Find Equipment Financing for Your Business Today
What is Equipment Financing?
Whether you’re just starting a business, looking to expand your current business, or just need to upgrade out-of-date equipment, purchasing new and modern business equipment can be an expensive investment. Unfortunately, many business owners just don’t have the funds on-hand to buy what they need – but a business equipment loan can help.
Equipment financing is a type of business loan used to purchase new equipment for your business. The amount of funding available to you will depend on several factors. These include the value of the equipment you need and whether that equipment is used or new.
Your loan terms will often depend on how long you plan to use that equipment. In an equipment financing loan, the equipment you purchase will serve as the collateral, meaning that the lender can have it seized if you fall behind on your payments.
Who Qualifies for Equipment Financing?
Most businesses qualify for leasing equipment or equipment financing in some form or another; however, the amount and the interest rate depend on the value of the equipment being financed, your business history, and your credit rating.
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Should I Lease or Purchase My Equipment?
If you’re deciding between a lease or a loan, consider what sort of equipment you need to acquire and how long you intend to use it for. While many vendors offer leasing options at what seem like attractive rates, it may not be the right solution for your business.
If you’ll only need the equipment for a short period of time or it’s something that quickly loses its value over time, new equipment leasing may be the most cost-effective option for you. This holds especially true for equipment like company cars that quickly lose their value once they’re on the road.
However, if you’re looking at a piece of equipment that you plan to use and keep for a long time, then equipment financing is likely going to be the easiest and most cost-effective route to take. This also gives your business one extra asset, which can be very advantageous if you will ever be considering another loan or line of credit in the future.
What are the Advantages of an Equipment Lending Loan?
Most modern businesses will find that maintaining up-to-date, well-maintained equipment is both important and challenging. One way to do this while still achieving your profit goals and without impacting productivity is to use commercial equipment financing.
While you can use other types of business loans to purchase equipment, there are a few distinct advantages that you can only get with an equipment lending loan.
Here are Some Advantages Only Available with an Equipment Lending Loan:
- Because the equipment itself is used as collateral, these loans usually have the lowest interest rates
- 100% financing will allow you to retain working capital
- You’ll own the equipment outright
- The interest paid on the loan will be tax-deductible
- The equipment may be eligible for a depreciation tax benefit
What Kind of Equipment Can I Finance?
With equipment financing, you’ll be able to purchase just about any type of equipment that your company needs regardless of what industry you’re in.
Equipment You Can Purchase With This Loan Includes:
- Company vans, trucks, and other vehicles for commercial use
- Company cars for employees use
- Computers, phones, tablets, and other forms of computing technology
- Heavy machinery and construction equipment financing
- Tools and industrial machinery
- Medical equipment
- Office supplies, furniture, and fixtures
- Stoves, ovens, refrigerators, and other kitchen equipment
This list is just a sample of the type of equipment some businesses may need to obtain financing for. If your business needs new equipment to get off the ground or to the next level, an equipment financing loan can help you get what you need.
A Flexible Business Funding Option for All Businesses
Equipment financing loans give you the opportunity to acquire new equipment or to upgrade, repair, or replace existing equipment. All while minimizing the negative impacts on your cash flow that are typically associated with such large capital expenditures. Equipment financing also offers enhanced flexibility and greater tax advantages, helping to preserve existing credit availability and retain other working capital.
How Do I Get an Equipment Financing Loan for My Business?
When you decide you need equipment financing for your business, your first instinct might be to head to the bank. While many banks and online lenders do offer these types of loans, you also know that you need to shop around for the best rates and terms on the borrowed funds. That would mean consulting with multiple banks, filling out a handful of applications, and having more back-and-forth phone calls regarding loans than you need.
Non-bank direct lenders are another popular option, but they tend to have less favorable terms and a more convoluted application process than the banks. And adding more options into the mix only means spending more time filling out applications and having conversations with lenders – and that’s time you don’t have to spare.
After all, as a business owner, your time is one of your most valuable assets.
With Your FundingTree, you can bypass the hassle of talking to a bunch of lenders and filling out multiple applications by filling out one simple application. In our 90-second application, we’ll collect all the information we need to match you with lenders who provide equipment financing loans and already work with businesses in your industry.
Don’t put it off another day; find your equipment financing solution today!
Our Application is Always Free
Exploring the equipment financing options for your business and submitting an application is always a free service with Your FundingTree. We never charge you at any stage of the process and we don’t ask you for any payment information when you submit your application, so you don’t need to worry about any unforeseen charges.
Just fill out our 90-second application to discover all the equipment financing options that are available for your business. The loan proposals you receive will be from trusted lenders who have experience working with businesses in your industry, and you’ll get to review them all without ever making a payment.
Our Application Never Impacts Your Personal Credit Score
Your FundingTree never collects personal information like your social security number or your date of birth when you submit an application. So we don’t have the information needed to run a credit check, and your personal credit score will never be impacted when you explore your funding options. There’s no hard inquiry involved to see your loan proposals, and as a result, there’s no change to your credit score.
We Don’t Require You to Create an Account
We understand exactly how frustrating it is to create a new account every time you visit a new site. All it leads to is more usernames, more passwords, and more activation emails to keep track of. And because we want to keep things as simple as possible, we’ll never require you to register for a new account when you want to explore your equipment financing loan proposals.
Our Free Application Only Takes 90-Seconds to Complete
As industry veterans, we understand that you need a convenient and fast way to find equipment financing for your business. That’s why we’ve developed an easy application that only takes 90-seconds to complete and also comes with no obligations.
This quick application is the first step to creating a business that’s ready for growth opportunities and years of success. The application will ask you to provide details about your business, the industry you’re in, what type of loan you want (such as equipment financing), and your desired loan amount. In just a couple of minutes, your application is done, and we take care of the rest.
There’s no need to spend your time calling every lender and bank in the city.
We strive to keep the equipment financing application as simple as possible so you don’t need to complicate the process. When we do the legwork for you, it allows you to focus on all the other tasks you need to take care of as a business owner. All you need to do is submit your application and then pick the best loan proposal after we’ve matched you with equipment financing companies.
Our Process is Simple
Securing an equipment financing loan with Your FundingTree is easy. Here’s how it works.
Step 1: Complete the Free Online Application
It will only take you 90-seconds to complete our no-obligation application. Here, you’ll be able to provide all of the details we need to match you with lenders who work in your industry.
Step 2: We Match You With Equipment Financing Companies
As soon as you submit your application, one of our experienced financial advisors will get to work reviewing your information. They’ll identify equipment financing companies who lend to business owners in your industry so you can receive the best loan proposals possible.
Step 3: Receive Proposals and Review the Equipment Financing Rates
You can expect to receive as many as five separate proposals from lenders who want to offer your business equipment financing. Next, you’ll be able to review the rates and terms on each one and consult with your financial advisor about any questions or concerns you might have. We’re always here to help you find the best option!
Step 4: Choose Your Equipment Financing Company
Now, you can select the lender and proposal that best matches the funding needs of your business. After you’ve been approved for equipment financing, you may be able to start funding with your new lender as soon as the next business day. You can then get the equipment your business needs as soon as possible.
We are Business Owners’ Go-To Source for Equipment Financing
At Your FundingTree, banks and industry-specific lenders compete against one another to earn your business. That means they’ll be offering you the best equipment financing rates, service, and terms available.
Nationwide broadcasters, like ABC, CBS, NBC, and FOX, have recognized us for the services we provide to business owners across all industries. Plus, we currently hold an A+ rating with the Better Business Bureau, proving just how much our previous customers have appreciated what we do.
The services provided by Your FundingTree are always free. We’ll never charge you to apply or to receive your funding proposals. However, the equipment financing rates and terms offered to you by various lenders are in no way controlled by Your FundingTree. These rates will be determined by the information you provide on your application as well as additional information you send to any of the potential equipment financing companies.
We always strive to match you with trusted lenders who offer business owners the best rates and terms on equipment financing loans. All you need to do is apply to see what’s available to you!
Find the Equipment Financing Loan Your Business Needs Today!
Whether you need new equipment for your business or you’re looking to upgrade, maintain, or repair existing equipment, Your FundingTree can help. We match you with trusted lenders who can get you the equipment financing you need!