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Equipment Loans

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Pay for equipment over time

Save capital to invest

Try equipment before you buy

Get capital from your equipment equity

Discover Your Equipment Financing Options

Lending Overview

The latest tech and equipment can help your business maintain a competitive edge, but it comes at a price. To better manage the upfront cost of valuable equipment, equipment loans and leases break it down into smaller payments over time. Equipment loans typically have terms of about 10 years while leases can be renewed for the life of the equipment. Leases may also include maintenance and repairs, which saves the business money and hassle. Equipment financing like sale-leasebacks and hard money loans let companies leverage the value of their existing equipment to boost working capital. A sale-leaseback lets the owner sell their equipment for a lump sum, while continuing to keep it in their workflow. They pay monthly or quarterly to the new buyer under a lease term. To discover which type of equipment financing is the best for your business, consult with a broker today.

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Strategic Funding Use for Business Growth

How to Effectively
Apply Funds

Equipment loans help businesses in every industry afford the tech and equipment they use everyday. Loans can be used for medical diagnostic machines, machine presses, copiers, telecom equipment, and software licenses. Instead of spending a large sum of capital upfront, businesses can invest that capital into high-yield accounts while utilizing a loan to cover the cost of the equipment purchase. Loans are best used when the equipment is built to last at least as long as the loan term, usually about 10 years. If the usable life of the equipment is less than 10 years, it’s typically advisable to lease instead.

Secure the Equipment Your Business Needs Efficiently

Flexible Equipment Loan Services

Loan

Most equipment loans have a 10-year term and cover the purchase price of new equipment. However, some loans cover the purchase of used equipment as well. Equipment loans are also used to refinance existing high-interest loans and free up capital to be reinvested in the business. Ask a broker for details.

Lease

Leasing equipment is a great way to meet a business’s short-term equipment needs. If you’re unsure if new technology will fit in your company’s workflow, try it out with a lease before you buy it. Buy, renew, or release the equipment when your lease term is up. Your broker can help you find a great deal.

Sale-Leaseback

A sale-leaseback gives you capital for the equipment you already own, while allowing you to keep it in place and working for your business. You get a lump sum upfront and lease the equipment back from the buyer under a monthly, quarterly, or annual plan. Maintenance, repairs, and upgrades are often included.

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FAQ

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Q. How can I leverage my business equipment’s equity?

Hard money loans and sale-leasebacks both let you leverage the equity you’ve built in your equipment to get working capital. They both give you a lump sum upfront based on the value of the equipment. Hard money loans use the equipment as collateral and sale-leasebacks let you lease the equipment back from the buyer.

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Q. When is an equipment lease better than a loan?

Loans work best for equipment that’s built to last 10 years or longer. If your equipment breaks down before then, you must still pay back the loan. Leasing helps companies afford equipment without a long-term commitment.

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Q. Can an equipment loan help me buy software?

Yes, equipment loans can cover the cost of high-performance software for your business. These loans are also called software finance agreements. You can use software financing to license software for your business or offer financing to your customers for software you’ve developed. Ask your broker for more information.

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Q. Can I get an equipment loan with bad credit?

The SBA offers equipment loans that don’t require a high credit score to qualify. They carry a 10-year term and require a 10% minimum down payment. You must have tried other lenders before applying through the SBA and committed your own resources. Ask a broker if an SBA 7a or 504 loan is right for you.