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Equipment Financing

Equipment Financing Allows Businesses to Acquire Necessary Equipment 

Without Making a

Large Upfront Payment. 

Equipment Includes

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  • Office equipment. (Like phones, computers, software etc) for business use

  • Medical hardware.

  • Retail related. (Restaurants, hotels, etc)

  • Farming equipment.

  • Transportation industry related.

(Operating Leases and Capital Leases)

Equipment Financing Agreement.  The most popular type of Operating Lease.  It's just like a loan. You make monthly payments and when you've made your last payment the equipment, and title is yours. But that is not always the case, it depends on how the lease is written up in the beginning.

There are also Security Deposit Leases. Which falls under Capital Leases. You might have to pay a security deposit of 10% to 20% at the beginning of the lease.

 

And at the end of the term if you want to keep that piece of equipment you forfeit the security deposit. But if you don't want to keep the equipment then as long as the equipment is in good working order the lender will refund that security deposit.

They also have programs for seasonal businesses like agricultural companies.

Where they might be able to make payments (once a quarter, or every six months or even one payment a year).  

Qualifications for Equipment Financing

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  • The lenders need an invoice, a quote, a bill of sale that shows who the seller is,

  • A credit report, & four months of bank statements.

  • They're also looking at things like the customer's credit score and how long the customer has been in business.

  • With equipment financing, they do not have to be business bank statements, they can be personal bank statements, if we can see there is business activity going on in those bank statements.

For More Information
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