This type of loan allows a business to obtain equipment, machinery, excess capacity, vehicles, tools, or infrastructure to expand your business. With equipment financing, the equipment being purchased serves as collateral to secure the loan, and the average life span of the equipment is considered when finalizing the term of the loan. This product's rate traditionally ranges anywhere from 7.5% to 35%. The major benefit of this loan option is that you are able to obtain the equipment needed for your business without having to pay the full cost upfront.
- Quick application and approval process
- The purchased equipment serves as collateral
- Affordable rates
- Loan Amount – $10,000 to $3,000,000
- Process Time – 7 to 20 days
- Interest Rate – 7.5% to 35%