Unlike most other companies on this list, Lendio is technically a lending marketplace instead of a direct lender. That means that when you apply to Lendio, your application can qualify you for loans with many different equipment financing companies. In fact, Lendio will actually match you with the lenders that can best meet your needs. You’ll get to compare your matches and see who has the best offer. You can get financing for construction equipment and other types of heavy equipment.
- The reduced initial cash outlay can help you save money for future business expenses and initiatives.
- It can be difficult to answer these questions, especially if you’re new to small business financing.
- The truth is, construction equipment can be financed just like other small equipment.
- We want your business, and will strive to get you the lowest rates.
Our mission is to bring you “Small business success … delivered daily.” The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. Equipment and machine loan terms will also be lower than the average life of the equipment, so the bank can still sell the equipment if the loan defaults. Equipment vendors will provide the expected useful life for new equipment, and the appraisal will spell out the remaining life of used equipment.
How do equipment loans work?
Many different types of loans can be used to cover equipment purchases, includingmerchant cash advances,invoice financing, andmicroloans. If you are a small business owner, another option you may want to consider is an SBA loan. Funds from 7 loans, which are backed by the SBA, can be used for a wide variety of business expenses, including purchasing equipment.