Are you looking for an Equipment Loan?
Are you looking for an Equipment Loan?
Whether you run assembly lines or a food truck, your equipment is vital to your business. Manage the costs of replacements and upgrades when you use an equipment loan. Borrow, lease, or leverage your existing equipment for working capital.
Loan Overview
Every business needs equipment, even if it means high-performancesoftware and computer servers instead of heavy construction vehicles. No matter what you need, you can find the right equipment financing to get it working for you.
Technological advancements like AI-enabled forklifts and 5G autonomous vehicles are bringing big changes to a wide range of industries. But to take advantage of these new advancements, your business will need the financing to take on new equipment. That might have you wondering about the best time to switch over your equipment. You could wait until everyone else is using it, or you could be a pioneer. Equipment loans enable you to take the lead and bring in new technology faster. If you aren’t quite ready to take the plunge, try an equipment lease first. A lease lets you test new devices to see if they fit into your workflow before you make a major purchase. No long-term commitment, and no resale hassle.
You can take advantage of equipment financing even if you don’t need to get new equipment. Use the machines, tools, and technology you already have in place to generate money for your business through a sale-leaseback. You’ll receive a lump sum on the value of your current equipment without having to part with it. Continue to use the equipment by paying a quarterly or monthly charge. When the lease is up, most lenders offer the options to buy the equipment, renew the lease, or let the lease expire and surrender the equipment.
Buy New & Used
Tech innovations mean your business could fall behind without the latest upgrades. But, the cost of new equipment can make keeping up with the competition a challenge. Equipment loans let you manage the upfront cost of machines, vehicles, and computers so you can stay one step ahead.
Lease
It’s not always worth it to buy new equipment. If you upgrade your equipment every few years, you don’t want to take on a long-term loan. A leasing loan lets you try out new equipment before you buy it and leave the cost of repairs and maintenance up to someone else. When the lease runs out, buy, renew, replace, or let it go.
ADVANTAGES
Get an asset you can leverage in the future.
Improve your balance sheet by adding to your assets.
Free up cash to invest and grow.
Sell your equipment without giving it up.
DIS-ADVANTAGES
Lenders can seize the equipment if you fail to repay the loan
If the equipment breaks down, you still have to repay the loan.
Loans can only be used for equipment, not working capital.