What is Equipment Financing?
Equipment financing is a loan or lease specifically for purchasing business equipment like machinery or vehicles. The equipment itself usually acts as collateral for the loan. This option lets businesses acquire necessary tools without upfront full payment, helping maintain cash flow. Plus, the interest paid is often tax-deductible.
Minimum requirements for equipment financing
To qualify for equipment financing, you typically need a solid business credit history, a reasonable debt-to-income ratio, and a business plan that convincingly shows the equipment will generate sufficient income to cover repayments.
Time in Business
11 month minimum
What Documents Are Needed To Apply?
Voided Business Check
Profit and Loss Statements
Business Tax Return
Personal Tax Return
Business Debt Schedule
Get loan options from multiple lenders
Talk to a business loans specialist at:
Apply for a term loan in as little as 10 minutes.
1. Complete your application
Answer a few question about your business and your personal loan preferences so we can match you to the lender offering the best rates and terms for your needs.
2. Speak to our underwriter
Meet your personal underwriter here to ensure we have all the documents and information we need to ensure we get you the best options for your business in the shortest amount of time.
3. Review your loan options
Check out the loan options available for your business, choose the one that makes the most sense for you at this time
4. Receive funds
Once you decide what works best, we'll have the capital in your account in less than 24 hours
Benefits of accounts receivable financing
Cash Flow Preservation: Equipment financing lets businesses acquire necessary tools without high upfront costs, preserving their working capital for other operational expenses.
Tax Advantages: The interest paid on equipment loans is often tax-deductible, potentially reducing the overall financial burden on the business.
Updated Equipment Access: This financing method allows businesses to keep their operations current by affording up-to-date, often costly equipment, ensuring they remain competitive.
Why Use Lendtek for equipment financing?
$100M Funded to Small Businesses Throughout the US
75+ Lenders in our marketplace
5000+ Loans Funded over 9 years