Equipment Financing

Don't pay cash for equipment when you can pay over 5 years!

Loan Amounts

$10,000 - $500,000

Terms

1 - 5 Years

Rates

7% - 12%

Speed

as little as 48 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 Financing programs available to them. Equipment Financing 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 an equally as large role. For example, phone systems and computers depreciate very quickly and become outdated fast, which means a lender may offer a shorter term and higher rates for the purchase. If a business were purchasing a forklift that has a 15-year life span and can easily be sold on the secondary market, the lender will offer a longer term and lower rate to the business.

How to apply for Equipment Financing?

The application process to apply for Equipment Financing 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.

Apply Online

SMB Compass's simple and secure online loan application can be completed in a matter of minutes. Quick & Easy!

Get Approval

After we process your application we will contact you and provide you with the best loan offer. 

Get Back To Business

Once your loan is approved in as little as 24 hours. You will have capital deposited directly to your business bank account.

What are the best industries for Equipment Financing?

Equipment financing 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.

Why would a business use Equipment Financing?

A business would use Equipment Financing to purchase new or used equipment without having to dip into its operating cash flow or reserves. Equipment Financing should be considered for every equipment purchase because of the attractive terms that are offered compared to terms offered for working capital financing. Even if you have the ability to purchase using just cash it’s still better to keep the cash in the company and amortize the loan over a few years. Lenders will allow early or faster prepayment which means by utilizing Equipment Financing the business is options.

What is a real example of a company using Equipment Financing?

One of our clients is trucking company based out of Missouri and operate their business with a fleet of 7 trucks, some of which they’ve owned for over 10 years. The older equipment were starting to break down on a regular basis, which not only costs money to repair, but the opportunity cost and lost revenue of not having the trucks operational was starting to add up. After working with the client for a week we were able to provide financing for 2 new trucks and the payments were amortized over 5 years!

What documents are required for Equipment Financing?

Under $200,000

  • SMB Compass Online Application
  • Equipment Quote or Invoice
  • 3 Months Bank Statements

Over $200,000

  • SMB Compass Online Application
  • Equipment Quote or Invoice
  • 3 Months Bank Statements
  • Current Financials (Profit & Loss and Balance Sheet)
  • 1 Year Business Tax Return
  • Current Debt Schedule

What Our Clients Are Saying

"We cannot express just how grateful we are that we found this company to work with. No matter what finance companies we reached out to for help we kept getting turned away and even at times, no call back. SMB Compass found us the best source of financing that would not just help in the short term, but gave us a solid plan to regain financial independence. We have been able to keep employees working and grow our business."
Tim C.

Massachusetts

"My family business has been around for over 25 years and we are grateful to have been introduced to the SMB Compass team. We’re now growing by 50% per year and without the help of SMB Compass, we wouldn’t have the capital to do so. We started off with a series of 5 year equipment loans and a 5 year working capital loan, and now the SMB Compass team has been able to secure a bank term loan and a $450,000 line of credit, with a bank that’s willing to grow with us!"
Greg P.

New Jersey

"I can’t begin to explain how helpful Matt Gillman and the SMB Compass team has been. I was able to put an operating line of credit in place along with a term facility that recapitalized my business. I constantly tell Matt and his team that they need to figure out a way to show people how different they are then others. I have recommended SMB Compass to family and friends and highly recommend them to any business owner looking for financing."
Fred S.

Indiana

Quick Approval for Your Small Business Loan

$160,000,000+ in financing provided to date. SMB Compass will provide your business with the best loan options available. Apply in minutes. Your results await. 

Friendly 5-10 Minute Introduction
Documentation and Underwriting
Approval and Funding

Frequently Asked Questions

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Funding the Next Day.