When you’re ready to request financing for your small business, we’ll help you try to find a reputable provider. Once you hit submit, our system quickly analyzes your business, then a funding specialist will reach out regarding your options. As a business owner, it makes more sense to have a $332.14 monthly expense for the equipment rather than coming out of pocket for $10k upfront. With a secured loan against your equipment, you can take advantage of the equity in your existing equipment, or use newly-purchased equipment as collateral. A lease is like a rental of the equipment; the company leasing the equipment never takes full ownership of it. See how we’ve helped other businesses grow their operations with new equipment and technology.

Small Business Equipment Financing

Similarly, if you’re just starting out, you’ll want to summarize how the equipment will play a role in your operations and estimate your output. You’ll first need to research and define what you need for equipment. By calculating the cost of the equipment you’d like to purchase, and the expected life of each piece, you’ll have a clearer estimate for how much you’ll need to borrow. Oakmont Capital shatters the big bank rates, making us the go-to funding source for a wide range of customers. Equipment finance in all its forms offers fantastic flexibility. This enables you to manage your working capital in a smoother way.

Small Business Equipment Finance

Your lease payment might even be deductible as a business expense . Crest Capital is our best pick for equipment financing because of its 100% financing, easy application process and competitive rates. However, a much more extensive application process is required for financing in excess of $250,000. In these instances, you must provide bank statements, tax returns and a detailed explanation of how the equipment will be used. Crest Capital is among the most flexible equipment financiers we reviewed. The wide variety of loan and lease options ensures you can choose the financing option that works the best for your business.

  • With the increasing technological enhancements in different businesses, real estate is also not far behind…
  • The first places that the majority of businesses turn to are banks and governmental financing programs.
  • If everything seems to be in place, your equipment loan will be approved.
  • It’s tough to get any business loan with bad credit, but this is especially true when you’re buying equipment that can run into the hundreds of thousands of dollars.

Saving up to purchase new equipment outright takes time and might mean losing out on excellent business opportunities. You can finance equipment with greater peace of mind about the loan repayment, as this particular type of loan is collateralized by hard and easily saleable physical assets. The cash you retain can then be used as a cushion for other possible problems with other less financially secure aspects of your business growth. Business equipment financing covers more than just loans to purchase equipment. In situations where the business does not have enough funds to make the down payment for a loan, or needs equipment that needs to be replaced regularly, equipment leasing is an attractive option. Revolving lines of credit are flexible loans that, once approved, allow you to borrow up to the approved limits at any time.