Equipment loans and leasing can be good for merchants who cannot afford or do not want to purchase their equipment outright themselves we work with lenders that provide several forms of equipment financing. The average term on an equipment loan or equipment leasing program is 1 to 5 years and rates can vary from 4% to 50% depending on the merchant’s credit score and his or her credit worthiness. An equipment loan allows you to pay for the equipment over time and own the equipment at the end of the term and the loan is secured by the purchased equipment, so if the merchant defaults on the loan the lender will take possession of the equipment. In equipment leasing there is generally two forms of equipment finance one is leasing the equipment from the lender with the option to purchase the equipment at fair market value at the end of the lease and then the is leasing where the merchant returns the equipment at the end of the lease or has the option to renew the lease. The following information is required to get an equipment loan or lease programs:
Equipment Loan or Lease up to 150K
- Application for finance completed
- Quote from Seller
- Purchasing from private party bill of sell needed
- Complete last 4 months of the business bank statements
- Minimum credit score 600
Equipment Loan or Lease above 150K to 10mil
- Application for finance completed
- Quote from Seller
- Purchase from private party bill of sell needed
- Complete last 4 months of the business bank statements
- 2 years of business tax returns and current year P&L and Balance Sheet
Credit Challenged Equipment Loan or Lease up to 75K
- Application for funding
- Quote from Seller
- Purchase from private party bill of sell needed
- Complete last 4 months of the business bank statements
* Approval and funding time 24 to 48 hours from time of full submission.