What kind of business equipment can I finance?
many little business owners hear about equipment financing and think of tractors and backhoes. Yes, construction equipment is wholly financeable – but so is a bunch of other gorge .
In fact, there ’ s an equipment finance choice to cover tools and resources for just about every small business diligence. Big or humble, basic or complicated, doodad or doodad – whatever you need, we ’ ll serve you cover the costs .
Here are just some of the small business needs you can cover with equipment financing:
- Forklifts, workbenches, and conveyor belts
- Point-of-sale payment processing software and hardware
- Commercial ovens, grills, deep fryers, freezers, food processors, and more
- Office furniture and fixtures – everything from cubicles and desk sets to rugs and lighting
- Software, including operating systems, CRMs, accounting programs, and more
- Appliances like telephones, refrigerators, coffee makers, and more
- Food trucks, delivery vehicles, company cars, and trailers
- Solar panels and HVAC units
It’s pretty easy to qualify and apply for equipment financing.
To get equipment finance, you ’ ll typically need to be in business at least 12 months, have $ 50,000 or more in annual tax income, and have a credit score of 650 or higher. If your credit score is lower than 650 but you can show proof of solid cash flow and revenues for the past 3-6 months, you can still qualify.
And don ’ thyroxine concern if you don ’ deoxythymidine monophosphate meet all of these requirements – accurate qualifications will vary by lender and equipment type. The best way to figure out what you qualify for is to fill out our free 15-minute application or get in touch with one of our personal support managers at ( 855 ) 853-6548 .
No down payment or collateral ? No problem. One of the big benefits of equipment finance is that your equipment can besides act as your collateral – which means you can secure a loan without draining the last of your liquid cash or risking your personal assets. Your lender will determine how a lot you can finance by reviewing the character of equipment you ’ rhenium buy, its life prize, and whether it ’ s modern or used. That cool appliance you ’ re thinking about buying seems a batch cool when it saves you from shelling out for a down payment, huh ?
Because the collateral is literally share of your loan, it ’ second often not as difficult to get approved as many minor clientele owners think it is. Getting started is easier than following those Ikea instructions : just fill out our application, then compare equipment financing options from our nationally network of 75+ lenders.
How much does equipment financing cost?
Your equipment lend payments are determined by four things : your loan total, interest rate, term, and collateral. These factors can vary wide across industries and equipment types. That ’ mho why we work with a kind of lenders who specialize in industry-specific loans – so we can help you find the best deal .
If math international relations and security network ’ t your thing, you can use our equipment financing calculator to figure out what kind of monthly payments you can afford .
Oh, and here ’ s some food for think : be sure to consider both the short-run and long-run gains your modern equipment will yield.
To determine whether equipment financing is getting you some real knock for your buck in the short term, you should weigh the costs of your monthly payment against the benefits your fresh equipment will bring. hera ’ s an model : if the three-d print equipment you ’ ra finance costs you $ 600 in monthly payments but enables you to take on an supernumerary $ 2,300 in monthly orders, then your cash flow increase well outweighs your costs and makes the loanword worthwhile .
This lapp concept applies to the man-hours you ’ ll save by leveraging a software purchase to automate respective hours of invoice and payment processing, or being able to attract new business because your upgrade sorting equipment lets you offer significantly faster shipping times than your competitors .
To figure out whether you ’ ll besides see a hearty long-run return on investing, consider the longevity of the equipment you ’ rhenium finance. equipment that lone gives your occupation a minor lift and may be disused in a few years when you pay off your loan may not give you the long-run leg up that you ’ rhenium looking for – whereas taking out a 4-year loan on equipment that will last upwards of 12 years is credibly a sound investment…