Equipment Loans

Next to real estate, buying equipment is one of a business’s highest costs. But high-performance equipment can come with high prices. While every business needs equipment, not every business can afford the upfront cost. That’s why smart business owners turn to equipment financing to bring in the equipment their business needs.

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• Understanding

Equipment Loans

Choose from an equipment loan or lease when you need to onboard new machines and technology. If you have valuable equipment assets, you can leverage them to bring in working capital with a sale-leaseback. Whether you work with machine presses, industrial ovens, medical diagnostics, or supercomputers, an equipment loan will help you manage expenses.

Long-term equipment loans allow you to manage costs over time while putting that equipment to work for years to come. Short-term loans let you onboard new tech that boosts cash flow so you can pay off the loan quickly. Not sure if new equipment will fit with your workflow? Try an equipment lease and avoid the cost of maintenance and repairs!

• How to effectivly use

Equipment Loans

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Equipment financing can work for you if you need to buy new equipment or leverage existing equipment to get extra cash. For long-term equipment needs, you can get an equipment loan with a low interest rate. For short-term equipment needs, an equipment lease may be a better fit. At the end of your lease, you can choose to buy the equipment, renew your lease, or surrender the equipment. Leasing fees include maintenance and repair costs.

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If you’re happy with your equipment, but need a cash flow boost, a sale-leaseback is the tool for you. A sale-leaseback allows you to sell your equipment while keeping it in place to continue working. You’ll get a cash sum upfront. Then, you make quarterly or monthly payments to the new owner in exchange for using the equipment. If you’re not sure which equipment financing is right for your small business, contact one of our brokers for more information.

SBA

The Small Business Administration encourages lenders to take a chance on small businesses that have been turned down for financing in the past. Get an SBA-back equipment loan at a low interest rate for a 10-year term. Fixed and variable rate loans are available with a 10% minimum down payment.

Private Lenders

Private lenders can often approve loans much faster than a bank or credit union. So, if you need an equipment loan fast, a private loan could be the way to go. Our network of lenders offers competitive rates, even if you don’t have a high credit score. Contact our brokerage for more details.

Traditional Lenders

Banks and credit unions often have great long-term equipment loans. The longer your loan term, the lower interest rates tend to be. But not all banks are the same. To find the best bank for your next equipment loan, contact us today. Our brokers will help you compare across banks to find the best deals.

Advantages

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Manage upfront costs

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Short and long-term options are available

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Get equipment even with bad credit

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Use existing equipment to boost cash flow

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F.A.Q’s

Q. Who owns the equipment in a sale-leaseback?

There are various types of sale-leaseback transactions. In most cases, however, ownership of the equipment is transferred to the buyer, even though the equipment itself doesn’t change hands. At the end of the lease, you may have the option to buy back the equipment.

Q. When is an equipment loan not a good fit?

The average equipment loan term is 10 years or more. If you need to repair or upgrade your equipment before then, you could end up paying on a loan for equipment you no longer use. In this case, an equipment lease is a better choice. The lessor pays for repairs and maintenance and you can end the lease when you no longer need the equipment.

Q. How can I find the best equipment lease?

Not all equipment leases are created equal. Some have longer terms and higher fees than others. To find the one that best suits your business needs, it pays to speak with a qualified broker. A broker can help you compare leases from industry experts until you find the one you want.

Q. Should I use an equipment loan or equipment lease?

In general, equipment loans are for long-term needs while equipment leases help address short-term equipment needs. If you plan to use your equipment for fewer than ten years, a lease may be the best choice for you. To learn more, speak with our brokers today.

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Let's Explore Your Funding Needs.

Our team is here to answer any questions and provide personalized guidance for your business’s financing needs. Whether you’re exploring options or need assistance with the application process, we’re just a message away. Reach out today and let us help you find the best financial solution for your business.