Equipment financing helps you finance up to 100% of the new or used equipment you need for your business. Applying for an equipment loan is typically a fast and easy way to finance the purchase of most types of equipment—computers, machinery, vehicles, or whatever else you need.
Maximum Loan Amount
Up to 100% of equipment value
Loan Term
Expected life of equipment
Interest Rates
8 – 30%
Speed
As fast as 2 days
Pros
- Quick access to cash
- Limited paperwork
- Equipment serves as collateral
Cons
- Equipment could be obsolete by the time the loan is fully repaid
- Might need to depreciate equipment, so you can’t deduct full cost each year
