Equipment Finance Simplified

When a critical piece of equipment fails, becomes outdated or you simply need more resources to support your growing business, the costs can add up — and quickly. 

Through equipment financing, you can secure the tools you need without depleting your cash reserves.

 

Financing Amount

100% of equipment value

Interest Rate

Starting at 8%

Funding Available

2 days

Equipment Financing

Your business can’t move forward if you don’t have the right equipment. From heavy equipment like forklifts to large medical equipment, having the equipment you need is a necessary part of your business. Don’t be deterred by the huge cost of equipment. With equipment financing and leasing, you can get up to $150,000 in funding for financing your new  or used business equipment. With our Lowest Payment Guarantee and no down payment requirement, we cost you less. Our dedicated Funding Specialists will work to get you a quick approval on virtually any type of equipment. They will then find the payment option that’s best for you.

Loan vs. Lease: Which Type of Equipment Financing Program is Right For You?

Equipment financing is right for businesses that have an opportunity to grow through the acquisition of a certain resource or tool. But the question remains: Should you lease or buy your business equipment? The route you choose will determine how you finance the purchase.

When deciding if you should purchase or lease your business equipment, consider the following:

  • How long will you need the equipment?
  • What is your business’s current financial situation?
  • Will the equipment become quickly outdated?
  • Will you be able to maintain the equipment on your own?

Business equipment loans are used to procure equipment you want to own. Durable machines such as cash registers, refrigerators or commercial manufacturing tools — materials you plan to use for 3 years or more — are great examples of items you can get with an equipment loan.

You should consider leasing business equipment if the item you plan to finance will become outdated quickly, such as medical diagnostic tools, if you’re not in a position to provide a down payment or you will only need the equipment for a short amount of time or for a one-time project.

Customers who pay with cash will avoid the service fee, while customers who utilize all other forms of payment will be subject to a service fee. Our technology facilitates this and complies with regulations and guidelines per all major credit card brands.

Equipment Financing Requirements

Exact qualifications vary by lender and the equipment being financed. But typically, to get equipment financing, you’ll need to meet certain requirements specific to time in business, annual revenue and personal credit score.

For example, to obtain an equipment loan from a Fast Capital 360 lending partner, your business must meet the following minimum requirements:

  • Time in business: 2 years
  • Annual revenue: $160k
  • Credit score: 620

Frequently Asked Questions

What is equipment financing?
Equipment financing is the process of obtaining business equipment using a loan or lease. Equipment financing loans allow you to purchase the equipment with payments made over time, similar to using an auto loan to buy a personal car. Equipment leasing, on the other hand, gets you the equipment you need without the intention of owning it. You’ll make a regular lease payment to continue using the equipment as if it were your own. When the lease is up, you can give the equipment back or renew the lease. Sometimes you may have options for purchasing the equipment at the end of the lease.
How does equipment financing work?
Equipment financing works by providing you with the equipment your business needs for a periodic payment which includes interest. After the set term of months for your loan or lease is over, you’ll either own your equipment outright or will need to make a decision about your lease. Generally, you can renew your lease if the equipment is in good condition and still helpful to your business. You can finance almost any type of major equipment your business needs to run smoothly, expand and maintain competitiveness.
How do you get equipment financing?
Securing financing for business equipment might seem daunting. If you try to get a loan from a traditional lender like a bank or credit union, it can be. Depreciation on equipment usually makes traditional lenders wary of lending large sums for businesses to purchase equipment. However, alternative lenders usually provide customized financing solutions for your equipment needs. At National Funding, we can help you design an equipment loan or lease program for business equipment up to $150,000. We don’t require a down payment and our equipment financing is available for new or pre-owned equipment.
How long can you finance equipment?
You may be able to finance equipment for a short period of time or even as long as a decade plus. The specific length of your equipment financing term depends on several factors. If you’re purchasing expensive equipment with a loan, you may need to make payments for several years. On the other hand, if you’re leasing equipment with a fast depreciation, you may only want to lease it for a couple of years.

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