Equipment Financing

Don’t Let Cash Flow Restrict Your Business Growth

Finance the equipment that your business requires to grow and prosper. Equipment financing can help you avoid the financial strain of purchasing equipment upfront, whether it's a backhoe or computers for your business. You'll be able to use the money you save by not having to make a down payment on other business expenses. The Section 179 deduction could even result in huge tax savings. Lease and purchase programs tailored to your budget are available for small business equipment financing. The list below shows which types of businesses we finance equipment for. Do not worry if your type of business isn't listed. Your dedicated loan provider can help you find the best option for you.

Image of surgical equipment in an operating room

What Is A Equipment Financing?

Businesses rely heavily on costly machinery like tractors, fryers, ovens, advanced computers, copiers and medical equipment to generate revenue. Unfortunately, when such machines break or become outdated and no funds exist to repair or upgrade them quickly enough to meet technological advances, revenue generation often comes to a standstill and revenue becomes stagnant - this is where equipment financing becomes essential to breaking out from this cycle.

Equipment loans provide financing solutions for both new and used equipment, making equipment leasing or financing an advantageous strategy for businesses looking to upgrade or replace outdated machinery with more cost-efficient options. Lenders benefit by having their risk reduced since borrowers purchase equipment as long-term investments - in case of loan default they can recover some funds by repossessing it; leasing arrangements often feature flexible terms.

These equipment loans often offer flexible terms, enabling borrowers to pay back the amount over an extended repayment period - typically up to sixty months - with regular monthly payments. Small businesses from various industries find equipment financing one of their go-to loan solutions; it often serves as one of their top loan choices when purchasing equipment ranging from computers, cubicles and shelves through complex technical software, cubicle walls to shelves in order to meet enterprise needs.

How Do I Qualify?

Discover EF Financials' hassle-free approval process, requiring minimal paperwork if you meet their eligibility requirements:

Credit: While excellent credit is preferred, all types of credit will be considered.
Business Experience: Your business should have been running for at least six months prior to applying.
Documentation: Provide documentation outlining what equipment will help support its success for review by lenders.

Eligibility Requirements for Equipment Loans:

Application: Fill out and submit a simple one-page application form.
Paperwork: Submit all required equipment information.
Credit Evaluation: All types of credit will be evaluated when considering loan approval.

Financial options differ according to their requirements, with minimal paperwork often being needed when applying for equipment financing. Traditional loans often impose additional conditions or requirements on applicants that you may need to meet; when applying for equipment financing you may be asked for things such as: Financial statements, monthly bank statements and personally identifiable information such as driver's license details must all be provided before beginning an application for funding. A one-page application form is the best way to apply.

Your credit score (though all are taken into consideration). Our process is designed to be quick, pain-free, and provide you with access to funding so that you can acquire necessary equipment for your business.

Is Equipment Financing the Right Option for you?

As a small-business owner, you may face numerous financial obligations at once. From managing working capital needs with business loans to renovating and rebuilding costs that require loans. Dealing with multiple loans, payments and lenders may become cumbersome, potentially neglecting some business needs in favor of other items. There is an alternative solution which gives you flexibility between equipment loans and business loans to ensure every aspect of your company receives adequate funding without confusion or oversight.

What you Need to Know

Equipment financing simplifies the process of securing vital equipment for your business, making the loan application and repayment more straightforward than ever before. Lenders tend to view this loan arrangement as low-risk due to using equipment itself as collateral against loan repayment obligations. Once your loan is completely paid back, ownership of this equipment grants greater flexibility and cash flow management opportunities within your organization.

Equipment financing and equipment leasing should both be understood. Leasing typically entails an approximate 60 month repayment schedule that ends with the return of equipment back to its owner; qualification criteria tend to be less stringent, making this an appealing choice for certain business owners. Financing, however, offers long-term solutions for equipment investment whereas leasing may offer convenience; in contrast financing provides ownership at a significantly more cost-effective solution in the long run.