Equipment Financing The Right Way to Approach Equipment Financing … and get up to 10 million in Financing for Your Business

(Targeted, Reliable Solution for Business Funding)

business-equipment-finance

A good 80% of U. S. businesses lease a portion of their equipment. We offer equipment financing and leasing programs for companies with at least one year in business. Get approval even with challenged credit, as low as a 640 personal credit score. You won’t need financials to secure equipment financing. Approvals take as little as 24 hours. 

Lenders will request details on the equipment you are getting. After a quick credit review, you can get as much as $10,000,000 in equipment financing. Qualify with only two monthly payments as a down payment. Rates are affordable and 100% of your interest is tax deductible.

Fast Facts on Credit Suite Equipment Financing

ApprovalAmount

Approval Amount
UP TO $10 million

CreditQuality

Average Credit
ACCEPTED

Collateral
Equipment

Necessary Financials
Will depend on lender, but expect to provide documentation

Why You Need Equipment Financing

  • 24-hour pre-approval
  • Application to funding in 2 weeks or less
  • Interest is tax-deductible
  • Purchase, lease, or borrow against existing equipment
  • Heavy equipment financing available
  • Average credit accepted
  • No application fees

How Does It Work?

4-Step Process

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Step 

Step 1

Complete the form for a one on one consultation with a representative
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Step 

Step 2

Submit your application. Soft pull on your credit
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business-credit-time

Step 

Step 3

Get pre-qualified in as little as 24 hours
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Step 

Step 4

Meet directly with Equipment Financing Advisors and get access to your financing
If you are NOT approved, you’ll find out why, as well as what you can do to get approved.

How to Qualify for Funding With Equipment Financing

Below are the requirements to qualify for Equipment Financing:

640+ credit score on with all three consumer credit bureaus (average credit)
Provide details on the equipment you’re financing
Minimum of two (2) monthly payments as a down payment

Fundability Factors Needed for Qualification

Business Financials
Foundation
Personal Credit History
Business Credit

See what you qualify for today

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Terms 

Rates are affordable, and all interest is 100% tax-deductible
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How Much Does It Cost?

If you don't get approved – you don't pay.
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Multiple Finance Options All In One Place

Wondering if Equipment Financing is right for you? Find out now, and if it isn't the best fit, we have multiple other options with easier qualifications and better terms. Find out how much you qualify for Equipment Financing today with our Business Finance Blueprint Qualifier and let our team help you find the best option for your situation.

FAQ

What is Equipment Financing?

Business equipment financing is funding you get to buy or lease equipment, tools, tech, or machinery necessary to run your business. With equipment financing, the item you want to acquire serves as collateral for your loan. Therefore, if you cannot make your payments, your lender can seize the equipment to recoup their losses.

In the U.S., 79% of companies use financing to obtain equipment, according to the Equipment Leasing & Finance Foundation. The foundation estimated that organizations would spend $1.8 trillion in 2019 to acquire software and equipment.

How Does Equipment Financing Work? How Does it Differ From Other Types of Small Business Financing?

Equipment loans differ in how they’re structured. Unlike some other forms of financing, the use of equipment loan proceeds is restricted. You can only use the funds to buy a specified piece or lot of equipment. This is in contrast to a business term loan or line of credit where you can spend funds flexibly.

Why Should You Use Equipment Financing to Get Business Capital?

Using equipment financing, you can improve your business cash flow and increase capital.

You can keep your normal cash flow, and leave your money in the bank. So, you can avoid major out of pocket expenses incurred by buying the equipment up front. And you can benefit from multiple tax advantages.

Equipment leasing is one of the most common types of business funding available today.

When leasing machinery, you will find most leasing options offer you fixed-rate funding.  This means your interest rate and payments will stay the same from month to month during the term of your lease.

How is Equipment Financing Secured?

Equipment loans are secured by the equipment being financed. For example, if you bought a new industrial freezer and financed it with an equipment loan, then the freezer would serve as collateral for that loan.

What are the Pros of Equipment Financing?

Equipment financing benefits include that you will pay a set amount each month, which makes budgeting easier.  Also, you can build business credit if your creditor reports your payment to the business credit reporting agencies

In addition, it’s easy to upgrade equipment after your lease ends.  This can be helpful if your equipment is something like a computer which quickly becomes obsolete.

What are the Cons of Equipment Financing?

You may have to make a large down payment. If your financed equipment becomes outdated, your business is stuck with it until the end of the lease or loan. Sometimes, leases can end up actually costing more than purchasing. When the lease ends, you  have to get  a new lease or to make other arrangements. Whereas, if you buy the equipment outright you can sell it if you want.

What are Some Equipment Financing Options?

One popular type of equipment financing is the Fair Market Value lease, also called an FMV lease. With an FMV lease, you make regular payments while borrowing the equipment for a set term. When the term is up, you have the option to return the equipment or purchase it at its fair market value.

What are $1 Buyout Leases?

This is a type of capital lease. You pay off the cost of the equipment, plus interest, over the course of the lease. In the end, you owe exactly $1.

Once you pay the $1 residual.  which is essentially a formality, you fully own the equipment. This type of lease is very similar to a loan in terms of structure and cost.

What are 10% Option Leases?

This lease is the same as a $1 lease. But at the end of the term, you have the option to buy the equipment for 10% of its costs. These tend to have lower monthly payments than a $1 buyout lease

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