Equipment Financing
Keep the Gears Turning
With equipment financing, the lender will typically front the cash to help purchase the equipment outright. You then pay back the total amount borrowed, plus fees, over a set period of time.
Loans Amount
Up to 100% of equipment value
Interest Rate
7 to 30%
Term Length
1 to 5 years
Time to Funding
As fast as 1 day
Pros
- Minimal paperwork
- Set payment structure
- Challenged Credit is accepted
- Suitable for a wide range of business purposes
Cons
- Annual costs higher than longer-term options
- Shorter term could be more difficult to manage for certain businesses
Compare to other loan types
| Loan types | Max amount | Interest rate | Speed |
|---|---|---|---|
| Equipment Financing | Up to 100% of equipment value | 7% – 30% | As fast as 2 days |
| SBA Loan | $5K – $5M | Starting at 7.75% | As fast as 2 weeks |
| Business Term Loan | $25K to $500K | 7 – 30% | As fast as 2 days |
| Business Line of Credit | $5K to over $1M | 7% – 25% | As fast as 1 day |
| Invoice Financing | Up to 100% of invoice value | Roughly. 3% + % per week outstanding | As little as 1 day |
| Short-Term Business Loan | $2.5K – $250K | Starting at 10% | As fast as 1 day |
| Merchant Cash Advance | $5K to $500,000 | As low as 1.15 | As fast as 1 day |
Equipment Financing
No job is too big to handle – when you’re fully equipped!
Whether you need vehicles, machinery, payment processing hardware, computer software, kitchen appliances, or HVAC units, it’s probably financeable.
If you’ve been in business for a year, generate more than $50,000 in annual revenue, and have either decent credit or strong cash flow, then you’re likely to get approved.
So if you need to take on that big project or are simply looking to invest in high-value equipment without necessarily risking your liquid cash or personal assets, then equipment financing can be a great solution!
Better yet, the equipment can act as collateral, making more lenders willing to work with you even if your finances aren’t in perfect order.
Minimum Qualifications
Annual Revenue
$50,000+
Credit Score
500+
Time in Business
6 months+
Documents Needed to Qualify
- Quote, Invoice, or Make/Model of Desired Equipment
- Business Bank Statements
Ready to See your Options?
It’s free to apply and it won’t impact your credit