It is cheaper in the long run and offers flexibility plus equity. There are also tax benefits that could make purchasing equipment a more viable option. Consult a tax expert while planning your equipment acquisition to get the full details on tax deductions and depreciation. It’s almost always cheaper in the moment to pay for a repair than it is to buy a replacement, but it’s important to consider how much repairs will cost long-term.
- They may be more suitable to established businesses with strong cash flow and assets.
- If your business needs new equipment, here’s how an equipment financing loan can help.
- A fast application process with moderate interest rates, but applicant must have been in business for more than 5 years.
Ultimately, each business’ needs dictate the type and size of equipment financing loan it needs. In some cases, equipment financing may not be the best option, or purchasing new equipment may not be a savvy business decision. Offers flexible terms and repayment options but applicants must have been in business for more than 2 years.
Types of Equipment You Can Finance
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MY Company Funding is a Columbus-based provider of opportunities to match businesses, both large and small, with the financing needed to run their business. We specialize in a variety of loan and other financial arrangements to help you secure equipment without disrupting your cash flow. Our solutions are designed to get you the capital you need with as little drama as possible so you can get on with the important work of your business. Choosing to finance your important equipment needs through an equipment financing arrangement makes sense for any type of business, regardless of its size. Through this type of an arrangement, you have access to the working capital needed to meet certain ongoing expenses, such as rent, payroll and other recurring costs. Leasing, loans, or other financing enables businesses to acquire more and better equipment than they could have without financing.
Structured equipment finance
Plus our fixed interest rates are totally transparent and our lending criteria doesn’t include collateral for the loan. However, there are some drawbacks to financing equipment through credit unions or banks. First, the approval process can take longer than with other lenders.
Be sure that you’re aware of the wait time before you begin the application process. You don’t want your urgent business needs to be on hold or miss an obligation waiting for a loan to be approved. Is a financial services provider that offers some entrepreneurs a good option for equipment financing. They have relatively low requirements and very competitive rates for qualified borrowers. They also have a high maximum loan amount of $2 million for qualified borrowers.