Credit unions may have more favorable terms, such as lower interest rates and 10-year repayment periods, but you must be a member of the credit union in order to apply. If you’re looking for very large and expensive equipment, like the front-end loader or road grader used by a construction company, an SBA 504 loan may even be an option. Fora detailed guide of terms and how to qualify for an SBA 504 loan, read ourGuide to SBA Loans. Most businesses need to buy or upgrade equipment for their business from time to time. If you are looking to purchase heavy equipment, BitX Funding can help with the finance you are in immediate need of.
The interest rate that is offered to our clients is determined by analysis of the data that is submitted to us. The interest rate range is usually between 18% to 24% per annum. Our devoted and enthusiastic team of professionals are available to direct and support our vendor partners by providing superior customer service and flexible solutions. Invest in your business without depleting your cash or maxing your credit lines.
Credibly – Best for Borrowers with Bad Credit
Credibly offers equipment financing for almost any type of equipment your business may need. From medical devices to tools and farm equipment to office furniture, they’ve got you covered. They accept credit scores as low as 500, making them the best for borrowers with less-than-ideal credit. Conventional business loans can be used to finance equipment purchases.
- The most important thing to understand about Fundera is that it is not a direct lender.
- Most business credit cards have the added bonus of great rewards programs and sign-up bonuses.
- Keep in mind, some lenders may also charge a one-time upfront fee, which could vary depending on the repayment term, interest rate or loan amount.
- Maybe you’ve gone to family and friends to ask for small loans.