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The Ultimate Guide to Equipment Loans

You need equipment to run your business; find out how pursuing equipment loans is a good option.

Why Businesses Pursue Equipment Loans

Most likely, your business requires at least one type of equipment in order to function. Sadly, purchasing equipment can be expensive, and you might not have the money on-hand to afford it. That’s where business equipment loans come in. With this financing product, you can receive a loan to put towards your equipment purchases.

How to Use an Equipment Loan

  • Repair existing equipment that’s broken or outdated.
  • Purchase new equipment models.
  • Upgrade equipment.
  • Lease necessary equipment.
  • Repay the financing on-time, which can improve your business and personal credit scores.

How Different Industries Utilize Equipment Financing:

Construction Companies:

These businesses utilize equipment financing to purchase tractors, excavators, loaders, and site dumpers, just to name a few examples.

Restaurants:

From delis to sit-down restaurants to cafes, food establishment owners like you have to buy equipment. Using an equipment loan, you can purchase high-end ovens, fridges, freezers, among other types of equipment.

Salons:

Your salon or spa requires clean, productive equipment to pamper your clients. There’s a lot of equipment required for performing manicures and pedicures, hair treatments, and other services.

Manufacturers:

To assemble products, businesses in this industry rely heavily on equipment. Using an equipment loan, you can afford drills, grinders, hydraulic presses, and other machinery.

Questions to Ask Before Applying for an Equipment Loan:

Should I pursue equipment leasing? Or, would it be better if I purchased equipment using a loan from a traditional bank or alternative financing company?
How much does the business equipment that I need cost, and will I be able to make the monthly payments?
Do I meet the financial institution's loan requirements and understand their terms (including interest rates)?
How can equipment financing improve my bottom line?

Why Businesses Benefit From Equipment Loans:

  • Have financing to purchase or repair equipment
  • Be able to repair existing equipment
  • With improved equipment, your operations will likely flourish!

Other Business Financing Options:

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