A good credit score will not only increase your chances of qualifying for business equipment loans, but it will also earn you favorable lending terms. You can get a low interest rate, longer repayment period and ultimately lower monthly payments. If heavy equipment financing isn’t an option, you might consider leasing instead. Equipment leases work the same as most other leases, in that you are renting from an owner. Leasing does not require a down payment and allows you to slowly pay back your debt in fixed monthly installments.
- Additionally, the SBA offers a lot of free education and business information to small business owners.
- Generally, though, getting equipment financing shouldn’t be too difficult as long as you have decent credit and can provide collateral.
- Fortunately, there are more small business loan options available today than ever before—you just need to know where to look and what to look for.
- Broker specializing in equipment financing for small businesses in a variety of industries.
On the one hand, using the service will give you the opportunity to obtain quotes from multiple lenders easily. On the other hand, you won’t be able to apply for a loan with them directly. There are dozens of equipment financing companies out there, making it hard to know which lender is right for you.
Our clients use equipment financing to:
Our package will give you access to as little as $5,000 to as much as $1.5 million per approval. Sometimes, our clients need multiple machines, so we customize the terms of our equipment financing loans to suit their needs. We also tailor our term lengths and repayment options to make them more affordable for them. Our primary aim is to help a business grow and not add to its burdens.
As a business owner or manager, it’s not uncommon to buy equipment to support your company. Invoices start on the acceptance date and bill monthly through the end of lease term. No payment is made to the equipment vendor until you have provided authorization and verbally confirmed to First Financial Equipment Finance that you authorize payment to the vendor. Finally, partnering with experts to finance equipment gives you in-depth industry knowledge, which can reduce acquisition mistakes. If you’re considering a makeover in your workspace, you may need some extra cash.