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FAQ About Equipment Financing
How do you qualify for equipment financing?
The determining factors in qualifying for equipment financing are based on the business credit history and time in business. Additionally, you can be prequalified for equipment financing for new business by providing bank statements and a credit report before purchasing any equipment or machinery. Small business owners often utilize equipment financing because the equipment is used as collateral, which helps secure the loan for equipment purchase, especially for new business owners that might not qualify for an unsecured loan.
How long does the application process take for equipment financing for new business?
The equipment financing application process time frame varies depending on the type of equipment being purchased. You will need to provide an invoice of the equipment, bank statements, and complete an assortment of documents.