Overview
Equipment Financing allows businesses to purchase or lease equipment needed for operations. The equipment itself serves as collateral, making these loans accessible to businesses with various credit profiles.
Key Benefits
Equipment serves as collateral, improving approval odds
Preserve working capital for other business needs
Tax advantages (depreciation and interest deductions)
Flexible terms matching equipment lifecycle
Quick approval and funding process
Available for new and used equipment
Qualifications
- • Must have identified equipment for purchase
- • Business must be in operation for at least 1 year
- • Equipment must have useful life of 3+ years
- • Personal credit score of 600+ (varies by lender)
- • Proof of business registration and ownership
Funding Amounts
Minimum
$25,000
Typical Range
$50,000 - $500,000
Maximum
$2,000,000
Funding Timeline
Typical approval: 3-7 business days
Actual timelines depend on application completeness and lender review. Faster approval may be available for well-qualified applicants.
Frequently Asked Questions
Can equipment financing be used for used equipment?
Yes, both new and used equipment can be financed. Used equipment typically requires additional appraisal but is often eligible.
What if I want to upgrade equipment later?
Equipment financing terms are set at the beginning. You may be able to refinance or obtain additional equipment loans as your business grows.
Do I own the equipment immediately?
Yes, you own the equipment from the start. The lender holds a lien as collateral until the loan is paid off.
Ready to Explore Equipment Financing?
Start your application today to connect with lending partners specializing in this program.
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