What is Equipment Financing?
Equipment loans help you purchase equipment with competitive rates if you have good credit and good finances.
Equipment can be anything that is necesssary for your business to provide its service. For instance a resturant could finance a stove or refrigerator. A farmer could finance a tractor, attachements, or work truck.
The equipment serves as collateral and the term is usually calculated off of the expected life span of the purchased equipment.
- After payments are complete, you own the equipment
- If you have good credit and strong finances you can get competitive rates.
- May need a down payment
- Businesses in need of equipment with competitive financing rates.