Our Equipment Financing program is a collateralized loan program (with the equipment as the collateral) for up to $250,000. The interest rate can be as low as 4 % and we offer 3 to 5 year terms. Any business that has been in operation for at least two years with 600 or above credit scores can qualify so long as the business owns equipment that can be used for collateral and that is essential to the business's operation.
The application process is the same as the process for startup and business credit lines. Click the link above and you will be directed to fill out a short application containing some questions about your basic contact info and credit score. The questionaire should take no more than a couple of minutes to complete. If you qualify for equipment financing, the funds can be transferred directly into your bank account in just 10 to 21 days.
Equipment Financing is available for any business that meets the following requirements:
- Minimum credit score: 600
- Minimum time in operation: 2 years
- Minimum annual revenue: no minimum
- Equipment condition: new or used
The Equipment Financing program is an excellent option for well-qualified businesses that have been in business for at least two years. We accept both new and used equipment as collateral. However, the equipment must be essential to the business’s operation (i.e. medical equipment for hospitals, essential construction equipment, etc.). Also, we will only consider equipment whose life expectancy is equal to or greater than the approved lease term. We will consider any monthly/annual income and how the equipment can help improve the business’s projected income as our main considerations in approving this loan.
Costs and Rates
The rates and costs you should expect with our Equipment Financing program are:
- Interest rates: as low as 4%, and on average between 5% to 9.5%
- Fees: no administrative fees
- Down Payment: 0 to 20%
It’s possible to see rates above 9.5% with our Equipment Financing loans, but the majority of our leases are between 5% and 9.5% in interest rates. Depending on your equipment, credit score, and other considerations, we may offer 100% financing. However, a down payment of up to 20% may be required.
We are committed to providing the utmost versatility in your equipment financing, so don’t hesitate to give us a call to discuss your options.
Flexible repayment terms are one of the unique benefits of our Equipment Financing program. Repayment terms will vary from business to business depending on the amount of funding secured and interest rates.
In summary, the general terms for our Equipment Financing are as follows:
- Loan amount: up to $250,000
- Length of term: 36 to 60 months (3 to 5 years)
- Speed of funding: as fast as within 10 days
- Collateral: equipment must be essential to the operation of the business
Our company offers a wide variety of flexible equipment lease repayment terms including seasonal and deferred terms, where the equipment is deferred until the equipment is installed and operational. Depending on the equipment, we might also offer step-up payment terms where payments grow over time in relation to your business’s projected growth caused by the equipment (so you can pay less upfront before you reap the full benefit of the equipment).
We are a passionate team of financing specialists who are on a mission to level the playing field between corporate lenders and brokers and the average entrepreneur, investor or small business. Our goal is to empower you with the best loan options available and to not only connect you with the most reputable lenders in the country, but show you the keys to funding success.
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