What is Equipment Financing?
Equipment financing is used specifically for large equipment purchases – like automotive equipments. Getting an equipment loan is usually the easiest way to purchase new equipment for your business.
How Does Equipment Financing Work?
Making large purchases of vital equipment is unavoidable for most businesses, brand-new and well-established alike. New equipment can help your business to bring in more revenue – whether it be additional auto lifts or air compressors to meet higher demand. Handing over the cash for these purchases can set you back a significant amount, and that’s what makes equipment financing an attractive option for expanding, starting, or updating a business.
Benefits of Equipment Financing
How Do You Apply for Equipment Financing?
Like most loans, you’ll need to provide the financial health of your business along with your credit score. Most equipment lenders will also ask for information about the equipment you’re looking to buy and a quote of how much it will cost.
What You’re Going to Need:
Who Qualifies for Equipment Financing?
Most businesses in good standing will qualify for equipment financing loans. It can actually be a good option if your credit score is on the lower end because the equipment you’re financing acts as the collateral. The details of how much and for how long depend on the type of equipment and its cost. Lenders are interested in securing a loan, so when you’re financing equipment, they’re often not as concerned with your borrowing history because the equipment acts as collateral.
What Else Should You Know About Equipment Financing?
Not Sure if Equipment Financing is Right For You?
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