We finance the following and much more.
To be eligible for our equipment financing option you need the following.
What: Current business owners and startups can get approved for equipment leasing or
financing in order to grow their business or replace broken equipment.
Why: Get financed for equipment in as little as 24hrs for non-titled equipment and 5 days for
titled. Simple credit qualification with 12-to-60-month payback terms. Ability to buy the
equipment at the end of the lease or purchase a new one. For financed equipment keep the
equipment you financed at the end of the term. Startups can receive up to 50k or more.
Non-Startups can finance up to 150k per application.
Who’s Eligible: Minimum personal credit score is 580 with emphasis on depth of credit.
Business credit score based on the Paydex score of 70 or above. For startups a minimum score of
680 is required.
Who is not: Restricted industries are planes, ships, boats, and guns.
Documents Needed: 3 months bank statements and invoice for equipment the client plans to
What is Equipment Financing?
Equipment financing is a financial arrangement that allows businesses to acquire the necessary equipment for their operations without having to pay the full cost upfront. Instead of purchasing equipment outright, businesses can secure a loan or lease to obtain the equipment they need and make regular payments over time, usually in the form of monthly installments.
There are two primary types of equipment financing:
- Equipment Loans: This involves borrowing a specific amount of money from a lender to purchase the equipment. The business then repays the loan with interest over a predetermined period, often ranging from one to five years.
- Equipment Leasing: In a lease agreement, the business pays a monthly fee to use the equipment for a defined period. At the end of the lease term, the business may have the option to purchase the equipment at a reduced price, renew the lease, or return the equipment to the lessor.
Equipment financing is a popular option for businesses because it offers several benefits:
- Conserves Capital: By spreading the cost of equipment over time, businesses can preserve their cash flow and retain capital for other essential expenses or investments.
- Tax Advantages: In some cases, equipment financing may offer tax benefits, such as deductions for interest payments or depreciation.
- Up-to-Date Technology: Leasing equipment can provide businesses with access to the latest technology and equipment, which is particularly beneficial in rapidly evolving industries.
- Flexible Terms: Equipment financing typically offers various repayment terms, allowing businesses to tailor the agreement to their financial situation and needs.
- Easier Approval: Equipment financing may be easier to obtain than traditional loans because the equipment itself serves as collateral, reducing the lender’s
To receive a loan application, fill out form below and we will send you one to get your loan approval process started or email us @info@yourlifeisabusiness.com