Equipment Loans

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What is Equipment Financing?

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Many businesses operate using expensive machineries, such as tractors, ovens and fryers, and sophisticated computers and copiers. When those machines break down, the business can’t do the work necessary to generate their income until the equipment is fixed, but without the machines, the money to fix them isn’t coming in. It’s a vicious cycle that often can only be fixed through equipment financing.

Equipment loans are used to finance new or used equipment. Whether your business needs to replace faulty machinery or simply wants to upgrade to more modernized and cost-effective equipment, leasing and loans through equipment financing are the smart way to invest. Because the borrower is purchasing equipment as an investment, and therefore, collateral, the risk to the lender is reduced. If the borrower defaults on the loan, the lender still has a way to recoup some of their finances.

The terms are either in the form of a lease or a loan. They are often more lenient, too, frequently allowing borrowers up to 60 months to pay the loan back in fixed monthly payments.

In fact, equipment financing for small businesses is one of the most common types of loans seen throughout all of the industries. Most businesses need some form of equipment to run, even if it’s just a computer. More often than not, though, it’s very normal to see a business finance sophisticated technical software, machinery, office furniture or cubicles, store shelves, and many other items.

What are the Features of Equipment Financing?

With financing through AdvancePoint Capital, small businesses can be approved for a lease or loan ranging anywhere from $500 to $150,000. The approval decision can even happen within seconds for loans under $10,000.

All you need to do to find out if you qualify is complete the simple one-page application and provide the information on the equipment that you are looking to purchase. Regardless of your credit, you can be approved for this type of loan because the collateral is an automatic part of the borrowing process.

Financing your equipment needs through AdvancePoint Capital includes features and benefits such as:

  • Up to 100% financing of the equipment that you need in order to improve your business’s success and get you back up and running if your machinery has broken down.
  • Costs are based on the Principal & Interest Rate or Factor Rate.
  • Approval of your loan application in as little as 2 days and sooner for smaller loans under $10,000.
  • Competitive terms with financing up to 60 months for many loans.

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Loans through traditional bank financing can be difficult to be approved for. You have to jump through hoops, provide extensive documentation, have excellent credit, and wait weeks or months for a final decision and access to your money. During that time, your machinery may not be working cost-effectively or may not be functioning at all, costing you hundreds or thousands of dollars every day.

At AdvancePoint Capital, however, you can get quick approval through minimal paperwork if you qualify. To qualify, you should have at least:

  • Good credit, although all credit types are considered,
  • Have been in business for a minimum of six months,
  • Provided documentation of the type of equipment you need and how it will help you succeed in your business.
Eligibility Requirements for Equipment Loans:
Application A Simple one page application
Paperwork Equipment Information
Credit All credit Considered

Basic Features:

From $500 up to $150,000

Decisions in seconds under $10,000

Up to 60 month leases

AdvancePoint Capital is the fast, convenient and straightforward way to get the money you need for your business – now! Get Your Quote Today by filling out our simple form

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What is Needed to Apply for Equipment Financing?

Each type of financing has its own requirements, but in general, minimal paperwork is necessary. You may need:

  • Your financial statements
  • Monthly bank statements
  • Your personally identifiable information such as a driver’s license
  • Your one-page application
  • Your credit score (although all credit scores are considered).

Is Equipment Financing the Right Option for You and Your Business?

As a small business owner, you may frequently find yourself juggling many financial responsibilities. Juggling your working capital so that you can get through each day may require one type of loan, while renovating and rebuilding requires another.

Equipment financing is a totally different financial product and should only be used if your large machinery breaks down and is integral to running your business or if it would be more cost-effective to spend money on better equipment to save money in the long run.

Check out How to Find the Best Small Business Loans to weigh all the benefits and evaluate the decision to get funding for your business.

The fast, convenient and straightforward way to get the money you need for your business – now! Get your Quote Today by filling out our simple form.

Get Quote Now!

Get Quote Now!
* All loans made by either WebBank, an FDIC-insured Utah industrial bank, or Bank of the Internet Federal Bank, an FDIC-insured federally chartered thrift located in California. In connection with the loans, the Banks' underwriting conditions and terms apply.