Equipment financing is the use of a loan or lease to acquire equipment for your business. It allows a business to acquire or upgrade equipment without laying out large sums of money.
Equipment Financing Details
LOAN AMOUNTS $5,000 – $10+ million
INTEREST RATES 3% – 30% APR
REPAYMENT TERMS 12 – 120 months
TURNAROUND TIME 2 business days to weeks
Pros
- Low APRs available
- Predictable payments
- Can help build business credit
- Equipment serves as collateral
Cons
- Can require high down payment
- Requires strong credit for good terms
- Financed equipment can become outdated while payments continue
Get to Know Invoice Financing
