Equipment Financing
Solutions that help your business grow.
Equipment Financing
What is equipment financing?
Equipment financing is a type of business funding specifically designed to enable the purchase of equipment necessary for the operation or growth of a business. This financing solution covers various types of equipment, such as machinery, vehicles, technology, and other essential tools.
The essence of equipment financing is that the equipment itself often serves as collateral for the loan, which can make this financing easier to obtain and potentially offer lower interest rates compared to unsecured loans. This is particularly advantageous for businesses that may not have extensive credit history or additional collateral.
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The Process
- Assessment and Application: A business identifies the equipment it needs and applies for financing through a lender, who then evaluates the application based on the business’s financial health and the equipment’s value.
- Approval and Purchase: Upon approval, the lender provides the funds or leases the equipment directly to the business.
- Repayment: The business repays the loan over a predetermined period, often aligned with the expected life of the equipment. During this time, the equipment may be owned by the lender until the final payment is made, particularly in a lease or conditional sale agreement.
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