Equipment Loan: When Do You Need One and How to Get It?

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You need an equipment loan when your business is expanding or:

  • You are phasing out the older technology
  • You are remodeling your business to serve your customers better
  • You want to add new product lines to the existing one

With an equipment loan, you can make purchases of equipment as, semi-trucks, farm equipment, manufacturing equipment, 3D commercial printers, construction vehicles, computer servers and for restaurant financing as well.

Such a loan allows you to borrow the amount which is required to purchase equipment that you can pay back over the loan term. Once the loan is approved, you can borrow a specific amount which is based on the worth of the equipment.

In equipment loan, the equipment itself is the collateral against the amount you borrow. It makes it somewhat easy to qualify for this loan. Like other loans, you will have to pay interest on the loan that you have taken.

When Do You Need An Equipment Loan?

Many industries need one to fund the purchase of their equipment. Some of them are:

Farming & Food Processing

This industry is the very pillar of the economy, and they need equipment loan to fund the purchase of the machines that they need. You can apply for the loans anytime you want the equipment like harvesters, irrigation equipment, tractors, etc. There are restaurant financing options as well.

Construction & Renovation

The rise in housing demand has led to the offtake of equipment loan in this sector. The loans are required for highway and street construction equipment, excavation equipment, concrete and asphalt, bridge and tunnel construction, etc.

Energy Distribution

These companies benefit from small business funding those that are in electricity distribution. The needs may vary from offshore drills to solar power distribution etc. No matter whether you are delivering energy or are in fuel extraction. If you want to manage your business with the latest equipment, then these loans can help you.

Hospitals and Clinics

Then the healthcare industry needs the latest equipment to render the best service to their customers. Whether you are a pharma maker, who wants manufacturing equipment or a hospital who wants to get new X-ray machines you can get it with a loan from us.


If you are in this industry, you may need these loans for financing trucks, mini-bus, cars or any other vehicle of similar nature. As the competition grows, you need to buy new vehicles or maintain the older one to transport people and the goods. These businesses need to purchase and maintain vehicles to render better services, and with an equipment loan, you can get them quickly.

How Can You Get The Loan You Need?

Getting the loan usually follows simple steps as under:

  • Application Form- You’ll have to fill the one-page form which will ask you to provide details for the loan amount that you need, your monthly gross sales, years that you have spent in the business, details of the company and personal information as well.
  • Documents- You will have to provide your credit score, tax returns, and the bank statements as well.
  • Get Funds- Once your restaurant equipment loan, for instance, is approved, you will get fund (read) in your business bank account. It should not take more than a day!
  • Repayment- Equipment loan usually has a repayment term of the anticipated service life of the equipment.

Wrapping Up

Thus, you with the help of an equipment loan or (small business loan for a restaurant) you can take your business to new heights. With AdvancePoint Capital, you can get the loan within 4-6 hours.

Call now @ 1-800-381-8920

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