been referring clients to other doctors for services they weren’t able to provide. By providing the additional services it enabled them to capture 15% more revenue without adding new patients to their practice. In addition to the increased revenue from existing patients they were also able to market the new services to prospective patients. Rather then using cash from the business to purchase the equipment we secured a $110,000 equipment loan over 5 years. The increase in revenue quickly covered the monthly expense of the equipment, before marketing for prospective patients!
Interested in learning about your Government Contract Factoring?
Speak with a lending expert today!