Running a farm or custom application business is hard work, and having the proper equipment in good repair is absolutely essential to success. Luckily, it’s easier than ever to secure financing for farm equipment like tractors, combines or sprayers. By working with an alternative lender, you’ll have a higher chance of your application being approved. At National Funding, we have experience setting up customized farm equipment lease and loan programs for farms of all sizes. Generally, an equipment lease might be better for you if you need the equipment for a short amount of time and don’t have the ability to make a down payment. In addition, if you’re in an industry where equipment updates often with the latest technology — an IT firm, for example — then leasing equipment would lower your risk of owning obsolete equipment.
If you decide to proceed with a loan from Crest Capital, the lender will collect the documentation fee and first month’s payment. Crest Capital then purchases the equipment from the vendor of your choice, and repayment is made monthly via automatic withdraw from your bank account. Ascentium Capital, a subsidiary of Regions Bank, provides streamlined financing for equipment, technology, commercial vehicles and other business items. Ascentium also develops programs so equipment providers can offer a range of financing options to their clients. If switching lenders, the existing lender will also need to release its charge over the asset if it is to be used as collateral in another equipment loan.
Secure £5,000 – £250,000 of equipment finance
Years ago, we had helped him finance Optos machines for his optometry practice. When the pandemic hit, we knew many of our customers were struggling. Our team reached out to see if Dr. Roby needed help from a lender, including applying for a Paycheck Protection Program loan. As it turns out, his regular bank hadn’t offered any solutions, and he was pleasantly surprised that we remembered his small business and wanted to help. After you’re approved for equipment financing, you’ll know exactly how much your business can afford without compromising your long-term goals. Armed with that information, you’ll be able to make important decisions with confidence.
- Interest rates provided through an Equipment Finance loan are at competitive rates and depending on the borrower’s creditworthiness.
- The SBA partners with and backs certified development companies that finance up to 40% of the loan.
- Businesses with high credit scores and a strong financial history will typically receive better loan loan terms.
- If you have previously invested in a similar piece of equipment and can evidence the increase in revenue your business experienced, you are more likely to get approved.
Our team works with you to design the best equipment financing solution based on your business needs, as well as your accounting, tax, and financial objectives. To determine rate, down payment, and length of loan please call or visit one of the loan specialists at Bank of Old Monroe. At Amerifund, our application and funding processes are easy and convenient which allows for your quick approval and access to the financial support you need. You’ll get the funding to grow your business and succeed in your industry while retaining complete control. Starting or growing any business requires financial support to fund your venture.
How to qualify for equipment financing
Equipment and technology purchases are common loan uses that many loan programs will fund. Term loans provide you with a lump sum upfront, which you’ll repay, along with interest and fees, over a fixed period. Fixed payments make it easy to budget for the costs over the long-term. A useful alternative to other lending methods such as bank loans or overdrafts, which typically charge higher interest rates. Once you own your piece of equipment it will start to earn extra revenue. This means you can use your additional cash to further invest in your business’s growth.
As you can see, equipment loans have a few drawbacks and many benefits, so this is why it’s a good choice for certain companies who are ok with the loan terms and a bad one for others. Many small business owners have something in common, and that’s equipment cost. Whether we’re talking about upgrading it or breakdowns, purchasing equipment costs money and maintenance and can put a strain on your cash flow. We will help you sort through all available equipment financing options your business needs. Paying out of pocket is not feasible for many transportation business owners, which means finding the right financing plan is essential.