Equipment Loan
Equipment Loan
Equipment loans can help small businesses secure expensive pieces of equipments, vehicle or heavy machinery, allowing better management of business cash flow.
Equipment loans are generally secured by the purchased equipment and without the need to use your property as additional collateral.
In general, equipment loans are used to make large purchases of equipment that will retain its value, such as:
- Large vehicles
- Farm equipments
- Manufacturing equipments
- Large commercial printers
- Healthcare equipments
- Large construction vehicles and equipments
- Computer servers
Equipment loans require less documentation than many other forms of financing (like an SBA loan), and approval turn-around time can be within one week. In contrast to obtaining an equipment lease, equipment loan allows you to purchase the equipment and own it instead of having to return it to the lease provider at the end of the lease term.
